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Each of the three fundamental financial statements holds an important place in the financial management and planning process. However, no other financial report provides the immediate and accurate picture of a company's overall health as the balance sheet.
Despite its importance, the balance sheet is often hastily prepared after most of the budget cycle is consumed on the income statement. Consequently, Cash Flow is built from the Balance Sheet results, again receiving inadequate attention.
Aside from limited time, the other adversary to accurate balance sheet and cash flow statements is the spreadsheet. The majority of financial reports are still created in spreadsheets, with no easy way to get an accurate picture of cash flow, especially if using the accrual method.
Budget Maestro financial reporting software builds the balance sheet automatically as the P&L transactions are entered. Utilizing built-in business intelligence and GAAP-compliant calculations, Budget Maestro avoids spreadsheets and formulas completely.