Financial reporting is the practice of providing accurate and timely reports on a business’s financial health. Small businesses need timely and comprehensive financial reports in order to make informed decisions about their business, manage risks, and keep their finances healthy. A financial report for small businesses includes income statements, balance sheets, cash flow statements, budget comparisons and projections, notes to financial statements, and more. It can help businesses assess whether they are meeting their goals and staying on top of expenses. Financial reports empower small business owners to make sound decisions and develop a roadmap for the future.