When starting a small business, there are always the ups and downs that keep you distracted. You find that there is so much on your plate to keep it together, but you still have to juggle and maintain the smooth operation of the business. Despite everything, you need to ensure that you make financial reports. That should be your number one responsibility as an entrepreneur.
There are three main financial reports that you will be dealing with. These reports will play a very vital role in the business as you will see later. They include.
♦ The balance sheet.
♦ The cash flow statement.
♦ The income statement.