What is a Monthly Balance Sheet with Prior Month and Last Year Comparisons?

Monthly Balance Sheet reports are considered essential month-end financial statements and are used by CFOs and accountants to review key elements of the company’s assets and liabilities. Some of the functionality in this type of report is that it is parameter driven and this populates the data and headers in the three columns. You find an example of this type of report below.

Purpose of Monthly Balance Sheets

Companies and organizations use Monthly Balance Sheets to easily track month-over-month performance of assets and liabilities. When used as part of good business practices in a Finance and Accounting Department, a company can improve its monthly reporting automation and fiscal control as well as reduce the chances that important changes goes undetected.

Monthly Balance Sheet Example

Here is an example of a Balance Sheet with current month, prior month and last year balances.

Monthly Balance Sheet with Prior Month and Last Year Comparisons Example

Monthly Balance Sheet with Prior Month and Last Year Comparisons Example

You can find hundreds of additional examples here

Who Uses This Type of Report?

The typical users of this type of report are: CFOs, Controllers and Accountants.

Other Reports Often Used in Conjunction with Monthly Balance Sheets

Progressive Finance and Accounting Departments sometimes use several different Monthly Balance Sheets, along with monthly profit & loss, cash flow statements and other management and control tools.

Where Does the Data for Analysis Originate From?

The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others.

In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.

What Tools are Typically used for Reporting, Planning and Dashboards?

Examples of business software used with the data and ERPs mentioned above are:

  • Native ERP report writers and query tools
  • Spreadsheets (for example Microsoft Excel)
  • Corporate Performance Management (CPM) tools (for example Solver)
  • Dashboards (for example Microsoft Power BI and Tableau)

Corporate Performance Management (CPM) Cloud Solutions and More Examples