Financial Statements and Accounts

What are Financial Statements?
Financial statements relate to the various financial reports that are completed from the financial data contained in the accounting system of the business.

The reports are usually completed by an accountant and consist of 4 main reports:

  • Revenue Statement (or Profit and Loss Account)
  • Balance Sheet
  • Cash Flow Statements
  • Source and Disposal of Funds statement

The financial statements will give you a better understanding of how your business is doing financially and can be the basis for making business forecasts that enable you to plan for the future.

Purpose of Financial Statements

Financial statements will help you: