Financial Statements

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Financial Statements

Financial Statements

Whether you do your financial statements on a monthly, quarterly or an annual basis, Canwest Accounting can prepare all the statements you need to be clear on your financial picture, including:

Balance Sheet
Income Statement
Cash Flow Statement

If you are working with a Certified Public Accountant (and many of our clients do) having these statements ready to review is a cost-efficient way to manage your books.

Here are what each of these statements is used for (definitions from the Accounting 101: Financial Terms Glossary on CanadaOne.com)

Balance Sheet

The financial statement that provides a snapshot of everything a business has and owes at one point in time. The total assets of the business equal the total of its liabilities and owner’s equity.

Income Statement

The financial statement that looks at a business’s revenues, less expenses, to calculate net income for a certain period of time.

Cash Flow Statement

The Cash Flow Statement shows cash flows (cash received and cash paid out) for a specified period of time.