In Australia, small businesses typically need to prepare financial statements including a balance sheet, income statement, and statement of cash flow.

Your balance sheet provides a snapshot of your business’s financial position at a specific point in time, including its assets, liabilities, and any equity.

Your income statement shows the business’s revenue, expenses and profits over a selected period of time, such as a month, quarter or year. 

Your statement of cashflow shows the business’s cash ingoing’s and outgoings over a period of time, helping to identify the business’s sources and uses of cash.

Financial statements are important for small businesses because they help the business track its financial performance and make better informed business decisions. They also provide key information for external stakeholders, such as investors, creditors, and regulators.

Shadow Accounting & Taxation Services will help with preparation of your financial statements and help provide you and your stakeholders with an accurate financial position of your business.