Updated: Oct 2, 2021
The Balance Sheet is one of the the most important reports you need to review regularly as part of you bookkeeping.
Profit and Loss Statement
The Profit and Loss Statement is the most important report. Every business should review their profit and loss at least monthly.
Profit and Loss Detail Statement
The Profit and Loss Detail Statement is an important report because it is the P&L with details that can help you notice changes that need to made or you may find charges that need to be cancelled or that are fraudulent.
Statement of Cash Flows
The Statement of Cash Flows is another important report. It is a combination of the Profit and Loss and the Balance Sheet.