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A financial report is a document that provides information on the financial activities and performance of a firm over a specific duration, mostly a year. Through the tracking and analysis of income, expenses, and growth, a company can gain valuable insights.
Financial reports are expected to comply with various accounting and legal standards known as International Financial Reporting Standards (IFRS), which aim to make the statements consistent and transparent for tax, investment, and auditing purposes. It is worth noting that IFRS standards are essential for all public limited liability entities.
Financial statements offer insight into the financial position, operations, and cash flows of an organization. A large part of business and financial studies is dedicated to helping students understand how to properly craft, format, and analyze various financial statements. Their utility also depends on the function the user derives from them.
Management assesses them to make better management decisions, while governments want to understand if the company is paying the right amount of taxes. Investors require them to assess the potential performance of their investment, while suppliers use them to decide whether they can extend credit to a company. Unions need them to evaluate a business’s ability to compensate employees.
There are four types of financial statements that each fulfill different functions. They are typically written in a systemic order as well since the final figure obtained in t-accounts is used in another report. As such, when students place an order for a financial report writing service on our site, we write these reports in the following order:
An income statement reports the company’s bottom line, which is the revenue earned over a certain period. The top line is the gross sales, proceeds to the operating costs associated with money-making activities, followed by the gross profit, then closes with the net profit or loss.
A cash flow statement gathers and presents information on the cash inflows and outflows of a company. It also shows which company department is generating or spending money and if the firm can comfortably meet its expenses. Using the cash flow statement also allows you to assess how well your firm can bring in money and how much loan financing the firm needs.
Also known as a statement of owner’s equity, this document shows the retained earnings after the firm pays dividends and is a good indicator of the company’s financial health. With this data, they can assess how much money to retain for future growth.
A balance sheet shows what the firm owns versus what it owes (assets and liabilities) and helps evaluate a business. It includes items such as receivables, payables, shareholder equity, inventory, prepaid expenses, and many more. Oftentimes, these numbers are negative since companies may have large debts.
Before you write a financial statement analysis, your instructor may require you to extract the final figures you will enter into the financial reports. This requires you to undergo either the entire or parts of the accounting cycle.
An accounting cycle is a collective process that records a company’s transactions from start to finish, improving the firm’s efficiency. This process incorporates t-accounts, debits, credits, and journal entry analysis and aims to collect data to help close the books.
The accounting cycle has eight steps:
Look for different transactions and determine their impact. These transactions may include assets acquisitions, debt payments, expenses, and sales revenue.
Using the double-entry accounting technique, record every transaction as a debit or credit to track expenses and aid in forming a balance sheet.
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This is a critical aspect of accounting as it helps keep track of finances and serves as the main record. However, it is not utilized in many financial statement assignments and exams.
If your instructor requests, you may use the data acquired from the journals to craft a trial balance which ensures that the total debit and credit amounts are balanced and proves that all items have been considered.
Use this step to ensure that you have not missed any transactions.
Once the accounting period ends, check any anomalies and fix them before proceeding.
Formulate the financial statements using data extracted from the accounting cycle documents.
Finalize by closing entries of temporary accounts like revenue, then transferring the income to retained earnings. This step allows you to prepare for a new cycle next period. If you need accounting homework help, we have qualified experts to assist you.
Depending on the size and structure of the company, writing an annual report is a taxing exercise that can take weeks. Accuracy is vital, so you need to be keen when handling these reports. While the structure of these reports is consistent, many students face trouble when calculating each item since many considerations affect the figure, and it can affect the entire report.
To write good financial reports, implement the following tips:
Most financial statements are written on an annual or quarterly basis, depending on the terms stated by the articles of association (AOA). The AOA outlines the company's expectations for its financial records and general operations.
Look through the data collected and verify that the bank reconciliation has been done. Use these figures when citing the number of liabilities, expenses, assets, and profits the company has. This step also helps you find any missing or hidden information.
Revenue can be divided with consideration to the source, product, or geographical location. This should also be done when accessing expenses since readers need to know where the money is being spent.
If possible, you can include charts, bar graphs, or pie charts in your annual report to help average readers comprehend and interpret the information easily. This is especially useful for shareholders with limited finance knowledge.
Financial statements reveal a lot about a firm, such as fraudulent activities, decline in solvency, growth, increase in sales, and many more. This is important since some exam questions may ask you to make predictions based on the answers you achieve or analyze what direction a company should take heading forward.
Many students deem finance difficult owing to its multidisciplinary approach, complex math concepts, and unfamiliar vocabulary used. On top of this, students have to balance their personal lives with their school work, leaving them with a lot of pressure and limited time. Additionally, their instructors may be overworked dealing with several classes.
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Yes! There are many financial reporting software available such as Oracle, Sage, and Quickbooks. However, the more advanced platforms come at a price, and students can’t use them in an exam environment as they are being tested on their skills and knowledge.
A journal entry is a record of all transactions a business makes.
Debit refers to an increase in assets, such as money flowing into an account, while credit refers to a decrease in assets, such as funds flowing out of an account to pay for expenses. As such, the golden rule of accounting states that you should credit what comes in and debit what goes out.
In summary, the knowledge of how to prepare financial statements is integral to any student doing a business or finance major. Students are expected to expertly handle and present different financial documents. With these, the business can assess its financial condition, ability to pay loans and expenses, how much investment capital is required, and its products’ sales performance. However, many students have trouble with economics and finance owing to the technical nature of the subject.
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