POS System: What Is It And How Can Your Business Benefit From It?
POS system implementation is especially evident in retail business to manage sales…
The numbers in the financial statement may be intricate and confusing, but whether you like it or not, financial statements are the lifeblood of a company. It shows pertinent information sizing up a company’s worth, income and expense, cash flow, expense tracing as well as profitability.
Additionally, it helps shareholders including investors and financial analysts to evaluate, measure and see their return of investment (ROI) and make informed and smart decisions as well as wise investment choices. By comparing past and present performance, the company is able to predict its performance and measure its growth.
Understanding income and expense is easy to comprehend. These two are part of the financial statement. However, there are four sections of a company’s financial statement. These are: the balance sheet, the income statement, the cash flow statement and the explanatory notes with some additional analysis of a company’s shareholders’ equity and retained earnings.
Aside from these, one should also be able to review non-financial information that could affect the company as a whole, like the state of the economy, other competitors that are trying to make their mark and just recently, which brings closer to home, the on-going pandemic.
The balance sheet has three elements: assets, liabilities and owner’s equity. For every transaction shown in the balance sheet, the central accounting equation is: Assets = Liabilities + Owners Equity.
No doubt, a financial statement showing income and expense, cash flow, expense tracing is important. However, it varies from different points of view. It is vital to know how important financial statements are according to the point of view of the following:
Indeed, financial statements are important. Yet, how can a company come up with a dependable and seamless financial statement without sacrificing time, resources and quality? Well, look here! There is a free accounting software for small business that is cloud based, capable of producing the financial statements required without having to hire many accountants to do the job.
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EasyFIS free accounting for small business is a cloud-based software that provides higher accuracy and real-time availability of financial reports. Coordination with teams is much faster with prompt customer service. The free plan surely is cost-effective as it has lower costs on deployment and maintenance. Here are the key features of EasyFIS free accounting:
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