Are you a moral person? It is very likely that the SAT (Tax Administration Service in Mexico) will request your financial statements. Here we will share some information about the types of financial statements so that you know them.
At QuAdrans law and finance we want to help you and guide you with the sureties for your business.
Financial statements are reports that allow knowing the financial situation of a company, they serve as a basis for making informed decisions. In addition, it provides data on the profitability of a business and liquidity.
We invite you to read our blog entry: Why control your business finances? We believe that it may be a topic of interest to you.
It is important that every company, large or small, keep the accounts to make the best financial decisions based on real data.
What are the types of financial statements?
- Balance sheet: Helps determine the assets and liabilities of the company, as well as the contributions of each of the partners.
- Assets: They are valuable assets that a company has. These can be sold or used to make or offer the services. (money, inventory, assets, patents, etc.)
- Liabilities: It is the amount of money that a company owes to third parties. (debts, accounts payable, mortgages, etc.)
- Income statement: With this report you can compare the income against the expenses that a company generates and it helps us to recognize if we are generating profits or losses.
- Cash flow or cash: It is used to determine the existing capital of a company, taking into account the inflows and outflows of money.
- Statements of change in equity: Shows the variations of inputs and outputs in company operations between the beginning of the period and the end, as well as capital increases, dividends, etc.
- Memory: It helps to expand the financial information to know in detail the situation of the company.
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Types of financial statements.
