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Balance Sheet with Change by Month
Monthly Balance Sheet with Prior Month and Last Year Comparisons
What is a Monthly Balance Sheet?
A Monthly Balance Sheet Comparisons by Month is a financial report that is generated monthly and plays a vital role in assessing a company’s assets and liabilities. It serves as a valuable tool for CFOs and accountants. This type of report utilizes parameter-driven functionality to populate data and headers into three columns. Below is an example of such a report.
Purpose of Monthly Balance Sheets
Monthly Balance Sheets are designed to facilitate the tracking of month-over-month performance of assets and liabilities for companies and organizations. By incorporating them into the best practices of the Finance and Accounting Department, companies can improve the automation of their monthly reporting, ensure fiscal control, and minimize the risk of overlooking significant changes.
How can Financial Statements Drive Faster and Better Decisions? As Corporate Controllers increasingly become key advisors in the Monthly Reporting Process, they must rely on modern self-service xFP&A and business intelligence (BI) tools. Using interactive Financial Statements like the Balance Sheet with Comparison to Prior Year template shown below enables them and users from the finance and accounting teams to experience near real time asset, liability and equity metrics that help drive faster and better decisions.
Who uses Balance Sheets with Comparison to Prior Year and Variance Templates and What are Some Key Analytical Features? In today’s fast-paced business environment, Corporate Controllers are under high pressure to supply end users like financial managers with timely and concise Financial Statements. Companies use key features like the ones below to support their users with effective analysis that helps drive in-depth balance sheet analysis:
Data Integration to Transaction Systems Most organizations these days want automated and streamlined planning, reporting and analysis. However, many of the benefits described earlier rely on best of breed extended financial planning and analysis (xFP&A) tools and/or Business Intelligence (BI) capabilities as well as data marts or data warehouses that use pre-built integrations to the organization’s ERP system. Oftentimes, they also need integrations to other key data sources like CRM, subscription systems, payroll tools, etc. Modern, cloud-based ERPs like Microsoft Dynamics 365 Finance (D365 Finance), Microsoft Dynamics 365 Business Central (D365 BC), Sage Intacct, Acumatica, Netsuite and SAP have robust APIs which allow for dynamic integrations to xFP&A and BI tools that are fully automated and flexible to run on a schedule or on-demand.
Who uses Balance Sheets with Comparison to Prior Year and Variance Templates and What are Some Key Analytical Features? In today’s fast-paced business environment, Corporate Controllers are under high pressure to supply end users like financial managers with timely and concise Financial Statements. Companies use key features like the ones below to support their users with effective analysis that helps drive in-depth balance sheet analysis:
- Current versus last year comparison with variance indicators
- Dynamic rows where the user can expand any account category to review individual accounts and drill to journal entries
- Parameter-driven where the user can run the report on demand to see various snapshots in time and for different business units
Data Integration to Transaction Systems Most organizations these days want automated and streamlined planning, reporting and analysis. However, many of the benefits described earlier rely on best of breed extended financial planning and analysis (xFP&A) tools and/or Business Intelligence (BI) capabilities as well as data marts or data warehouses that use pre-built integrations to the organization’s ERP system. Oftentimes, they also need integrations to other key data sources like CRM, subscription systems, payroll tools, etc. Modern, cloud-based ERPs like Microsoft Dynamics 365 Finance (D365 Finance), Microsoft Dynamics 365 Business Central (D365 BC), Sage Intacct, Acumatica, Netsuite and SAP have robust APIs which allow for dynamic integrations to xFP&A and BI tools that are fully automated and flexible to run on a schedule or on-demand.
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