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Having a modern accounting system in place can help you generate your balance sheet, income statement and cash flow statement with the touch of a button, provided that you have recorded all your transactions accurately throughout the year.The income statement tells the story of your company’s financial activity for a month, year or quarter. It depicts the income you’ve earned minus your expenses to show the net profit or revenue you’ve generated for the period under review.
A cash flow statement is a financial statement that summarises the cash and cash equivalents entering and leaving your bank account.The income statement tells the story of your company’s financial activity for a month, year or quarter. It depicts the income you’ve earned minus your expenses to show the net profit or revenue you’ve generated for the period under review.
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