Reports are very important in any business. It helps in decision making and planning. It also provides details on how your business is performing. It gives information on the financial position of the business and what changes in the its financial position. Reports should be easily understood, relevant, reliable and comparable. It should show the company’s assets and liabilities, equity, income and expenses in a concise and detailed manner.
The report that a company generates corresponds to its purpose. Whether it is for finding out how your sales are doing, how much profit is generated, how much time an employee devotes on every activity in the company, product wise purchase/sales details, trial balance, how much TDS is payable, VAT, Service or Excise Tax Summary, and a lot more.
However, there are reports that are often used in day to day business. This includes: Profit and Loss, Balance Sheet, Company Snapshot, Budget v/s Actual, A/R Ageing Summary, Expenses by Supplier Summary, A/P Ageing Summary.
To navigate to the Company Snapshot, go to Reports then click on Company Snapshot, then it automatically takes you to the Company Snapshot screen. You may do this as well, if you want to go to other screens which are listed under Reports.