What are the tools need to prepare financial statements?
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A written report of the financialcondition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow. Simply put, the income statement measures all your revenue sources vs. business expenses for a given time period.
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Hey mate!
Here's your answer!
The four tools are as follows:
1. Microsoft Excel
There is a good chance you already have a powerful tool for preparing financial statements right at your fingertips. If you use Microsoft Office, you already have access to the spreadsheet program, Microsoft Excel. Spreadsheets are used to organize data in columns and rows, particularly numerical data such as monthly profit and loss information. Microsoft Excel offers hundreds of templates for customized reports, including financial statements.
2. NetSuite ERP,
Chosen as the best financial management solution, is a comprehensive accounting solution that provides end-to-end functionality, including customer and vendor contact information, marketing analyses, and, of course, instant financial statement generation. The major benefit of NetSuite is its one-stop shop feature, with no requirement for the user to understand how financial statements are prepared.
3. Adaptive Planning
Adaptive Planning is an award-winning company that provides performance management software at the corporate, business, and enterprise level. The software includes flexible budgeting, forecasting, and benchmarking tools as well as attractive graphics and intuitive analytic observations. Managers can make swift decisions using data mining tools. The software creates all the major financial reports, including cash flow and income statements, plus budgeting and variance analysis tools to assist business managers in interpreting financial statements.
4. Intacct
Chosen as the “only AICPA-preferred cloud-based financial software”, is a customizable software system that allows users to utilize its functions for the entire accounting cycle or for just one function, such as generating financial reports. Intacct guarantees compliance with the latest U.S. and international accounting standards while also providing reports specifically geared toward your industry or business. Intacct’s customizable software allows for flexible and real-time reporting and analysis. It is not a plug-in solution, however. Those who choose Intacct’s software should expect to work closely with the company to configure the software to their own needs.
Hope it helps you!
Here's your answer!
The four tools are as follows:
1. Microsoft Excel
There is a good chance you already have a powerful tool for preparing financial statements right at your fingertips. If you use Microsoft Office, you already have access to the spreadsheet program, Microsoft Excel. Spreadsheets are used to organize data in columns and rows, particularly numerical data such as monthly profit and loss information. Microsoft Excel offers hundreds of templates for customized reports, including financial statements.
2. NetSuite ERP,
Chosen as the best financial management solution, is a comprehensive accounting solution that provides end-to-end functionality, including customer and vendor contact information, marketing analyses, and, of course, instant financial statement generation. The major benefit of NetSuite is its one-stop shop feature, with no requirement for the user to understand how financial statements are prepared.
3. Adaptive Planning
Adaptive Planning is an award-winning company that provides performance management software at the corporate, business, and enterprise level. The software includes flexible budgeting, forecasting, and benchmarking tools as well as attractive graphics and intuitive analytic observations. Managers can make swift decisions using data mining tools. The software creates all the major financial reports, including cash flow and income statements, plus budgeting and variance analysis tools to assist business managers in interpreting financial statements.
4. Intacct
Chosen as the “only AICPA-preferred cloud-based financial software”, is a customizable software system that allows users to utilize its functions for the entire accounting cycle or for just one function, such as generating financial reports. Intacct guarantees compliance with the latest U.S. and international accounting standards while also providing reports specifically geared toward your industry or business. Intacct’s customizable software allows for flexible and real-time reporting and analysis. It is not a plug-in solution, however. Those who choose Intacct’s software should expect to work closely with the company to configure the software to their own needs.
Hope it helps you!
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