A company’s annual financial statements are a reflection of how the company performed in the previous financial year. These statements should also be used to determine what your company did right in the financial year and what it can improve on.
The financial statements can be an invaluable tool for your business. You should give it sufficient attention when reviewing it with your accountant. Do not think that it is a “thing that I have to do with my accountant”. During the preparation and the finalisation of the financial statements, you will get invaluable info on your business.
The financial statements are a crucial element for the banks and financiers. They use it as a basis for determining whether they are willing to fund your business.
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