What is a financial statement template?<\/h2>\n
A financial statement is a business report that spells out all the organization’s business activities and financial performance.<\/strong><\/p>\n Note: a financial statement template<\/em> is a pre-built financial statement that can be fully customized to suit your unique business needs.<\/p>\n A template will include pre-labeled, adjustable rows and columns to make it 100% unique to your company\u2019s financial information. Typically, a financial statement template will consist of at least the following fields (and more):<\/p>\n Solid financial statements are the backbone of any sound accounting department. They typically help:<\/p>\n Templates are the key<\/strong><\/a> to achieving standardization and ensuring that your financial statements are accurate.<\/strong><\/p>\n Since regulators and auditors will also use financial statements to (a) review how a business has generated cash and (b) investigate particular business transactions, standardization is crucial.<\/p>\n Staying on top of your company\u2019s financial statements is incredibly time-consuming. But, unless you\u2019ve got a team of full-time bookkeepers, chances are that\u2019s time you don\u2019t have to spare. This is where a financial statement template comes to the rescue.<\/p>\n By using a template, you\u2019ll benefit from starting with a pre-tailored statement that includes all of the key columns and rows your statement will need. This makes getting started less daunting and a lot less time-consuming.<\/p>\n Perhaps the most significant benefit of financial statements is they help attract lenders and investors who may provide financing. Banks and potential investors will evaluate your company\u2019s financial statements to better understand any earnings potential and your financial health.<\/p>\nYour company\u2019s financial statements are critical to its growth and ability to meet regulatory standards. The right template can help you satisfy both investors and the IRS.<\/span><\/a>\n When it comes to financial statements, there are loads of examples worth exploring \u2014 fortunately, it\u2019s easy to find pre-tailored templates for all of these statements too. To help get started, let\u2019s break down a few of the most important financial statement templates you\u2019ll want to use.<\/p>\n One of the most critical financial statements is a balance sheet \u2014 a snapshot financial report showing the company\u2019s total assets and liabilities and shareholders\u2019 equity.<\/p>\n (Image Source<\/a>)<\/p>\n Pre-built balance sheet templates can be found within Microsoft Excel and downloadable templates for other apps and sites. Most of these are simple spreadsheets<\/em> with pre-labeled columns where you copy\/paste your specific financial data.<\/p>\n An income statement \u2014 often called a \u201cprofit and loss statement<\/a>\u201d or \u201cstatement of revenue and expense,\u201d focuses on a company\u2019s net income from sales and expenses over a specific period. Most income statement templates come with a range of pre-labeled rows naming potential income sources and expenses that you can amend or update as required.<\/p>\n (Image Source<\/a>)<\/p>\n This free cash flow statement template<\/a> summarizes the cash inflows and cash equivalents* that go in and out of your company\u2019s accounts. This ultimately helps show how well your company is managing its financial position.<\/p>\n *assets that could quickly sell for cash if you were ever desperate for money<\/em><\/p>\n (Image Source<\/a>)<\/p>\n Cash flow statement templates are typically quite basic \u2014 just a few customizable rows and columns which signify various chunks of time.<\/p>\n A company\u2019s statement of changes in equity is also sometimes called a \u201cstatement of retained earnings.\u201d This statement shows changes in your organization’s equity over a specific period. This document shows changes in the amount of money your business decides to keep rather than pay out to all of its shareholders.<\/strong><\/p>\n Templates for this statement will typically include columns that cover preferred stock and common stock, paid-in capital, and retained earnings. But again, this should be fully customizable to suit your needs.<\/p>\n If you\u2019re ready to take back control over your company\u2019s finances, monday.com has the perfect financial statement template for your team.<\/p>\n With monday.com\u2019s sleek new financial statement template, connect your organization\u2019s financial statements and accounting workflows and manage all core financial processes using one system.<\/p><\/blockquote>\n That means easy access to all company\u2019s finances using a single and easy-to-understand dashboard. Manage all capital investments, make a financial plan to track company debts, and keep an eye on repayment schedules. You can even export it into a financial statement document you can share with investors and stakeholders.<\/p>\n This template is also super helpful in managing \u200ccorporate audits. Set up rules and automations to keep the score of core financial statements like balance statements, income statements, and cash flow statements.<\/p>\n BONUS: This template comes with over 30 customizable column types, eight different data visualizations, more than 37 integrations<\/a> with other apps, and unlimited automations<\/em>.<\/p>\n Get the template<\/a><\/p>\n Let\u2019s break down some templates that are related to a financial statement template.<\/p>\n If you\u2019re trying to shake the habit of \u201creactive financial management,\u201d monday.com\u2019s expense tracking template<\/a> will do you wonders.<\/p>\n We designed the template to offer project managers a constant, real-time view of all aspects of their project or their broader organization\u2019s financials. Plus, the template lets you skip ahead and figure out where your existing financial path will take you over the next few days, weeks, months, or even years.<\/p>\n\n
![\"Screenshot](\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2022\/03\/monday.coms-Financial-Statement-Template.png\" "\\"monday.com's")
<\/p>\nWhy use a financial statement template?<\/h2>\n
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What are some examples of financial statements?<\/h2>\n
1. Balance sheet template<\/h3>\n
![\"Example](\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2022\/03\/Balance-Sheet-Template-e1653353675934.png\" "\\"Balance")
<\/p>\n2. Income statement template<\/h3>\n
![\"Example](\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2022\/03\/Income-Statement-Template.png\" "\\"Income")
<\/p>\n3. Cash flow statement template<\/h3>\n
![\"Example](\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2022\/03\/Cash-Flow-Statement-Template.png\" "\\"Cash")
<\/p>\n3. Statement of changes in equity template<\/h3>\n
monday.com\u2019s financial statement template<\/h2>\n
![\"Screenshot](\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2022\/03\/Financial-Statement-Template.png\" "\\"Financial")
<\/p>\nRelated templates<\/h2>\n
1. Expense tracking template<\/h3>\n
![\"monday.com](\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2022\/03\/Expense-Tracking-Template-e1653353735219.png\" "\\"Expense"){kind=tracking}
<\/p>\n2. Budget tracker template<\/h3>\n
![\"monday.com](\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2022\/03\/Budget-Tracking-Template.png\" "\\"Budget"){kind=tracking}
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