Interim financial statements include records of transactions of a period that is less than one full year. Let’s understand the need and importance of interim finance services in the process.
What is an Interim statement?
An interim financial statement or an interim financial report, is a detailed report of accounting, which covers all the business activities within less than one financial year. Usually, companies generate interim reports/ statements on the basis of monthly, quarterly, semi-annually, or at any other time duration within one year.
With the help of these interim financial statements, business
get an overview about the financial standings up to the current period before a particular financial year ends. For a small business owner, the interim reports help in determining the current cash flows and in evaluating the overall financial performance till the current period of the financial year.
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