Explain the importance of financial statements for small business operations?
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6
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These are important reports for small business to generate so that it can showcase its performance to its stakeholders. Financial statements help the managers of the company to understand their company better.
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Answer:
Small businesses must be well informed to survive in a competitive environment and one of the vital competency they must develop is to read and understand important financial statements. Understanding essential financial statements such as ‘Trial Balance’, ‘Balance Sheet’, and ‘Profit and Loss’ statements is paramount as these are very important reports for small businesses to ensure their competitiveness in the market.
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