Faithfully reflect the real situation of

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The organization. For assets like inventory, you will need to take a physical inventory to assess the current value. This may involve revaluation based on market conditions or replacement costs. Likewise, for fixed assets such as  or buildings, their current condition, depreciation or amortization must be taken into account to assess their real value. You will also collect information relating to liabilities loans, other forms of debt, etc. precisely. This includes the




amounts owed as well as the conditions of these debts interest rate, due dates, etc.. Finally, for shareholders' equity, you will gather information on share capital, reserves and retained earnings. This Cambodia Phone Number List information is usually available in company records and past financial reports. Tools to design your financial statement The creation of a financial statement will be greatly facilitated by the use of suitable tools and software, in particular: accounting software:





QuickBooks, Sage, Xero… general spreadsheets like Microsoft Excel ERP Enterprise Resource Planning software: SAP, Oracle Financials, etc. cloud accounting and management tools: FreshBooks, Wave, etc. automated software specialized in financial reporting: LucaNet, IBM Cognos, Adaptive Insights, etc. These tools require accounting knowledge to ensure that the data entered is correct and that the balance sheets generated are reliable. What to remember about the financial statement An essential tool for the entrepreneur, .