Accounting Reports
Understanding Your Business with Bench Reports
Bench provides a comprehensive suite of reports designed to give you a clear and accurate view of your company's financial health. These reports are essential for making informed business decisions, preparing for tax season, and understanding your company's performance over time. Here's a brief overview of each report you'll find in the application.
Report Descriptions
Accounts Payable
The Accounts Payable report provides a detailed list of all outstanding bills and invoices owed to your suppliers. It shows who you owe, the invoice number, the due date, the total amount of the invoice, the remaining balance due, and how many days past the due date the invoice is. This report is a crucial tool for managing your cash flow and ensuring you pay your suppliers on time.
Accounts Receivable
This report helps you keep track of money owed to you by your customers. The Accounts Receivable report categorizes outstanding sales invoices based on how long they have been overdue (e.g., 1-7 days, 8-14 days, etc.). This aging report helps you identify overdue payments at a glance and prioritize your collection efforts, improving your company's cash flow.
Asset Register
The Asset Register is a comprehensive list of all fixed assets owned by your company, such as equipment, vehicles, and property. This report details each asset's category, name, serial number, purchase date, initial value, and its current and accumulated depreciation. It also calculates the net book value of each asset, giving you a clear picture of their worth over time.
Balance Sheet
The Balance Sheet provides a snapshot of your company's financial position at a specific point in time. It shows your assets (what you own), liabilities (what you owe), and equity (the owner's stake in the company). This report is vital for assessing your company's solvency and financial stability, revealing whether your assets can cover your liabilities.
Expense Summary
The Expense Summary report gives you a high-level overview of your business expenses within a specific date range. It groups expenses by category, providing a total amount for each, which makes it easy to see where your money is going. This report is useful for budgeting, identifying areas where you can reduce costs, and analyzing spending trends.
General Ledger
The General Ledger is a detailed, chronological record of all your financial transactions. It shows every debit and credit entry for each account in your chart of accounts, including the date of the transaction, the related voucher, and the party involved. This report is the backbone of your accounting system and is used for auditing and preparing other financial statements.
Statement of Comprehensive Income
Also known as the Profit and Loss (P&L) statement, this report summarizes your company's revenues, costs, and expenses over a specific period. It shows your sales, cost of goods sold, gross profit, other income, and total expenses to calculate your net profit or loss. This report is essential for evaluating your company's performance and profitability.
Trial Balance
The Trial Balance is an internal report that verifies the mathematical accuracy of your general ledger. It lists every account with its final debit or credit balance at a specific date. The total of all debits must equal the total of all credits, ensuring that your books are balanced before you generate final financial statements like the Balance Sheet and Statement of Comprehensive Income.
VAT Report
The VAT Report helps you calculate your value-added tax liability or refund for a given period. It summarizes the VAT collected on sales (output VAT) and the VAT paid on purchases (input VAT), allowing you to easily determine the net amount owed to or due from the tax authority. This report simplifies tax compliance and filing.