Introduction
Welcome to our Financial Reports template. Compulsory financial statements are reports that businesses are required to submit to regulatory authorities by law. These documents should provide transparency into the financial performance of the business. Bookkeeping software like Xero or Quickbooks generates various financial statements based on accounting entries, but if you are drafting up your own reports, these templates will give you a great base to start from!
Financial Reports Template (empty)
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Guide to using the Financial Reports Template
- Income statement (also known as Profit and Loss statement):This is a quarterly or yearly report that will be readily available to the public. Should clearly outline the inflow of new assets as well as the outflow incurred to produce revenue. It is recommended that you start with your revenue. Expenses and costs are then deducted closely followed by taxes. This leads to the calculation of your profit.
- Balance sheet: Instead of showing your funds over a given period, the balance sheet shows your assets (what you own) and liabilities (what you owe) and the difference between them at the moment you produce the balance sheet. The difference between the assets and liabilities reveals the book value of the stakeholders’ stake in the company. Assets must be listed from most to least liquid (what can be made into money/ sold fastest). Liabilities are listed in order of immediacy.
- Statement of cash flows: this statement reveals where the funding comes from and what it is used for (e.g. operations or investments). A statement of cash flow should show the ability of your company or organization to pay bills while funding future growth.
For your additional reference, further information about financial statements with examples can be found here.
Relevant Templates
FSI has prepared for you the essential templates that facilitate your bookkeeping. Click the links below to check them out!
