"It has been my experience that all watchful business owners have an innate sense of how well their business is doing. Almost without thinking about it, these business owners can tell you any time during the month how close they are to hitting budgeted figures. Certainly, cash in bank plays a part, but it's more than that. "
"There are different types of financial statements. Financial statements, are required to be audited by authentic, efficient audit firms to avoid manipulation of numbers. Statements are usually audited by the accounting firms after a thorough study of the company records. The accounting and the audit firms make sure that the company is obeying and operating as per norms laid down by the Generally Accepted Accounting Principles or GAAP. "