AABS Helps Triangle Businesses Prepare & Understand Financial Statements

Stuart Miles, freedigitalphotosPreparing local small business financial statements and understanding them is key to the success of Triangle small businesses. At AABS, Inc., we can help local business owners understand which financial statements they need, and we can prepare those statements for your business.

Financial statements are important because they tell you the health of your business. By glancing at these reports, business owners can see where they need to increase dollars and where they need to cut back dollars. It’s not quite that simple, but it is information that is necessary to have for that big picture.

AABS personnel are certified members of the National Association of Tax Preparers and are available to assist Apex area small businesses in creating and maintaining their financial reports. AABS is a trusted name in Southwestern Wake County, especially in Apex and Cary, and many small businesses in the Triangle employ AABS to assist them with their business financials.

AABS suggests that there are two primary financial statements that small businesses need to keep track of:

  • The Balance Sheet: The balance sheet includes the company’s assets, liabilities, and net worth. It gives a snapshot of your company’s financial status. The balance sheet will change daily due to the activities of your business, but overall, business owners can monitor their inventory, revenue collections, and creditors with this important information.
  • Loss and Profit Statement: Also known as the income statement, this report shows the health of the business over periods of time. This information helps to forecast how much money the business will make after expenses.

Understanding the financials of your small business can be complex and confusing. And the friendly and knowledgeable team at AABS can help. Our team will sit with small business owners and explain how the financial statements work. We can run your financial reports monthly so that your business will have accurate and timely data at your fingertips.

Let the knowledgeable tax and business professionals at AABS handle your financial statements for your business. Call AABS today at the number listed below to set up an appointment. Bring your questions, and your financials, and we can get started in a long-term partnership.

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This is an “information only” post and is not considered to be legal financial advice. It is simply meant to be helpful to all those who read it. Consult financial professionals or business attorneys for specific information. This blog post ids produced twice a month by the accounting team at AABS, INC., located near Historic Downtown Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

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AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit:   Stuart Miles, freedigitalphotos.net

 

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