Use our free Financial Statement Template workflow to efficiently prepare, review, and finalize accurate financial reports for your business.
1
Identify the financial statement required
2
Create a new template for the identified financial statement
3
Enter or import the company's financial data
4
Categorize the data under appropriate headings
5
Calculate total amounts for each financial category
6
Prepare the financial statement's income statement section
7
Prepare the financial statement's balance sheet section
8
Prepare the financial statement's cash flow section
9
Review the initial draft of the financial statement template
10
Approval: Financial Analyst Review
11
Correct any figures or formulas that were identified as incorrect during the review
12
Perform a second review to ensure all corrections have been made properly
13
Approval: Manager Review
14
Save the finalized financial statement template
15
Print or electronically share the final financial statement template
16
File the financial statement template for future reference
Identify the financial statement required
This task is crucial to determine the specific financial statement needed for the company. It involves analyzing the financial requirements, assessing the reporting purposes, and identifying the relevant financial statement type. By completing this task, you will have a clear understanding of the financial statement required for the process.
Create a new template for the identified financial statement
In this task, you will create a new template that will serve as a foundation for preparing the identified financial statement. The template should be designed to include all necessary sections, headings, and formatting options. By completing this task, you will have a tailor-made template ready for entering the financial data.
Enter or import the company's financial data
This task involves entering or importing the company's financial data into the template created in the previous task. The data should include relevant information such as sales, expenses, assets, liabilities, and equity. By completing this task, you will have the company's financial data ready for further analysis and categorization.
Categorize the data under appropriate headings
To create a meaningful financial statement, it is essential to categorize the data under appropriate headings. This task involves organizing the financial data into relevant categories such as revenue, cost of goods sold, operating expenses, current assets, long-term liabilities, etc. By completing this task, you will have a well-structured dataset for further analysis.
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Revenue
2
Cost of Goods Sold
3
Operating Expenses
4
Current Assets
5
Long-Term Liabilities
Calculate total amounts for each financial category
In this task, you will calculate the total amounts for each financial category based on the categorized data. It involves adding up the figures under each heading to determine the overall values. By completing this task, you will have the total amounts for each financial category required for the financial statement.
Prepare the financial statement's income statement section
The income statement is a crucial part of the financial statement, providing an overview of the company's revenues, expenses, and net income. This task involves preparing the income statement section using the calculated amounts and properly formatting it. By completing this task, you will have the income statement section ready for inclusion in the financial statement.
Prepare the financial statement's balance sheet section
The balance sheet presents the company's financial position, including its assets, liabilities, and shareholders' equity. This task involves preparing the balance sheet section by utilizing the categorized and calculated data. Make sure to format the information appropriately. By completing this task, you will have the balance sheet section ready for incorporation into the financial statement.
Prepare the financial statement's cash flow section
The cash flow statement provides insights into the company's cash inflows and outflows over a specific period. This task involves preparing the cash flow section of the financial statement using the relevant data. Ensure the proper formatting and inclusion of all necessary details. By completing this task, you will have the cash flow section ready to be included in the financial statement.
Review the initial draft of the financial statement template
This task requires reviewing the initial draft of the financial statement template created earlier. Carefully assess the structure, formatting, and accuracy of the template. Make note of any necessary revisions or improvements. By completing this task, you will have identified areas of the template that require adjustment or refinement.
Approval: Financial Analyst Review
Will be submitted for approval:
Review the initial draft of the financial statement template
Will be submitted
Correct any figures or formulas that were identified as incorrect during the review
Based on the review conducted in the previous task, this task involves correcting any figures or formulas that were identified as incorrect in the template. Make the necessary adjustments to ensure the accuracy of the financial statement. By completing this task, you will have resolved any identified issues for accurate calculations and presentation.
Perform a second review to ensure all corrections have been made properly
To maintain the integrity and accuracy of the financial statement template, it is important to perform a second review after making the necessary corrections. This task involves carefully reviewing the revised template to ensure all corrections have been made properly. By completing this task, you will have confirmed the accuracy of the financial statement template.
1
Yes
2
No
Approval: Manager Review
Will be submitted for approval:
Correct any figures or formulas that were identified as incorrect during the review
Will be submitted
Perform a second review to ensure all corrections have been made properly
Will be submitted
Save the finalized financial statement template
This task involves saving the finalized financial statement template after all necessary revisions and corrections have been made. Ensure that the template is securely stored and easily accessible for future use. By completing this task, you will have the finalized version of the financial statement template saved and ready for further actions.
Print or electronically share the final financial statement template
Once the financial statement template is finalized, it needs to be shared with the relevant stakeholders. This task involves printing a hard copy or electronically sharing the final financial statement template, ensuring it reaches the intended recipients. By completing this task, you will have successfully disseminated the final financial statement template for necessary actions.
1
Print
2
Email
3
File sharing platform
File the financial statement template for future reference
To ensure proper record-keeping and easy access, this task involves filing the finalized financial statement template for future reference. Choose an appropriate storage system or location to maintain the template securely. By completing this task, you will have properly archived the financial statement template for future retrieval if needed.
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