Standard Financial Reports

Standard financial reports provide critical insights into your tailoring business's financial health and performance. These reports help you make informed decisions, monitor your progress, and prepare for tax filing.

Core Financial Reports

Income Statement (Profit & Loss)

The Income Statement shows your revenue, expenses, and profit or loss over a specific period. It answers the question: "Is my tailoring business profitable?"

To generate an Income Statement:

1. Go to Finance > Reports
2. Select "Income Statement"
3. Choose the date range (month, quarter, year)
4. Select comparison period if desired (e.g., same period last year)
5. Click "Generate Report"

Balance Sheet

The Balance Sheet provides a snapshot of your tailoring business's financial position at a specific point in time. It shows what you own (assets), what you owe (liabilities), and the difference (equity).

To generate a Balance Sheet:

1. Go to Finance > Reports
2. Select "Balance Sheet"
3. Choose the date (typically the end of a month, quarter, or year)
4. Select comparison date if desired
5. Click "Generate Report"

Cash Flow Statement

The Cash Flow Statement shows how cash moved in and out of your tailoring business during a specific period. It helps you understand if you're generating enough cash to operate and grow.

To generate a Cash Flow Statement:

1. Go to Finance > Reports
2. Select "Cash Flow Statement"
3. Choose the date range
4. Select comparison period if desired
5. Click "Generate Report"

Accounts Receivable Reports

Accounts Receivable Aging

This report shows outstanding customer invoices grouped by how long they've been unpaid. It helps you identify overdue payments and manage your collections.

To generate an Accounts Receivable Aging report:

1. Go to Finance > Reports
2. Select "Accounts Receivable Aging"
3. Choose the date (typically the current date)
4. Click "Generate Report"

Customer Statements

Customer statements show all transactions with a specific customer over a period, including invoices, payments, and current balance. These can be sent to customers as reminders.

To generate Customer Statements:

1. Go to Finance > Reports
2. Select "Customer Statements"
3. Choose the date range
4. Select specific customers or generate for all
5. Click "Generate Statements"
6. Optionally, click "Email Statements" to send them directly to customers

Sales and Revenue Reports

Sales by Service Type

This report breaks down your revenue by different service categories, helping you identify your most profitable services.

Sales by Customer

This report shows your revenue organized by customer, helping you identify your most valuable clients.

To generate Sales Reports:

1. Go to Finance > Reports
2. Select "Sales Reports"
3. Choose the report type (by Service, by Customer, etc.)
4. Select the date range
5. Click "Generate Report"

Expense Reports

Expenses by Category

This report shows your expenses organized by category, helping you understand where your money is going.

Expenses by Vendor

This report shows your expenses organized by vendor, helping you identify your major suppliers and potential areas for negotiation.

To generate Expense Reports:

1. Go to Finance > Reports
2. Select "Expense Reports"
3. Choose the report type (by Category, by Vendor, etc.)
4. Select the date range
5. Click "Generate Report"

Tax Reports

VAT/Sales Tax Report

This report summarizes the VAT or sales tax collected and paid during a specific period, helping you prepare your tax filings.

Tax Summary

This report provides an overview of all tax-related transactions, including VAT, income tax, and payroll taxes.

To generate Tax Reports:

1. Go to Finance > Reports
2. Select "Tax Reports"
3. Choose the report type (VAT, Tax Summary, etc.)
4. Select the tax period
5. Click "Generate Report"

Using Reports Effectively