Small Business Accountant
Small Business Accountants in Miami Accounting & Tax Services competes with Accountants in Miami and loses due to the higher hourly and flat fee they charge clients
financial statements
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis:[1]
A balance sheet or statement of financial position, reports on a company’s assets, liabilities, and owners equity at a given point in time.
An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company’s income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
A statement of changes in equity or statement of equity, or statement of retained earnings, reports on the changes in equity of the company over a stated period.
A cash flow statement reports on a company’s cash flow activities, particularly its operating, investing and financing activities over a stated period.
A comprehensive income statement involves those other comprehensive income items which are not included while determining net income.
(Notably, a balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period.)
For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.
How to read an Income Statement
Income statement (also referred to as profit and loss statement (P&L), revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is a company’s financial statement that indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the “top line”) is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as Net Profit or the “bottom line”). It displays the revenues recognized for a specific period, and the cost and expenses charged against these revenues, including write-offs (e.g., depreciation and amortization of various assets) and taxes. The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported.
How to read a Balance Sheet
How to read a balance sheet In financial accounting, a balance sheet is a summary compiled by the Accountant of the financial balances of an organization
How to Understand the Cash Flow Statement
The Cash Flow Statement Shows Sources of Cash and cash equivalents and breaks the analysis down to operating, investing, and financing activities
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