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This is Mario, he is a first time new business owner of a pet shop!
This would be very beneficial for external users such as banks and investors, when they are judging what steps they should take with you and how well your business has done within a certain amount of time.
This is his friend Juliet, a long term business owner. Juliet suggested to Mario that he should meet with an accountant to discuss the time period concept and how it may be beneficial for his business
Hi I'm Mario and I am looking to open up a business. My friend mentioned to me something called a "time period concept", what is that?
That is a principle which states that a business should prepare and report their financial statements after a specific amount of time
How would that be beneficial for my business?
This is also very beneficial for yourself and internal management as you will be able to see your achievements and improvements you may need to make.
About 3 years later
Your financial statements are very impressive and we see many achievements gained throughout this year.
Mario chose a yearly accounting period and when meeting with possible investors they were able to see his achievements within the year through the financial statement
Yes and with this statement we are able to see your revenues and expenses. We would love to invest in your business!
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