Many factors enable a business to keep running. But the most important out of all of them are the financial assets. Money is essential in running any type of business, either profit or nonprofit. If we’re to think of a business as a human body, then its financial assets are its blood. That said, it’s important to keep a steady eye on your business’s finances. You have to monitor them constantly. One issue that you might overlook can cause a cascade of dire outcomes. So, in business management, financial reporting is a must. That’s the best practice to monitor your money. Start implementing that practice in your business with our Sample Financial Reports. Have a look at them below.

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FREE 15+ Sample Financial Reports

Financial Report Template

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Sample Financial Report Template

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Financial Report To Board of Directors Template

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Financial Report Sample for Small Business Template

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Annual Financial Report Template

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Financial Audit Report Template

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Financial Report Sample for Small Business Template

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Free Finance Internal Audit Report Template

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Financial Report Example

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Financial Report Template Non Profit

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Personal Financial Report Template

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Annual Financial Report Template

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Federal Financial Report Template

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Investor Financial Report Template

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Bank Finance Report

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What Is a Financial Report?

A financial report or financial statement is a document that shows a detailed breakdown of a company’s current financial status. It helps managers and owners determine where their business stands, especially on how much revenue and profit it was able to generate. A financial report has a thorough analysis of how the money went in and out of the business. And that helps in identifying the business’s current strengths and weaknesses. Also, a financial report is an important element in the accounting process.

How to Prepare a Financial Report

Either you’re the manager or owner of your business, you should know how to manage your finances. Yes, you can hire an accountant. But you know your business better more than an accountant. So, make financial reporting one of your skills. We’ve prepared a short tutorial to help you prepare financial reports.

Step 1: Gather All Data Concerning Financial Transactions

First, you have to collect all financial data. That would likely mean collecting receipts, invoices, budget plans, previous weekly, monthly, or quarterly financial reports, etc. Those documents are critical references. Without them, there’s no way you can create a financial report. Keep in mind that reporting is built around facts. In financial reporting, it’s those aforementioned documents that supply the facts.

Step 2: Compare Previous Data with Current Data

A financial report’s primary purpose is to determine financial status. To do that, you need to compare previous financial data with current data. Most likely, those previous financial data are in the previous financial report. Compare previous and current to see if there’s an improvement. If there isn’t, that means there are problems in your financial management. Your company must address those problems asap. These issues could be overspending, questionable financial transactions, failure to record cash flow, and more.

In comparing data, you can use charts, graphs, or infographics. Make your financial report more visual, like a presentation. You might be presenting it to the board of directors.

Step 3: Emphasize Revenue and Profit

Revenue and profit are key indicators of business performance. So, you should include them in the financial report. State how much revenue and profit the business made within a period. And, of course, you also have to compare them with the last period’s revenue and profit. Some readers of your financial report, especially the board of directors, might jump straight to the revenue and profit statement. So, make sure to provide clear details about them.

Step 4: Formulate a Conclusion

The conclusion is where you’ll summarize the financial report’s findings. It’s like a recap. When you write it, you must include the key findings—those that can or will affect the business’s future. You can also include suggestions or action plans on how to resolve issues and maintain the positive findings.

FAQs

What are the types of financial statements?

These are the four types of financial statements:

Which financial statement is the most important?

According to AccountingTools, the most important financial statement is the income statement. That’s because it’s a clear indicator of how much revenue and profit a business can generate. And as we’ve said, revenue and profit are key indicators of business performance.

What are the components of financial statements?

These are the components of financial statements:

  • Assets and liabilities
  • Equity
  • Revenue
  • Profit, loss, or breakeven
  • Investment by owners
  • Distribution to owners
  • Comprehensive income

Financial reporting has its challenges. You’ll be dealing with a lot of math, and you need to have great attention to detail. But all those will pay off. Your business will be financially secure. Thus, it’ll continue operating for many years to come. Fortunately, you can make financial reporting quite easy with our Sample Financial Reports. Download them now!

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