Advice from an Expert - Financial Consultant

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Financial reporting is a certain set of accounting indicators, which are reflected in the form of tables characterizing the movement of property, liabilities, as well as financial position companies for reporting period. Also, this report includes a data scheme about the financial situation of the organization, the results of its activities, as well as changes in its financial position. A report is drawn up based on data taken from accounting. Just follow these simple ones step by step tips, and you will be on the right track when solving your financial issues.

Quick step by step guide

So, let's look at the actions that need to be taken.

Step - 1
Compilation financial reporting includes two main stages: preparation of materials and its subsequent compilation and presentation. In preparation for preparing financial report it is necessary to complete all existing accounting transactions that fall at the end of the reporting period, and also check all financial data necessary for reporting. Next, move on to the next step of the recommendation.

Step - 2
At the same time, when preparing the financial statements, calculate the taxes payable, take an inventory of the company's property and correct any errors found in the accounting records for the given period. Next, move on to the next step of the recommendation.

Step - 3
Prepare financial statements in accordance with the described requirements, as well as in accordance with various methodological departmental guidelines. Financial statements must be submitted on time to all interested bodies, the list of which is also determined by law, while this document must be signed and certified in accordance with all filing requirements that apply to the financial statements. Next, move on to the next step of the recommendation.

Step - 4
Financial statements must include a variety of documents. First of all, balance sheet. After all, this document reflects the financial position of the enterprise in the reporting period. Next, move on to the next step of the recommendation.

Step - 5
You can supplement the annual financial statements with an explanatory note. In it, explain the moments of filling out all financial reporting forms, give other required explanations, with the help of which this reporting is made more objective and clearer. Next, move on to the next step of the recommendation.

Financial Statements In accordance with IFRS 1 Presentation of Financial Statements, a complete set of financial statements includes the following:

Step - 6
In turn, you can use charts, graphs or tables in your explanatory note. In the text explanatory note Explain the principles for assessing all production reserves of an enterprise, provide an analysis of their use, explore ways to make the most full use of the company's potential, as well as improve the skills of workers. Next, move on to the next step of the recommendation.

Step - 7
Attach report about profits and losses to the financial statements. It characterizes in detail all the financial results of the company for the reporting period. Next, move on to the next step of the recommendation.

Step - 8
Also include the following reports in your reporting: on the movement of capital of the enterprise - this document will be able to show how the composition of the company’s funds is changing; report on everyone's movements Money, which will allow you to get an idea of ​​​​the expenditure of these company funds, their receipts and balances. Next, move on to the next step of the recommendation.

Step - 9
Reflect in the financial statements information about borrowed funds enterprise, its debts and loans.
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According to the Law “On Accounting No. 113-XVI” Russian Federation adopted in 2007, organize the preparation of financial statements at the enterprise, which are integral part accounting, its manager is obliged. These requirements apply to all organizations and enterprises registered on Russian territory.

Benefits of Financial Statements

It is not without reason that the state devotes great importance this issue. After all, regular and continuous preparation of financial statements ensures timely and error-free calculation of taxes and their payment to the budget. Which in turn contributes to the successful functioning of non-production structures. This means that the state itself is developing and gaining strength.

In addition, systematic correct composition financial reporting contributes to the systematic and successful development entrepreneurial activity firms, which, together with other enterprises, has a positive impact on the development of the entire economy of the country as a whole.

Having the opportunity to see monthly the calculated, including the processing and systematization of numerical data of all economic and financial transactions carried out during this period in monetary terms, the director of the company is able to correctly assess financial condition company, as well as plan further actions to promote your business project.

What are financial statements?

Financial statements are a systematic set of monetary results that characterize the financial position of an enterprise for a certain period. It is compiled using charts of accounts in accounting tables, order journals or other registers and contains financial indicators on the movement of goods or products, property, valuable papers, as well as various, including tax, obligations.

The usefulness of financial statements is determined by a set of special indicators. The main elements of financial statements are groups or sections of accounting, such as assets, equity, liabilities, expenses, income, losses and profits.

Enterprises;

Report on the targeted use of funds;

Traffic report financial resources;

Balance sheet application;

Characterizing profits and losses.

It is also worth noting that small businesses whose responsibilities do not include conducting audit reporting, do not submit financial statements in Form N 3 (statement of changes in capital), in Form N 4 (cash flow statement), in Form N 5 (appendix to the balance sheet) and Of all the above forms, the loss statement is considered the main one and profits, as well as the balance sheet.

What reports should be prepared at the enterprise?

Where can I get the necessary information?

How are these reports related?

The first thing you need to understand is the difference between the cash flow budget (CFB) and actual cash flow indicators. In the first case, when it comes to BDDS, it is assumed that exclusively planned revenues and expenditures will be generated in monetary terms; in the second case, it is supposed to fill out actual indicators based on the results of the enterprise’s operation for a certain period (usually a month).

We will call the document on actual receipts and expenditures a report on the execution of BDDS (however, in this context we do not confuse it with mandatory accounting reporting - a cash flow statement; for the formation accounting report it is necessary to be guided by the requirements of Russian accounting standards (RAS). Both documents - the BDDS and the report on its execution - relate to management reporting, therefore, unlike mandatory accounting statements, there are no clear rules regarding their formation, and therefore some enterprises, represented by a responsible employee, can exclude VAT from the amounts of inflow and cash outflow.

However, this is not true, because the company pays money, for example, to the supplier for raw materials and materials, including VAT (if this material is subject to VAT), and receives money, for example, for shipped products, also including VAT.

The generation of P&L type reports (Profits and Losses - profit and loss; income and expenses) on a monthly basis is also related to management reporting (not to be confused with mandatory accounting document— Report on financial results).

In the budgeting system, the so-called budget of income and expenses (I&C) is used to reflect planned indicators, and to reflect the actual indicators based on the results of the enterprise’s operation for a period (for example, a month), a report on the execution of the I&E is used.

Since both documents are intended to manage the efficiency and profitability of the enterprise as a whole, we strongly recommend not to include VAT in the indicators presented in it, so as not to “distort” financial results (after all, the VAT received, for example, as part of revenue is not our income). However, this does not prevent some enterprises from generating a BDR, a report on its execution or a P&L report including VAT. Let us repeat: this presentation of data is not entirely correct and it is still worth “cleaning” your income and expenses from taxes.

Many people mistakenly believe that by including VAT in both cash flows and income/expenses, or vice versa, excluding tax in both cases, that in this way they will “bring these reports closer to each other,” but this is fundamentally wrong. The indicators reflected in the reviewed budgets and reports) will not be identical:

• for income and expenses (BDR, report on its execution), the documents include income received only from products sold, and costs associated with the production and sale of these products. And at the same time, during the reporting period, the enterprise could spend money on products that were unsold and unshipped in this period under review ( finished products in warehouse or work in progress), but all these expenses will not be included in the specified document;
• To reflect cash flows, the documents include all outflows and inflows of funds without reference to sales and shipments.

Formation of auxiliary budgets and reports on their execution

Budgeting as a system involves managing the cash flows of an enterprise. This allows you to balance income and expenses, increase the solvency of the enterprise, and also improve the planning process as a whole.

Budgeting, as a rule, is carried out for the entire year (sometimes for 13 or 14 months - “capturing” the first / first months of the next calendar year) with a mandatory monthly breakdown. Actual indicators are usually entered at the end of each reporting period (month). We will consider budgets (plan) and reports (actual) based on the results of the enterprise’s work for the month.

Any planning begins with the formation sales budget (sales plan).

The sales budget represents the planned sales volumes for each month for all types of products during the reporting period (usually a calendar year). Sales volumes are forecast based on an analysis of the market, its conditions, competitors and their pricing policies, including potential ones, an analysis of one’s own competitiveness, realistically assessing one’s strengths and weak sides, and analysis of potential buyers and their payment capabilities.

When filling out the actual, so-called reporting side, it is enough to have information about the actually shipped products. Additionally, please note that if an enterprise has several product units, or in addition to producing products, it provides services, then to calculate total revenue it is necessary to keep records for each type of product or service provided, summing up the total revenue.

Let's conduct a plan-actual analysis of product sales for the reporting month (data are presented in Table 1).

As we can see, the product sales plan has not been fulfilled in quantitative terms, and as a result, it has not been fulfilled in value terms either.

For convenience, in this case we have highlighted VAT in revenue and tax-free revenue as separate lines, which will make it easier to “transfer” data from one document to another in the future. And since this reporting is managerial, in other words, internal, we can modify the forms of reports as we wish, depending on the assigned tasks.

The next important operational plan-report is cash flow schedule. The planned side of revenues is formed on the basis of the sales budget and payment terms in accordance with concluded agreements.

The schedule must include information about accounts receivable balances at the beginning of the analyzed period.

Visually, the schedule is a checkerboard table due to the fact that payments for product sales are not received in full in the same month in which the sale is planned.

The company receives money including VAT (see line 3 of Table 1). For example, consider the following advance conditions: prepayment per month of shipment 40% and deferred payment for shipped products 1 month 60%.

Thus, for shipped products in the amount of RUB 2,250,000.00. (plan with VAT) per month X the enterprise will receive 40% - 900,000.00 rubles, and in the month X+1 60% — 1,350,000.00 rub.

Thus, in a month X a receivable in the amount of RUB 1,350,000.00 arises, i.e. the products have been shipped in full, but the final payment for them has not yet been received (the buyer owes the supplier). Based on the calculated data, we will create a graph (Table 2).

Let us assume that there are no accounts receivable at the beginning of the period under review. Actual data is filled in according to accounting information about the fact of receipt of funds from customers (including VAT).

In our example, an advance payment of 40% was paid in accordance with the plan and terms of the contract. However, in the month X+1 actual balance of accounts receivable at the beginning of the period (corresponding to the balance at the end of the month X) decreased from RUB 1,350,000.00. up to 1,275,000.00 rubles, since the company shipped products not worth the planned amount of 2,250,000.00 rubles. (1500 pcs.), and 2,175,000.00 rub. (1450 pcs.).

The next stage is the formation of a production budget. The production volume may exceed the sales volume in quantitative terms: the enterprise produces more than it ships, the difference remains in the warehouse of finished products. Or vice versa, the production volume in a particular month may be lower than the sales volume: the enterprise shipped part of the products produced in given month, and some of the products are from the warehouse of finished products.

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How to create convenient and understandable financial reports?

I am a strong proponent that any management information should be easy and fluent to read. If the report cannot be read “at first glance,” then the place of such a report is not on the table, but in the trash bin.

If there is too much information, in order to form a complete picture of what is happening in your head, you have to look through many reports (each of which takes up more than one page!), and then “put together the puzzle” in your head.

It's much better to do it differently: use the information that we already have and immediately put it into a convenient picture.

If you strictly follow the rules for drawing up reports, the information will always be readable and easy to understand. These are the rules:

Principle one
The logic of the report should be immediately visible - therefore, any report (no matter how important it may be!) should be placed on one sheet;

Principle two
One report that contains a lot of numbers is much worse than many reports, each of which contains few numbers;

Principle three
If you want to decipher or detail any indicator, decipher no more than two parameters at the same time.

Now let's look at these principles in practice.

To be honest, at first I wanted to come up with an example that would show how to make a report correctly. But instead, I decided to take a real financial report (all the figures in the report have been changed), which was brought by one of the participants in my seminars and which we brought into a “digestible” form right at the seminar.

In this report, the articles remained unchanged, but a more convenient layout was used, which made the calculation logic clearer. The report was shortened - the indicators that needed to be deciphered were included in an additional report. What happened is up to you to judge...

Was:

Became:

And two transcripts:

Well, I think that with the first principle (make clear logic and place everything on one sheet) everything is clear. Again, the second principle partially applies here - it’s better to have more reports, each of which will contain fewer numbers.

Now let's get down to the second (more reports - fewer numbers) and third (decipher a maximum of two parameters) principles.

The main problem with most reports is that they try to cram everything into one report at once. This is not worth doing. Not long ago I saw a sales report from one of my clients. I can’t vouch for the accuracy of the content, but it looked something like this:

And such a table – ten sheets long!!!

What they want to see from such a report is completely unclear... The maximum that can be squeezed out is to work with the autofilter.

It will look something like this:

Or like this:

Now let's try to make readable reports out of this garbage. I warn you right away - there will be a lot of them.

First three:

The next step is to combine the parameters by which the report can be decrypted in twos. There will be three options:

Product x Manager

Buyer x Manager

Product x Buyer

The following three reports:

Instead of one report, six appeared. But six understandable reports are much more convenient than one incomprehensible one. And note that I managed to do all this in ten minutes using Excell!

I tell you more about how to create simple and understandable financial reports in my training. « » .

How to make a personal financial plan and how to implement it Savenok Vladimir Stepanovich

1.2. Personal financial reports

1.2. Personal financial reports

Fools burn lamps all day long. At night they wonder why they are left without light.

Where can I get money to not only live well, but also invest?

In order for you to have a lot of money, you need to go outside on a new moon, open your wallet, raise it up and say: “Moon, moon, give me goodness.” After that, all you have to do is wait for the money to start pouring in. There is another way. Make a ball of coins, spin it in your hands as often as possible and ask him for money. Finally, you can go to a psychic who can read a book about money for you. After this, you will have to put the charmed book under your pillow every night before going to bed and think that money is running to you. I heard all these three methods in one of the popular television programs. It’s surprising how attractive such ways of increasing their capital are for many. They are attractive because, while promising quick wealth, they do not require much effort and time.

The recommendations you will find in my book have nothing to do with such advice. In order to find money, you must first check your pockets, or, in other words, count everything you have and think about how to use it all. You can cope with this task by compiling and analyzing personal financial reports.

Often, after doing this kind of analysis, people find out that in fact they are very rich, but did not understand or feel this until they took control of their money and began to systematically invest it. I don’t promise that after reading this book and completing the workshop suggested in it, you will become fabulously rich, but you will certainly be much richer than you are now.

Control over personal finances begins with reports. Many people believe that financial statements are only legal entities. But in fact, every person should have one, because everyone has assets and liabilities, profits and losses, just like any enterprise. The only difference is that businesses prepare financial statements monthly, but most people never do this! This is why their financial statements become bankrupt reports.

How long do you think a company can operate if its manager does not control cash flows, income and expenses, or investment activities?

You should exercise exactly the same control, because your money also moves (comes and goes, changes into other assets), you also have income and expenses, you also invest. If you don't manage your money, then it controls you and you are going with the flow. And, as one wise man once said, only dead fish float with the flow. You put your money in your pocket, and it takes you to the store, to the restaurant, to the casino. Therefore, your task is to take the reins of government into your own hands, not to be led by money, but, on the contrary, to manage it yourself.

So let's start creating personal financial statements.

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