The (financial) reports on Fynlo are essential for maintaining a comprehensive understanding of your business's operations. By leveraging these reports, you can improve strategy, boost performance, and ensure that your performance is aligned with your business objectives. The insights gained from Fynlo's financial report features enable you to stay competitive and responsive in today's fast-paced market.
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Profit and Loss Statement (P&L):
This report, also known as the income statement, summarizes revenues, costs, and expenses over a specific period (e.g., monthly, quarterly, yearly). It is used to assess the profitability of a business by showing net income or loss. Users can analyze trends in revenue and expenses and make informed decisions about budgeting and financing.
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Balance Sheet:
The balance sheet provides a snapshot of a company’s financial position at a specific point in time, detailing assets, liabilities, and equity. It follows the accounting equation (Assets = Liabilities + Equity) and helps stakeholders understand the company's liquidity, financial stability, and capital structure.
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General Ledger:
This is a comprehensive record of all financial transactions in the accounting system. The general ledger includes accounts for assets, liabilities, equity, revenues, and expenses, serving as the foundation for all financial reporting. It helps in tracking transactions and ensuring that they are categorized correctly for reporting purposes.
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Trial Balance:
The trial balance is a summary of all the balances in the general ledger accounts. It is prepared at the end of an accounting period, and it helps verify that total debits equal total credits. This report is essential for detecting errors in the accounting entries before creating financial statements.
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Statement of Accounts:
This report provides a detailed summary of the transactions between a business and specific customers or suppliers over a certain timeframe. It typically includes account balances, invoices, payments, and outstanding amounts. It aids in managing customer relationships and ensuring accurate billing.
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Budget Variance Report:
This report compares the budgeted financial plan to actual performance. It highlights variances between the two, helping management understand where spending deviated from the budget. This analysis is crucial for internal control, financial forecasting, and performance evaluation, allowing for timely adjustments in operations or financial planning.