Certainly! Two essential reports that all companies commonly need to prepare on a monthly to yearly basis are:
1. **Income Statement (Profit and Loss Statement)**:
- **Monthly**: Provides a detailed overview of revenues, expenses, and profits for the month. It helps management assess the company's operational efficiency and profitability over a shorter period.
- **Yearly**: Summarizes a whole year's financial performance, offering insights into annual revenues, expenses, net income, and overall financial health. It is often a crucial document for stakeholders, including investors and regulatory bodies.
2. **Balance Sheet**:
- **Monthly**: A snapshot of the company's financial position at the end of the month. It lists assets, liabilities, and shareholders' equity, showing what the company owns and owes.
- **Yearly**: Provides a more comprehensive view of the company's financial status at the year-end. This yearly balance sheet is often used for strategic planning, investment decisions, and compliance with financial regulations.
These reports are indispensable for both internal decision-making and external reporting requirements.
Name 2 reports all companies need to have on a monthly to yearly basis
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