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As a small business owner in todays economy the three financial reports I would use on a daily basis would be an income statement, a cash flow statement, and balance sheet. The income statement shows the revenues, expenses, and therefore the overall net income at any period of time for an organization or company. As a small business owner, I can see how much I am truly profiting at the end of the month and decide what expenses to cut, to increase my revenue. The balance sheet shows the assets, liabilities, and equities of a business at any period of time This is important because it shows the value and liquidity of a business and can help when or if I decided to sell my business in the future. A cash flow statement reflects the inflow and outflow of cash specifically within a company. It is important when deciding whether credit needs to be requested because there is not enough cash inflow.