The ACRA financial statement summarizes an individual or business’s assets, liabilities, and net worth. They are used for many purposes, including to provide insight into the health of a company. Unfortunately, not all people understand how these statements work. This blog post will introduce you to 4 important things you need to know about this type of financial statement so that you can better manage your finances!
- Different Types of ACRA financial statements
The first thing you should know about acra financial statements is that there are two different types. The two types are called an individual and a business financial statement. Both serve the same purpose, but they contain information specific to their kind.
- How to read them
The next thing you should know is how to read acra financial statements properly. Many people think they are hard or confusing, but that isn’t the case!
- Why they are important
Now that you understand how to read them, the next thing to know is why they are so important. In short, acra financial statements give a lot of insight into your finances and can be used for many different purposes.
- How to use them
Now that you know why they are important, the next thing you should think about is how exactly you can use these statements. People like to do two main things with their acra financial statement: keep an eye on their money and compare themselves to others!
