Financial Statements in Palm Beach Florida
Making decisions for your business can be very difficult. We are have many tools and services that can help with your business decisions. One of those services are financial statements.
Is there a buyer looking at purchasing your business?
Are you looking to get a loan?
Are you interested in partnering?
We can work with you and walk you through our process of how we customize or financial statements.
Financial statements are used to present financial information in a clear way to both the business and/or the person wanting the financial statement, whether that is the loan officer, a potential partner or a buyer.
Financial statements can also help with an annual report. What is in a financial statement? The financial statement usually consists of the income statement, balance sheet and cash flows.
With an income statement, you are looking at a specific time frame. If you are doing an annual report, the income statement looks at a year. This is helpful when comparing how your company has done in one year compared to another year. This is also helpful when comparing seasons and splitting the income statement into quarters for your quarterly financial statement.
The balance sheet looks at the assets, liabilities and stockholders’ equity. Usually the balance sheet is done at the end of the fiscal year. There is a balance sheet equation which is Liabilities + Stockholders’ equity = Assets.
Cash Flow Statement
When we are looking at the cash flow statement, we are looking at the combination of the Income statement and the balance sheet. Net income can sometimes become unaligned with cash flow. The cash flow statement combines operating, financial activities and investing, all revolving on cash flows.
Cash flows made from business operations are put into operating activities.
Cash flows from assets like real estate and equipment are put into investing activities.
Cash flows from debt and equity investment capital are put into financing activities.
Contact Palm Beach Tax Group
All this can seem quite confusing so we are here to help. If you are looking to have a financial statement prepared, we are ready to help! Please give us a call to discuss the possibility of working together to prepare your financial statement.