What type of financial statements should I keep?

As a small business owner in Kansas, it is important to keep accurate financial records of your business. Financial statements provide a detailed picture of your business’s financial strength, and it is important to maintain these records in order to understand the state of your business. The most important financial statement for small business owners to keep is the balance sheet. This statement is a summary of all the assets and liabilities of the business. It also provides an overview of the company’s net worth, which is the difference between the total assets and total liabilities. This document provides a snapshot of the business’s financial health and gives an indication of the value of the assets owned and liabilities owed. Another important financial statement for small business owners to keep is the income statement. This statement records all revenue and expenses incurred by the business over a certain period of time, and it can be used to track the business’s performance. The income statement will show the net profit or loss of the business, which is the difference between the total revenues and total expenses. By keeping accurate financial statements, small business owners in Kansas can keep track of their business’s performance, liabilities, and assets. This information can be used to make sound financial decisions and ensure the success of your business.

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What type of financial statements should I keep?

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