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How to Prepare a Yearend Financial Report

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The year is about to end, which means it's also time to review your business finances. Here's how to create a year-end financial report.

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Published in: Economy & Finance, Business
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How to Prepare a Yearend Financial Report

  1. HOW TO PREPARE A YEAR-END FINANCIAL REPORT
  2. tells shareholders, government agencies, and other interested people how your company performed financially during the preceding year. A FINANCIAL YEAR-END REPORT
  3. Summarizes your firm’s assets, liabilities and net worth Reports your firm’s sources and uses of cash STATEMENT OF CASH FLOW Details your firm’s revenues and expenses INCOME STATEMENT BALANCE SHEET WHAT DOCUMENTS ARE USUALLY NEEDED TO PRODUCE THE REPORT? A B C
  4. Current assets STEP 1: Calculate assets Investments Property, plans and equipment Intangible assets Other assets BALANCE SHEETA
  5. (accounts payable, taxes, wages, etc.) (bank loans, bonds payable, etc.) Current liabilities Long-term liabilities A STEP 2: Calculate liabilities BALANCE SHEET
  6. A STEP 3: Calculate company’s net worth BALANCE SHEET Use these equations ASSETS Liabilities Net worth Assets LiabilitiesNET WORTH
  7. Net sales B STEP 1: Calculate revenue INCOME STATEMENT Cost of goods sold GROSS PROFIT Costs to make or buy goods Sales figure
  8. General and administrative expenses Employee compensation Marketing and advertising B STEP 2: Calculate operating expenses INCOME STATEMENT
  9. B STEP 3: Determine net income INCOME STATEMENT Use this equation Gross profit Operating expenses Net income
  10. Net change to accounts payable adjustments that pertain to core business activities Depreciation expense Net change to accounts receivable C SECTION 1: Operating expenses STATEMENT OF CASH FLOW
  11. adjustments related to long-term assets Purchase of new equipment, machinery or fixed assets Proceeds from sale of fixed assets C SECTION 2: Investing activities STATEMENT OF CASH FLOW
  12. Dividends paid Long-term loan repayment Proceeds from issuance of common stock C SECTION 3: Financing activities STATEMENT OF CASH FLOW adjustments linked to bank debts and stocks
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