Category: statement

7+ Personal Financial Statement Template for a Better Management

On the contrary to what people believe, personal financial statement template can be beneficial for everyone. Most people may think that the template is only beneficial for the business, but it turns out that the template is quite handy for personal use and household management. Yes, you can also use the template for business if it is quite small and simple.

Personal Financial Statement

This is a written document that provides one’s financial outline within a certain point of time. In a simple personal statement, the document usually consists of two sections: the income flow and the balance sheet. The document is quite good to record and manage your personal finance – no matter what kind of format you are using. Whether you are using a simple format or a rather complicated one, such a documentation can be handy.

About Personal Balance Sheet

So, what do you know about the balance sheet? In this section, you include the liabilities and also assets. How do you manage the personal financial statement template?

  • You will have to group your total assets in one section. Don’t forget to write everything in a detailed manner. Let’s say that you divide your asses in properties, vehicles, ad also investments.
  • After the total assets, write down the details of your total liabilities.
  • If you want to know your net worth, you will have to take the total assets and then reduce it with the total liabilities. The result is the net worth. Let’s say that your total assets are $370,000 while your total liabilities are around $250,000. It means that your net worth is $120,000 (370-250).

About the Income Flow Statement

Whereas the balance sheet listing out all of your assets (which may affect your financial position), the Income flow statement listing out the flow variable that may affect your financial standing.

  • In income section, you should list the details of your income – the sources for your earning.
  • In expenses section, you should do the same thing: providing the details of your spending.

Once you do it right, you should be able to see the total of your income as well as your spending in a detailed manner. And when the income flow and balance sheet is combined, it gives you a general idea of how your finance is doing and its condition – whether it is doing well or badly.

The Functional Use

So, why would you need the personal financial statement template?

  • It gives you clear look of how your finance is running and doing
  • It is an effective (and even valuable) tool when you want to plan out your finance
  • It is generally goal oriented, so every user can make use of it to generate their own financial planning
  • The tool is flexible and versatile. You can tweak it and adjust it the way you want it
  • Such a tool can be perfect for those planning their finance the first time.

With the already provided template, no need to create everything from a start. You simply make use the available personal financial statement template and choose the one fitting your requirements and needs.

7+ Profit and Loss Statement Template Importance in Business

Businesses may need to have their own collections of profit and loss statement template, especially if they want their accounting management and business deal run efficiently and smoothly. Although the templates may come in different forms and formats, they share the same purpose: to provide information about the business’ financial condition. If you have a business of your own, you need to consider having different kinds of templates for your own benefits and convenience.

The Purpose of Profit and Loss Statement

Accounting is crucial, especially in business. You know what’s going on with the business operation, how the money is spent, and how to manage the entire cost. In business, you need to know for sure your expenses as well as revenues. Only by doing this, business would know how much money is spent and where the money goes. While it is happening, the accounting activity will also calculate how much profit the business is making. Are you getting your capital back? Is the company getting some profits, which can be quite stable and constant?

So, basically, the profit and loss statement template can help you with these functions:

  • It helps track the business’ revenues and also expenses within a certain given period
  • It is useful because the accounting department is always using it for the financial activity
  • It gives you information and also insight of the business’ financial condition – and whether you are winning or losing
  • It provides logical and sensible information of the business’ revenues as well as expenses
  • It gives you a clear idea of your company’s condition

The Benefits of Using the Templates

You need to understand that financial matter (along with the arrangement) is complex. It can be difficult, complicated, and confusing – especially for those who aren’t familiar with the whole thing. So, what are the perks of using the profit and loss statement template, anyway?

  • You can immediately use the already provided template. Simply download or save it, and voila! Your report should be ready within minutes or hours – instead of days
  • Why bother making everything from a start – also with the risks of making mistakes or not-very-neat arrangement with the manual procedure – when you can easily get a direct access to the many collections of the template?
  • The template is coming in various formats, shapes, and types. You can simply choose one among those many variants. Simply browse around and pick the most ideal one for your needs – without fuss or complication.
  • In most cases, the templates are available in trusted and reliable websites. The sources guarantee the safe use of the templates so you won’t have to worry about the security concern or problems
  • Most of the templates are easy to tweak or adjust. They can also easily saved or downloaded. This is one easy access that you should consider. If you encounter a source with templates that are difficult to access or changed, you may want to ditch it. No need to trouble yourself.

Get a complete information about how to use this profit and loss statement, and how to manage every detail correctly. The profit and loss statement template can help but you still need to work on the contents on your own.