Professional bookkeeping services for IT businesses offer a variety of financial reports that provide significant insights into the company’s financial performance. Income statements (also known as profit and loss statements) that summarise the company’s revenues, expenses, and net income for a certain period are often included in these reports. Balance sheets depict the assets, liabilities, and equity of a corporation at a specific point in time. Cash flow statements provide a complete examination of the company’s cash inflows and outflows, which aids in determining the company’s liquidity status. Additional reports, such as ageing receivables and payables reports, spending analysis, and budget vs actual comparisons, may be created depending on the IT company’s specific needs.