Introduction
True Financials has been brought in as a consultant to provide an informational presentation to Palmetto Elder Resource a small information technology organization based in Columbia, South Carolina. The organization has a focus on providing services to the elderly population through the internet via a kiosk. Palmetto Elder Resource is one of a kind in the Palmetto region and is seeking to ensure that they are on the right path for continued growth.
The organization began three years ago by its President and CEO Elise Moore and her business partners Linette Schultz and Ramona Sobers. The concept was given life by Ms. Moore based on the fact that her parents were in their “Golden Years” and required services that Ms. Moore was not able to provide readily based on today’s hectic schedule. As many working adults have a challenge in blending a professional career, family and the need to care for elderly parents many seek additional resources to make the lives of all parties at ease. The concept of kiosk in assisted living and retirement communities as now taken off. True Financials has been asked to ensure that they are on the right path for continued success by identifying the natures of financial statements and managerial reports. True Financials will also provide an explanation of the use of financial accounting information and assist the organization in making informed and ethical business decisions.
Financial Statements
To begin, True Financials will review the need for financial statements. Financial statements are documents that provide details about a company’s performance and well-being over a certain of time. (Thomson Gale, 2008) The statements break down a business’s financial gains and losses during the specified period, typically quarte ...