Business owners can generate all three statements using the accounting cycle, which includes the general ledger. Fortunately, accounting has gone digital, and as a small business owner, you can automate your financial transactions with accounting software like QuickBooks.įinancial statements like income statements, balance sheets, and cash flow statements show the financial health of a business. Business owners kept any accounting records in large binders with reams of paper files. Before computers and software, we did all of our accounting by hand.
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