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Here Are 8 Ways to Prepare Financial Reports Better

How to prepare financial reports

As an accounting student you may be asked to prepare a financial report on a company as one of your assignments to put what you have learned into practice. A financial report is a document about a company’s financial health. It will include a balance sheet, an income statement and a statement of cash flows.

To prepare financial reports involves:

  • Preparing the balance sheet: The balance sheet lists all asset and liabilities of a company and the owner equity. The total assets are usually listed in order of liquidity on the left side of the statement. Total liabilities are listed on the right side of the statement based on when payment is due. Owner equity is included underneath total liabilities. The two sides should balance showing that Total assets =Total liabilities + Owner equity.
  • Preparing the income statement: The income statement shows all the expenses and all of the revenue of the company over a period of time. It will include the cost of goods sold, operating expenses which will be subtracted from total revenues to arrive at net profit before taxes. Subtracting taxes from net profit will give the net income.
  • Preparing a statement of cash flows: The statement of cash flows records all money coming in and all monies going out of a company. It will be broken down into cash flows from operating activities, cash flows from investing activities and cash flows from financing activities.

Tips and suggestions to prepare financial reports

Here are eight tips and suggestions to keep in mind when you prepare financial reports that can help make them better:

  1. Use conventional formats for statements to make them easy to read
  2. For figures that require estimates be realistic
  3. Make sure all your numbers add up. Double check the numbers
  4. Choose the appropriate system. Accrual accounting is generally the method most often used
  5. Choose the most appropriate way to show depreciation of capital assets
  6. Perform financial reporting analysis of your report to see if you selected the most appropriate methods
  7. Make sure all data was allocated correctly and included where it should be
  8. If possible have somebody who knows what they are doing double check your report before you submit it

If you are having problems with a finance homework project our accounting homework service is here to help.

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