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The Generally Accepted Accounting Principles (GAAP) define financial statements as “a structured financial representation of events affecting an entity and transactions carried out by it.”
The purpose of financial statements is to provide information about an entity’s financial position, performance, and cash flows—information that is useful to a wide range of users in making economic decisions.
This information may concern the state of the company's financial structure, the composition of its assets, the evaluation of its performance and the measurement of its profitability. It enables us to provide precise information not only to the company's management, but also to its partners and third parties.
Financial statements provide a clear, structured summary of the events that have affected a company throughout its existence, as well as the transactions it has carried out with third parties. These tools make it possible to
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Carry out precise analyses, particularly in the context of business takeovers, company valuations, mergers, demergers or asset transfers
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Make comparisons over time (from one year to the next)
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Space comparisons (with a competitor in the same sector)
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Making economic decisions
And in KAFINEA? #
The various essential financial statements are available via the following path: *** Finance > Accounting** *tab Financial Statements:
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Balance
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Big Book
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Simplified income statement
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Income Statement
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Balance sheet
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Simplified balance sheet
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Appendices (Coming soon)
Balance and General Ledger allow you to navigate to the documentsinvoice, payment, manual entry) that make them up.
In the case of income statements and balance sheets, it is possible to zoom from the amounts shown to their breakdown and access the details of the accounting account(s) concerned. Any necessary adjustments are then automatically reported in the accounting statements. A simple screen refresh displays the new adjusted amounts.