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Financial statements explained by small business accountants in Sydney

What are financial statements? Financial statements are the records that outline all financial activities of a business, individual or any other entity. Our small business accountants in Sydney will explain what financial statements are.

A financial statement is meant to be the present financial information of the entity, presented as clearly and concisely as possible for both the entity to read and public.

Financial statements for businesses usually include:

• Income Statements
• Profit and Loss Statements
• Balance Sheets
• Cash flows

It is standard practice for businesses to present financial statements that adhere to the generally accepted accounting principles, in order to maintain continuity of information and presentation across all borders.

Small business accounting can be quite tricky at times especially when you have to deal with all different kinds of financial statements and ensure that they are correct.

Our small business accountants in Sydney are willing and ready to help get your financial statements completed for the end of the financial year.