You have financial and accounting knowledge can make the difference in the success of your business . As small business owners you need to be able to manage the finances of the company. Hiring good accountants to perform bookkeeping and accounting of your business can make a difference, and that will make you look organized , accurate and current .ato business portal This will also save time and money changes will save time saver. It is very important for small business owners or to inquire about the reports and financial statements for small businesses . Key reports and financial statements are presented :ato business portal
Annual financial reports :
This report is usually followed by your accountant every year and it is an important requirement for your annual tax return .ato business portal
Activity of the company (BAS) preparation GST records:
BAS statement means business this declaration is issued monthly or quarterly meters , depending on their business transactions.ato business portal BAS is a form submitted to the Office taxation Australia by all companies to file taxes . This includes entries of debits and credits your business . Each activity statement carries a unique document identification number (DIN).ato business portal The activity sheets can be sent to the ATO on paper ( mail) , by telephone, electronically ( Electronic System for Bed or ” ELS “) or on the website of the company ( by an agent of the tax). Reporting activities of small businesses, it is important for the annual tax return .
Statement of financial position (balance sheet )
This statement from your accountant is also prepared annually and includes all current assets, non-current assets , current liabilities and non-current .ato business portal A balance sheet is often described as a snapshot of the financial position of a company. The major asset classes usually appear first and are followed by debt. The difference between assets and liabilities is called equity or net worth of the company or in equity , net worth must equal assets minus liabilities.ato business portal
Statement of financial performance (income statement ) :ato business portal
This annual or quarterly statement counter is also prepared . This includes all your business income minus expenses of your business.ato business portal
Accounts can also include a financial analysis of the performance of your business credit report and cash flow.ato business portal
Report of Cash Flows :
This statement can be made manually or quarterly , it is particularly cash your business and outflows of your business .ato business portal It is usually measured over a finite period of time given . Cash flow is a generic term used differently depending on the context . It can be defined by users for their own purposes . It can refer to actual past flows or projected cash flows .
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from start a businesshttp://startabusiness1.blogspot.com/2014/01/ato-business-portal.html