What type of financial statements should I keep?

Having good financial records is an important part of small business law in South Dakota. Financial statements provide a picture of your business’s financial health and can be used for tax, loan, and other business decisions. The most common financial statements to keep are the Balance Sheet, Income Statement, and Cash Flow Statement. The Balance Sheet shows an assessment of your business’s current assets and liabilities. It is important to keep track of all of your assets and liabilities, including accounts receivable, accounts payable, inventory, and bank loans. This helps you to understand the financial stability of your business. The Income Statement is another important statement to keep. It shows your business’s income and expenses over a period of time. It is important to measure and compare your income and expenses, so you can make the right decisions to ensure the business’s success. The Cash Flow Statement is also important. It helps to track your business’s cash flow and ensure that enough cash is coming in to meet expenses. It also gives you a good understanding of how much money your business has. These financial statements should be kept up to date on a regular basis. This will make it easier to make decisions about your business and keep it running in the black.

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What type of financial statements should I keep?

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