Balance sheets provide a financial snapshot of your business as of a specific date. This report calculates how much your business is worth by subtracting all the money your business owes (liabilities) from everything your business owns (assets), resulting in the net worth of your business.

P&L statements are a summary of income and expenses for the period that tell you whether you are operating at a profit or loss. Departmental or divisional statements break down the business into segments so you can see which parts are operating at a profit or loss.

Cash flow statements show trends and whether you have enough cash coming in to meet current and future expenses. Business owners need to know the profit and profit margin, the source of cash and how the cash is spent.