Here’s what businesses owner too often get wrong on financial statements

Financial reporting results in a financial statement, which can indicate whether your company is bringing in a profit or heading towards trouble.

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You’re not including comparative data.

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You’re not reflecting reality.

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You’re not revising procedures to reduce discrepancies.

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Financial statements are only beneficial if they’re accurate. Don’t generate a financial statement just for the sake of having one.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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Here’s what businesses owner too often get wrong on financial statements

Financial reporting results in a financial statement, which can indicate whether your company is bringing in a profit or heading towards trouble.

You’re not including comparative data.

Including prior-year, prior-month, or budgeted amounts makes it easier to see if actual amounts meet expectations.

You’re not reflecting reality.

Financial statements should always reflect the true financial condition of a business. Consider having your financial statements reviewed by a third party to identify inaccuracies.

You’re not revising procedures to reduce discrepancies.

If you identify an error or discrepancy in your financial statements, take the time to revise your accounting procedures.

Financial statements are only beneficial if they’re accurate. Don’t generate a financial statement just for the sake of having one.

You’re not auditing your financial statements.

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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