Projects

The Income Statement summarizes the total revenues and expenses incurred by the business, showing the profitability (net income or net loss) over a specified period of time, usually a month, quarter or year.

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The Income Statement is used by internal stakeholders (such as the management team and board of directors) as well as external stakeholders (such as investors and creditors) to evaluate profitability and help assess the level of risk for an investor or creditor.

The Balance Sheet is a financial statement summarizing the client's total assets (current, non-current and intangible assets), liabilities (financial obligations), and equity (partner or owner investments and retained earnings) at a specific point in time, usually at the end of an accounting period. It provides a snapshot of a company’s financial position, including the economic resources the company owns, owes, and the sources of financing for those resources.

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The Balance Sheet can be used to identify trends and make more informed financial accounting decisions. It is also important to lenders, if applicable, as they will use it to determine a company’s creditworthiness.

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As the name suggests, this report is a comparison of actual results, primarily from the Income Statement, against the budgeted amounts that were projected at the beginning of the period. This report will allow our company, in partnership with the client, to assess how closely the client's spending and revenue generation meets the financial forecasting projections included in the budget. It can help identify areas that were over and under budget, indicating the ability to hire additional employees or bringing attention to a gross profit margin not in line with financial reporting expectations, for example.

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