Financial Statement Preparation
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Financial statements are a critical tool for management to make competent financial decisions that revolve around growth and profitability. Typically, managers and principals use financial statements for internal purposes because they show the facts with no bias or opinion—it is what it is. Financial statements come as a pair: an Income Statement and a Balance Sheet. The Income Statement tells you how much money you've made or lost in a given period. You can specify this period by month, quarter, or YTD. The Balance Sheet tells you where your business stands as of the current date you specify. It allows you to view all your assets and liabilities (cash on hand, value of your equipment, money owed, etc.). Traditionally, after compiling your financial statements, Mikayla Solutions can help answer questions regarding your financial statements in everyday language. Having accurate financial statements will provide you with the tools necessary to make solid financial decisions about your business.
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