A thorough financial review should include the following elements:
Income statement: This shows the revenue, expenses, and profit over a specific period. li> Balance sheet: This provides a snapshot of the business's assets, liabilities, and equity at a given point in time. Cash flow statement: This details the inflows and outflows of cash, highlighting the liquidity of the business. Budget vs. actuals: Comparing budgeted figures with actual performance helps identify variances and areas for improvement. Key performance indicators (KPIs): These metrics help track the business's financial health and operational efficiency.