10 Financial Reports Every Business Owner Should Understand

1. Profit & Loss Statement

Also called an income statement, this shows your revenue, expenses, and profit over a period. It is the most fundamental report for any business.

2. Balance Sheet

A snapshot of your assets, liabilities, and equity at a point in time. It tells you what your business owns and owes.

3. Cash Flow Statement

Shows how cash moves in and out of your business. Profit does not equal cash — this report explains the difference.

4–10. The Rest

Accounts Receivable Aging, Accounts Payable Aging, General Ledger, Trial Balance, Budget vs Actual, Sales by Category, and Job Profitability reports round out the essential ten.

Our monthly bookkeeping service includes all of these reports. Schedule a free consultation to learn more.