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Profit & Loss Account
A profit and loss account shows a company's revenue and expenses over a particular period of time, typically either one month or consolidated months over a year. Keeping track of your expenses is relevant for any business. Ensuring that you are making the most of your money is another way to generate more revenue for your business.
A balance sheet is a financial statement that contains details of a company's assets or liabilities at a specific point in time. The purpose of a balance sheet is to give interested parties an idea of the company's financial position, in addition to displaying what the company owns and owes. It is important that all investors know how to use, analyze and read a balance sheet. A balance sheet may give insight or reason to invest in a stock.
Cash flow refers to the net balance of cash moving into and out of a business at a specific point in time. Cash flow can be positive or negative. It's the net cash generated to finance the company and may include debt, equity, and dividend payments. Positive cash flow indicates that a company's liquid assets are increasing. This enables it to settle debts, reinvest in its business, return money to shareholders, pay expenses, and provide a buffer against future financial challenges.
Financial forecasts allow you to make more informed business decisions rooted in facts and data. Getting in the habit of creating a monthly financial forecast allows you to plan your next steps in relation to funding, operations, and budgeting.
Payroll is defined as the process of paying salaries to a company's employees. It starts with preparing a list of employees to be paid and ends with recording those expenses. It affects employee morale and reflects a business’s financial stability and reputation.