Ruobing Sun is an experienced chartered professional accountant knowledgeable in various accounting practices. At APP LPP, Ruobing Sun prepared multiple types of financial reports, including financial statements.

Preparing financial statements is part of financial reporting, an essential aspect of any business. The reports allow companies to evaluate their financial health and make critical decisions daily. Business conditions change regularly. Therefore, decision-makers require access to fully updated financial statements. A good best practice is adhering to the four C’s of good data, correct, current, complete, and consistent. Another is regularly reconciling statements.

Regularly reconciling statements across the month keeps data accurate. For instance, professionals can record and track operational expenses daily. In addition, they can complete the general ledger and subsidiary reconciliation weekly. Finally, tailor financial reports to the company’s industry, state, and future goals. Good financial statements provide some industry competitive analysis, offer benchmarks for measuring growth, and reflect key performance indicators.