Identify all revenues for the given period
In this task, you will identify and document all the revenues generated during the specified period. This includes all the income earned by the company.
Categorize Revenue according to the source
Now that you have identified the revenues, it's time to categorize them based on their source. This will help in analyzing the revenue streams and identifying the most profitable sources.
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Source 1
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Source 2
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Source 3
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Source 4
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Source 5
Document direct expenses
In this task, you will document all the direct expenses incurred by the company. Direct expenses are those that can be directly attributed to the production of goods or services.
Classify expenses into Fixed and Variable Expenses
Now that you have documented all the expenses, it's time to classify them into fixed and variable expenses. This will help in analyzing the cost structure and identifying areas for cost optimization.
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Fixed Expense 1
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Fixed Expense 2
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Fixed Expense 3
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Variable Expense 1
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Variable Expense 2
Calculate profit/loss by subtracting expenses from revenue
Now that you have identified the revenues and expenses, it's time to calculate the profit/loss for the given period. This can be done by subtracting the total expenses from the total revenues.
Approval: Budget Controller
Will be submitted for approval:
Calculate profit/loss by subtracting expenses from revenue
Will be submitted
Identify all assets
In this task, you will identify and document all the assets owned by the company. Assets are the resources owned by the company that have economic value.
Classify assets into current and non-current assets
Now that you have identified the assets, it's time to classify them into current and non-current assets. Current assets are those that can be converted into cash within one year, while non-current assets are those that have a longer useful life.
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Asset 1
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Asset 2
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Asset 3
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Asset 4
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Asset 5
Calculate total value of assets
Now that you have classified the assets, it's time to calculate the total value of assets. This can be done by adding up the values of all the assets.
Identify all liabilities
In this task, you will identify and document all the liabilities of the company. Liabilities are the financial obligations or debts owed by the company.
Categorize liabilities into current and non-current liabilities
Now that you have identified the liabilities, it's time to categorize them into current and non-current liabilities. Current liabilities are those that are due within one year, while non-current liabilities are those that are due after one year.
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Liability 1
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Liability 2
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Liability 3
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Liability 4
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Liability 5
Calculate total amount of liabilities
Now that you have categorized the liabilities, it's time to calculate the total amount of liabilities. This can be done by adding up the values of all the liabilities.
Calculate Company's equity (Assets - Liabilities)
Now that you have calculated the total value of assets and liabilities, it's time to calculate the company's equity. This can be done by subtracting the total liabilities from the total assets.
Document balance sheet (Assets = Liabilities + Equity)
Now that you have calculated the company's equity, it's time to document the balance sheet. The balance sheet shows the company's assets, liabilities, and equity at a specific point in time.
Cross check the P&L and Balance Sheet data
In this task, you will cross check the data from the profit and loss statement (P&L) with the data from the balance sheet. This is important to ensure that the data is accurate and consistent.
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Data 1
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Data 2
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Data 3
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Data 4
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Data 5
Approval: Financial Controller
Will be submitted for approval:
Document balance sheet (Assets = Liabilities + Equity)
Will be submitted
Prepare draft report
Now that you have cross checked the data, it's time to prepare a draft report. The report should include the profit/loss statement, the balance sheet, and any other relevant financial information.
Review report for inconsistencies or errors
In this task, you will review the draft report for any inconsistencies or errors. It's important to ensure that the report is accurate and free from any mistakes before finalizing it.
Approval: Accounting Supervisor
Will be submitted for approval:
Review report for inconsistencies or errors
Will be submitted
Distribute final report to stakeholders
Now that you have reviewed the report, it's time to distribute the final report to the stakeholders. This includes all the relevant parties who need to be informed about the company's financial performance.
