Financial reports for non-accountant

For any business, its success hinges on ensuring that it correctly manages its finances. Having the ability to do this ensures that businesses can make informed decisions. To achieve this, there is a need for an integrated system that offers flexibility and ensures that all reports can be provided monthly, quarterly, annual and any customized period along with a comparison with previous periods.

By offering a range of financial management reports, businesses can actively manage their finances. Here is a gentle overview for some of the main reports.

Financial Management Reports

Profit and Loss – P&L

In its simplest form, Profit and Loss report is often the most common financial statement for businesses to identify quickly how much profit or loss was made by their business plan. It summarizes the revenues, costs, and expenses incurred during a specific period. All of these records can help businesses to identify how to generate profit by reducing costs or increasing revenues or both of them.

Profit & Loss statement - P&L
Profit & Loss statement

Cashflow statement

This report will show aggregate data that highlights all cashflow within a business which is the amount of cash being moved in and out of the business.  Cashflow reports allow business owners to know the source of cash moves in the form of operations, investments and financing. Understanding cash flow is critical to understanding how the business is performing, allowing managers to make the right choices that underpin the success of the business

Cashflow report

Balance Sheet

If businesses want to gain a detailed snapshot of their financial health then a Balance Sheet Report will offer it all. It includes the business’s assets, liabilities and shareholders’ equity. Managers can use a Balance Sheet to evaluate the financial position of a business at a specific period of time

Balance sheet
Balance sheet showing comparison to previous period

Aged Receivable and Aged Payable

Keeping on top of invoices and payments is vital for any business and that is where Aged Receivable and Aged Payable Reports are crucial. They make it possible to identify unpaid customer invoices (accounts receivable) or as well as unused credit memos.

Of course, keeping on top of money owed is also important and so, aged payable reports can provide an insight into how much a business owes (accounts payable) and how long it has been owed.

Managers can utilize these reports, ( accounts payable, accounts receivable) to ensure that they meet deadlines when it comes to payments but also ensure that they can track and chase unpaid invoices.

aged receivable - aged payable

Financial Executive Summary

An Executive Summary financial report provides businesses with the ability to identify their strengths and weaknesses. Using metrics from the balance sheets, income reports and financial statements. This provides an overview of the performance of the business, providing all parties to make informed decisions regarding the right actions to take.

Financial executive summary

Financial Audit Report

General Ledger

General Ledger Report (known also as Statement of Account) delivers a clear and concise report that details all financial activity for each account in the chart of account.  It will list the movement of any account during a period that can be customized in a way the user wants to.

General ledger
General ledger showing a drill down on account receivable & collapsed accounts payable

Trial Balance

A Trial Balance brings together all of the balances that are made up by the general ledger accounts. It provides information on the total debit and credit balances during a specified period showing the opening debit and credit balances for this period.

Trial balance by period
Trial balance by quarter
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