- Cash flow statement: that shows the cash in and the cash out during a given period.
- Income statement: that shows the income versus expenses and the difference is profits (margins).
- Balance sheet: that shows the company's assets "current assets such as bank, cash... and fixed assets such as building, land, machines...etc" against company's liabilities. the difference between the 2 sides is called Owner's equity. The higher the better the situation of the company or business
- Statement of owner's equity: I doubt that you can have this one as it is related to the stocks and shares which small business do not have.
do not try to do this;
hire an accountant to review the firm's records and
have the acct "teach mom."
My suggestion is, mom should give an atty power of
atty and get out of the firm.
My mom has business with some partners. And i know she doesn't understand how the money coming in and out works for the business. My question is, What can i ask the accountant for to make my mom understand whats going on with her business money wise. things such money coming in each month and taxes and such gross income. all that. I just don't know how to ask the accountant in a bushiness and professional way. such as terms and such. Thank you for those who are going to answer.
