Useful reports for business operations

There are many useful reports that can be produced to assist you run your business. The following are the most commonly used reports in bookkeeping.

Balance Sheet.

A Balance sheet a is a financial statement that includes includes assets, liabilities, equity, and debts up to the time of printing.

A Balance sheet provides a great snap shot of your business assets v’s liabilities.

Profit and Loss Statement.

A Profit and Loss (P&L) statement summarises the income, costs, and expenses incurred during a specified period.

You can use a Profit and Loss statement to make company decisions such as cost reduction or seeking to increase business turnover.

A Profit and Loss statement is also valuable in tax preparation.

Aged Payables.

An Aged Payables report shows the amounts you owe to your suppliers based on the number of days that have occurred since the invoice date.

Aged Receivables.

An Aged Receivables report shows the amounts that are owed to your business based on the number of days that have occurred since the invoice date.