Financial Reporting

A staple of financial reporting, the Balance Sheet report gives you the key figures you need to see where your business stands by providing a visual representation of the standard accounting equation: Assets = Liabilities + Equity. You can use the figures in the Balance Sheet to see if you are making or losing money and if your company is financially strong.

Many business owners use the Income Statement (Profit and Loss) to manage their business because it gives a clear view of what they are earning, what it costs to sell their goods and services and what they are spending. The Net Income line item at the bottom of the report tells you if you are making a profit (positive net income) or incurring a loss (negative net income). In addition to tracking profit, you can use the Income Statement (Profit and Loss) to spot trends in how your money is coming in, whether it is driven by season, product line or strategic marketing events and how your money is going out so you can budget for the future.

With WorkingPoint, we’ll provide you the most current view of your revenue, spending and profit via the Income Statement (Profit and Loss) and informative dashboard widgets, like our “Profit and Loss” widget.

The Balance Sheet and Income Statement are great reports, but they are accrual-based, not cash-based. Cash-basis financial reporting shows how you actually spent your cash. For example, when you receive a bill, you record it in WorkingPoint as a liability (a debt you owe but will pay later). It‘s only when you pay the bill that it affects your cash. WorkingPoint’s financial reporting software helps you see how your activities have actually affected your greenbacks through the Cash Flow Statement. This is a really useful report to be sure you are bringing in more money than you are spending. It also helps creditors feel confident that you’ll be able to pay back loans.

When you run a financial report in WorkingPoint, you’ll have the option to customize how your data is reported. You can customize your reports by selecting a predefined or custom date range, and in some cases, compare date ranges with one another. And you can expand and collapse categories to get more or less detailed information.

In addition to viewing your report on-screen, you can print your report via PDF, or export your data to Open Office or Microsoft Excel® with formulas and formatting intact. Next time, instead of sending a shoe-box of receipts to your accountant, provide him with WorkingPoint’s pre-categorized reports — he’ll be impressed and your pocket book will be pleased too since now he can do his job quicker and (hopefully) cheaper.