SWIFT REPORTS

Your monthly reports

The following three reports are included with every level of service.

The Income Statement

In a nutshell, your monthly Income Statement report tells the story of how much you made, how much you spent and what was leftover. It doesn’t take assets or equity into consideration, it doesn’t list the balances on your bank accounts, it just informs you about how sales and spending were that month, and what your bottom line was in profit (or loss).It’s an incredibly useful tool to understand your margins on what you sell, where you’re spending and how you can cut back, and in general, what’s doing well and what’s causing issues.


What this means for you:

  • Understand your margins. Your income statement gives you an idea of whether you should raise prices on your goods or services.

  • Know where you're spending. The inome statement gives you an overview of your expenses so you can make adjustments.

  • Keep track of how much you're making. Your income statement gives you a crystal clear snapshot of what you're bringing in, month after month.

Statement of Cash Flows

Here’s where your bank balances come in.The Statement of Cash Flows is exactly that - a trail of how much cash came in and how much went out in all of your accounts.This report tells you how much cash you had on the first of the month, how much cash came in, how much went out, and what the ending balances are at the end of the month.Your Cash Flow Statement tracks the actual movement of money. instead of income and expenses you've incurred. For example, your Income Statement might show a great sales month because you sent out invoices, but your Cash Flow Statement lets you know if that cash actually hit your bank during that month.


What this means for you:

  • A clear picture of your flow of cash. Watching this month after month helps you understand when and why things might get tight at certain times of the week, month or year.

  • Accurate planning. Knowing what your cash flow looks like helps you plan for large expenses.

  • Changes in collection procedures If your cash flow has extreme ebbs and flows, consider changing your invoicing policy to a shorter time period, or collect at the time of service.

The Balance Sheet

While your Income Statement tells you how much you made and spent during the month, and your Cash Flow Statement showed you how your money flowed, Your Balance Sheet tells you precisely how your business is doing at any given point in time.
The Balance Sheet looks at your equity, your assets and your liabilities, giving you a clear picture of what your business is worth, how much you’ve invested, how much you’ve drawn out, what your assets are currently worth, and how much you owe in liabilities. It’s a great tool to look at the overall health of your business.


What this means for you:

  • Know your true worth. By having a clear picture of your assets, liabilities and equity, you'll always have a sense of what your company is worth.

  • Understand how much you've invested. The balance sheet shows you what you've put in to your compay over time.

  • It helps you plan for the future Seeing your assets each month helps you understand what to keep, what to replace and what to sell.

READ SWIFT'S FAQ

Dive in to the details.

Want to learn more about bookkeeping, reports and working with SWIFT? Read the FAQ.

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SWIFT Bookkeeping of the Sandhills, LLC      -      Vass, NC 28394      -      910 992-0662      -      [email protected]