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Salt Lake City Bookkeeping Blog

Financial Statements are Vital. Do You Know How to Read Them?

Posted by Leanne Armstrong on Jun 27, 2018 9:00:00 AM

Your business’s financial statements are vital for a number of reasons. Not only do they form the basis of accurate tax reporting, they make it possible to get approval for loans, attract business investors, and even sell your company when the time is right. But your financial reports are also an important diagnostic tool that can give you the power to measure and influence your organization’s performance. Isn’t it time you learned how to read them?

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Topics: Financial Reporting, Financial Forecasting, metrics, small business financial statements, Growth Coach

Why Should You Back up Your Small-Business Financial Statements?

Posted by Matt Roberge on Mar 31, 2017 9:00:00 AM

Business financial statements and financial documents are essential for any growing business. Financial documents and statements are needed to stay compliant and are necessary if you are audited for any reason. If you face any sort of internal or external investigation, not having required documents can result in severe penalties and fines.

There are other reasons to back up your small-business financial statements, too. These documents provide important clues to help you grow your business. Being able to review past financial data, sales, revenues, expenses, debts and other financial details can help you evaluate how you got to your current status and can help you recreate past wins. Looking at past financial data can also help you avoid the pitfalls you may have already learned from.

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Topics: small business financial statements, Small Business Accounting, Small Business Accounting Services