If you run a small business, you need to keep track of your financial performance and position. Two essential reports that can help you do that are the balance sheet and the income statement. The balance sheet and the income statement are related because they both reflect the results of your business transactions. For example, when you sell a product or service, you increase your revenue on the income statement and your cash or accounts receivable on the balance sheet. You can use them to calculate various financial ratios and indicators that can help you evaluate your business liquidity, solvency, profitability, efficiency, and growth.
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