HOW TO CHECK MY COMPANY FINANCIAL STATUS FROM XERO?

ACCOUNTING & AUDITING

Company Financial Status is similar to physical health of a person. Your physical health is crucial to living a happy and successful life. So applies the same concept to your company. Company Financial Status refers to the state and condition of your company finances.

There are four main financial statements to look at when evaluating your company’s status.

Balance sheets

that shows what the company owns and what it owes at a fixed period of time.

 Income statements

that shows the company’s income and expenditures

Cash flow statements

shows the summarise of cash position

Statements of shareholders’ equity

shows the changes in the value of shareholders’ equity or ownership interest in a company

 

How can you obtain your Company Financial Status from Xero?

You don’t need to send your whole company books to your accountant. If you are Xero user. You just need to press a few buttons and follow below steps:

  1. Log in your Xero
  2. Go to “Accounting” from the top bar
  3. Select “Profit and Loss”
  4. Choose “Date Range” for example 1 April 2020 to 31 Mar 2021
  5. Select “Compare with 1 period”
  6. Click “Update” on the left
  7. Updated Profit and Loss statement will pop up

For further information, please contact us.

You may want to read: HOW CLOUD ACCOUNTING CAN HELP STARTUP BUSINESSES?

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