Do you monitor your business performance using Xero? In this video, Seinor Accountant, Hieu Nguyen walks you through creating balance sheet and profit and loss reports in Xero.
Maintaining an accurate understanding of your financial performance is essential to the success of your company. A balance sheet shows your company assets, liabilities and equity at a specific point in time. It offers business owner a snapshot of your financial position including what your business owns and what it owes as well as contribution by the stakeholders.
The profit and loss statement or the income statements primarily focus on the company’s revenues and expenses during a particular period. Understanding profit and loss statement is important because it helps you understand whether your business is profitable or not.
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DISCLAIMER:
Tax Tips discussed here were prepared for the purpose of this video. To apply these strategies, please consult with your CPA or professional tax preparer.
