Which financial reports will I receive each month?

Each month we will update your books with the previous month’s activity and send you reports that show the financial standing of your business, and how it has been performing over a specific time period. These reports are compiled from activity on the bank and credit card accounts that you have given us access to.

The five summary financial reports you will find are:

  1. Profit & Loss – 12 Month Comparison Graph: Shows how much money your company made or lost per month over the past 12 months, displayed in graph form.
  2. Profit & Loss – 12 Month Comparison Table: Provides the same information as the report above, but displays it in a table.
  3. Profit & Loss – Yearly Comparison: Summary of how much money your company made or lost per year, with separate columns that include this year plus the previous 2 years.
  4. Profit & Loss – YTD By Class: Shows your Year To Date Profit & Loss by department, location, separate properties you own, or any other meaningful breakdown of your business known as a “class”.
  5. Balance Sheet – Yearly Comparison: The value of your company as of a particular date, with separate columns that include this year plus the previous 2 years. This report can be a bit tricky to understand if you don’t know accounting. We recommend consulting with your CPA.

Since we provide yearly comparison reports, you can use the standard reports we provide to file your previous two years' taxes as well. The reports necessary for tax purposes are the  Profit & Loss – Yearly Comparison and the Balance Sheet – Yearly Comparison. So no need to request separate reports for previous years.

If you would like any report that we don't normally provide, feel free to request it from us and we can get it for you.

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