Laabdhi

Maintaining accurate financial transactions in a streamlined and organized way is essential for the smooth and efficient fu nctioning of the business. It reduces risk, optimizes utilization of the resource, as well as maximizes profit. Accounting plays a pivotal role in business, tracking income and expenditure, complying with statutory regulations. It also provides crucial information to investors, management, government bodies to take prudent and judicious business decisions. There are three primary financial statements from where vital information is derived: ·          The income statement provides the necessary information about the profit and loss of the organization. ·          The Balance Sheet gives a clear outlook of the financial position of the business of a particular financial year. ·          The cash flow statement acts as a bridge between the income statement and Balance sheet, furnishing details of cash generated and spending during a financial year.