Assets And Liabilities Spreadsheet – One way to distinguish a “well-placed” company from a “changarro” is to ask if it has financial statements. These are nothing more than a set of balance sheets to show your gains or losses in a given time. It is a statement of the financial position of a company at a specific time, such as at the end of the month, quarter or year.
It is very difficult -not to say impossible- that the grocery store on the corner can present a financial statement, since it can only be presented and elaborated by institutions such as banks or companies registered in the RFC register, given their obligation to perform accounts to the state of the correct fulfillment of its tax obligations. They usually appear twice a year.
In the financial statement, given its function works based on results while the balance sheet as its name indicates it seeks to make a general radiography of a company because it shows the assets (those assets that generate money) and liabilities (debts and obligations that the company has to cover) what the business owns and owes.
There is no specific sector that uses this tool, usually SMEs are the ones that use it, as a guide to know how the business is doing and if it is necessary to invest more or spend less. Then the corner store can make it.
1.- CHOOSE A DATE:
It is important that it be periodic since if you do it every month, and then after seven or eight months, your statistics could vary a lot. The advisable thing is that it is minimum twice a year or at the end, since it will allow you to make a more detailed analysis of what your business increased or decreased.
You must have a well defined that from which you elaborate you have to be constant and periodically you will have to elaborate it so that you can make pertinent adjustments, so in a short time you will see very good results.
2.- ORGANIZE AND COLLECT YOUR FINANCIAL INFORMATION:
Make two columns, one for liabilities (those belongings that take away money in the long term) and one for assets. Once defined, make sure you have your most recent bank statements, the balance of any loans you owe and the current market value of your investments (automobiles, real estate, etc.). You can do it manually using a spreadsheet (such as Microsoft Excel), or google it and download a template with all the fields to fill out. (http://www.planillaexcel.com/hoja-de-balance-en-excel)
An activity that can help you is to take a walk through your business and write down something for everything you see: chairs, tables, furniture, merchandise, television and once you are finished, separate them between assets and liabilities.
3.- LIST THE ASSETS AND LIABILITIES:
List on the sheet, the investments from highest to lowest gains (stocks, cars, savings accounts, merchandise, real estate) and liabilities in the same way (credits as light, internet, etc.) to have knowledge of what really you use and what not.
Do not forget the obvious things, ie the land where your business is an asset, the cars are not, because you have to maintain them and invest in gasoline, which in the long run represents a liability. Remember: if it generates an expense it is a liability.
4.- ADD THE TOTAL OF PROFITS AND DEBTS:
This will give you an accurate idea of the net worth of your company or business. Start by totaling the columns or rows at the bottom of the balance sheet and you will get the total of the assets and the total of the liabilities.
This is the most important part, here you can find out if your business is really leaving you profits, if there are resources to invest or if you should do a rethink of the investments you are making as in the rent of offices and expensive spaces, hiring unnecessary employees or borrowing to buy machinery.
5.- RESTS THE LIABILITIES OF THE ASSETS:
It is a way to see if you have more liabilities or assets. Your net worth will increase as your assets increase and your liabilities decrease.
There could be more assets and debts than those included in the list depending on the type of business. For a common store, the balance sheet will include most of the items in it such as merchandise, land, rent, water, electricity, to name a few.
Assets And Liabilities Spreadsheet
Tips: Keep the balance sheet updated to track progress toward your financial goals. Try to recalculate the balance at least twice a year. It will help you see the big picture.
While they are very simple to prepare the balance sheets, it is much better that you acquire the services of an accountant or finance director.
Gallery of Assets And Liabilities Spreadsheet
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