Personal Financial Statements

Do you know your net worth? Can you show others what your financial position is? Do you understand your spending patterns?

A personal balance sheet offers a snapshot of your financial position, or net worth, at a given point in time. The document includes a breakdown of assets such as checking and savings accounts, retirement account balances, and real estate. It also lists liabilities such a credit card balances, loans, and mortgages.

A personal cash flow statement can help you if you want to understand your cash inflows and outflows for a specific period of time. Inflows include items such as salaries and dividends from investments, while outflows are items such as mortgages and utility bills.

Personal financial statements are often used when applying for a loan or mortgage. A credit officer can quickly get a sense of your financial position to make an informed decision.

Evaluating your personal financial statements with us regularly helps you make informed decisions to increase your net worth. This also allows us to foresee any potential problems and proactively work to avoid them.

Contact our office to sit down with one of our experienced accountants.

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