Does your boss struggle with bad financial management? Poor handling of company funds is not uncommon among business persons. It is a characteristic that is part of the growth of a business owner. However, poor financial management should not be the defining aspect of any business owner, but it should act as a reminder that the owner must find the means to correct it. If your boss or manager possesses this aspect, use business statements to help you come up with solutions that heal his monetary handling dilemma.
What Is a Contemporary Business Statement?
A contemporary business statement is a business form that aims to help businesses and companies understand how they spend their funds and where their funds go. Accountants find such documents relevant since they are the ones that will look through the files to gain information on the financial progress of the company.
Financial reporting is a necessary activity to further understand the management of the company. Poorly or wrongly utilized funds could mean that the management of the company needs assessment. The usage of the funds reflects what the company prioritizes and what the company truly needs. Business statements helps owners think on how to improve on their management and decision-making.
7+ Contemporary Business Statement Samples Forms
1. Sample Profit and Loss Statement
2. Sample Fictitious Business Name Statement
3. Sample Personal Financial Statement
4. Sample Income Statement
5. Sample Blank Contemporary Business Statement
6. Sample Blank Personal Financial Statement
7. Sample Statement of Change Form
8. Sample Personal Financial Statement
Benefits of Using Contemporary Business Statements
Here are a few benefits on how business statements help the company better manage their funds. Look carefully and think for a minute on how to emulate the lessons from the benefits below. Start reading now!
1. Managing Company Debts
Using the business statements helps business owners manage better their debts. This paper lets them see what they lost and what they gained since the paper separates the assets from the liabilities.
2. Tracking the Company’s Financial Progress
Business statements help display the financial progress of the company since the document’s total income and debt fluctuates over time, depending on the external and internal forces that affect the company’s finances.
3. Identify Company Sales
Contemporary business documents help identify financial trends that the company makes over a given period. It shows the past and present financial habits of the company, thus the owner will know how to improve and innovate those financial trends that they found.
How to Create a Contemporary Business Statement
Creating this sample business form is not easy. You need to gather a specific amount of data from the company to be able to understand the creation process of this type of document. Once you collected enough information, start creating the report. We prepared a small and easy step-by-step guide that will help you in creating the said document.
You may opt to use this as a reference, and you may also skip some of the steps if you deem it irrelevant. Do remember that this type of paper has four kinds of statements, so ponder first before you start writing.
Step 1: Know What Type of Contemporary Business Statement You’ll Create
There are various types of business statements that the company can use—profit and loss or income statements, balance sheets, cash flow statements, and statements of shareholder’s equity. Before creating the business statement, you know what type you will create.
We mentioned four types of financial statements, and now select one that you want to conjure up from your mind and unto your hands. Knowing first hand what document you want helps you plan out what you will place on it and how you will present it. You may look at our samples above for the various manners of presentation.
Step 2: Look for a Business Statement Template to Fill
Once you know what type of business statement you will create, you can proceed to the next level, which is to look for a template. Searching for a model is similar to searching for a star. You want to associate yourself with that star in terms of habits and characteristics. This situation is similar to looking for a business statement template.
Amid the vastness of the Internet and the numerous websites, you want to find that one model that emulates your self, or in this case, mimics the company’s image. We suggest you visit template.net since we know how difficult it is to search for a model. Open the site and type in “Contemporary Business Statements,” and look for a template that you like.
Step 3: Place a Section for the Company’s Information
Like all business forms, you must dedicate a portion of the template that contains the business contact information of the company. By doing so, you are giving the accountant or the one who will use the file during an audit the option to contact you or the business owner should he find errors in the computations of the finances. Place the business’s hotline numbers, mobile numbers, email addresses, and street addresses.
Aside from the business contact information, you also add some other general information about the company. Do a little bit of research as to what additional information you can place about the company. Such examples include the business’s names and the names of the owner/s. You may even put a little section about the business owner/s personal information.
Step 4: Dedicate a Section for the Company’s Finances
The next thing on the agenda is for you to dedicate a section for the list of the company’s finances—assets and liabilities. This section is the sought after part of the document. Make a significant portion for it. This area is relevant for accountants since this is where the computations lie, the company data needed for the audit. Cut the section into four parts—the item title, the prices (cut into two columns—debit and credit), and the dates.
Step 5: Review the Output for Any Mistakes
You must have the business statement undergo an evaluation to correct any mistakes that you forgot to edit. Human as we are, we unconsciously leave any errors and mistakes, specifically in writing. Writing is prone to such grammatical and contextual errors. Having someone review the file is a good strategy. Foster the ability to accept constructive criticism no matter how harsh it is. The critique aims to better the paper and not intended to destroy your ability.
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