Understanding Financial Statements and Accounting Software for Small and Mid-Sized Businesses

This assignment examines the importance of financial statements and accounting software for small and mid-sized businesses, helping them maintain financial health.

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Understanding Financial Statements and Accounting Software for Smalland Mid-Sized BusinessesBased on Shultz’s (2006) article, describe the three key financial statements used bybusinesses: the balance sheet, profit and loss statement (P&L), and cash flow statement.Explain what each is designed to report and whether you have seen these reports used inyour business. Additionally, based on Mohamed’s (2007) article, identify threecommonly used accounting packages for small and mid-sized businesses and provide oneadvantage of each. Your response should be between 500 and 700 words.

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