E Financial Statement Example For Cfos
Finally, we look into a financial performance report focused on data relevant for chief financial officers that need to grasp high-level metrics such as revenue, gross profit, operating expenses, net income, berry ratio, EVA, payroll headcount ratio and, finally, to build a strong team and customer base, satisfaction levels of each. This financial management report example will not only serve as a roadmap for depicting the financial health of a company but also focus on team management and customer satisfaction that are not traditional finance-related metrics, but important in this case for every modern CFO. This financial statement example shows the YTD until March but it can also be used as one of our monthly financial statements examples. We will explain the KPIs in more detail below:
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Berry ratio: This ratio is defined between the gross profit and operating expenses . This financial indicator is critical when showing if the company is generating a healthy amount of profit or losing money.
- When calculating the berry ratio, usually external income and interest aren’t included, but depreciation and amortization could be, depending on the particularities of your financial strategy.
- An indicator over 1 means that the company is making a profit above all expenses while a coefficient below 1 will indicate that the company is losing money.
Do Food Stamps Hurt Your Credit
As far as credit scores go, your salary doesnt matter. At least, not directly. But will a program for the poor impact your credit?
Credit scores are based on the information in your credit report, and because income information isnt reported to the credit bureaus, it has no bearing on your score. Of course, having little money at your disposal could make it more difficult for you to meet your debt obligations, which could in turn hurt your credit standing.
Just like the number on your paycheck doesnt help or hurt your credit standing, receiving government aid doesnt impact your credit scores, either. For instance, if youre enrolled in the Supplemental Nutritional Assistance Program , it wont show up on your credit report.
In short: If you live in a low-income household thats eligible for food assistance, you shouldnt be worried about what that means for your credit standing. In fact, if enrolling in SNAP allows you to apply your limited resources to paying bills and satisfying financial obligations, it could indirectly help your credit.
Know What Matters & What Doesnt
Among the dozens of out there, different bits of your financial behavior matter more than others, but for the most part, you want to focus on a few things: Pay your bills on time, minimize your debt load, apply for credit sparingly, maintain a good mix of credit accounts and work to establish a long credit history.
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In Trouble With Snap Finance
So I had a loan with Snap Finance. I was paying on time and was about to pay it off when I noticed that the balance was not going down even though I have paid it. I called them back and went over the bill and they charged me even more money! This is the third time this has happened so I did call and curse them out . They called the police on me because I stated I had a mental breakdown due to them and I guess they thought of suicidal thoughts. Needless to say I will no longer deal with them. After arguing with the manager and their “specialty department” I threatened to sue them out of anger. Ever since then they have referred me to write their legal department and they automatically charged me off. They said I can only speak to the legal department going forward.
I have never heard of a company that does this but this is absolutely nuts. My question is usually how long does it take a company to send it to third party collections because they will not tell me over the phone? Should I write to their legal department? What do I do. I owed $250 but they told me $333 and when I threatened to record the conversation they hung up on me. I really can not deal with another ding to my credit.
What Is A Financial Report
A financial report is a management tool used to communicate key financial information to both internal and external stakeholders by covering every aspect of financial affairs with the help of specific KPIs.
As you can see in the example above, created with a professional financial business intelligence solution, a modern finance report can have all the relevant information right at your fingertips, offering the ability to visualize as well as analyze key financial data they assist in uncovering fresh insights, spotting key financial trends, identifying strengths as well as weaknesses, and improving communication throughout the organization. We will explore even more examples of monthly reports later in the article.
We live in a data-driven age, and the ability to use financial insights and metrics to your advantage will set you apart from the pack. The reporting tools to do that exist for that very purpose. To gain a panoramic view of your businesss financial activities, working with a monthly, weekly, and daily financial report template will give you a well-rounded and comprehensive overview of every key area based on your specific aims, goals, and objectives.
Daily reports, however, have a limited impact, as most of the financial KPIs that are used need a mid- to long-term monitoring, and do not provide accurate information if analyzed only on a daily basis.
What Is Furniture Financing
Furniture financing is a process whereby you can get help to buy your favorite furniture from the seller or financial institutions such as banks and credit unions. It helps you get the dream furniture for your house and pay slowly by slowly within a given period.
Furniture finance is a kind of loan that should be paid as per agreements and can affect your credit scores if you default. Many companies do not bother about your credit history although it does not mean that they will not report you to the credit bureaus.
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What Are The Shortcomings Of Furniture Financing
Furniture financing can be a relief from the burden of purchasing furniture at once, various challenges come with the option. These include the following.
- In in-store financing, the overall amount of money you pay is much higher than the amount of money you could have spent when buying in full.
- Taking personal loans for bad to finance furniture attracts high-interest rates that can be challenging to repay.
- You can easily lose your house if you apply for a home equity loan to purchase furniture and cannot pay the loan back.
- You may incur a loss if you are buying furniture using a loan only to find that it is a low-quality item. You may purchase chairs with waterproof furniture covers only to find out that actually, the waterproof material is fake because it can allow in water or it tears easily.
Top Daily Financial Report Examples And Kpis
A daily financial report is a method to track the previous days activities that have an impact on your financial status but are not necessarily a strict financial metric. It can keep you apprised of all the requisite data management used to track and measure potential errors, internal production, revenue loss, and receivables’ status.
As we mentioned above, these reports provide a limited vision, but you can use the examples of financial statements below to see how some daily actions on problematic factors can impact your final results.
What If You Miss A Payment
If you miss a payment, Snap Finance will not report it to the major credit bureaus, a customer service representative said. Borrowers who struggle to make payments may be placed on a hardship program with different terms. Further missed payments can lead to Snap Finances in-house collections department to become involved. Worst case scenario, Snap Finance will write off the amount owed and pass your information on to a third-party collections agency. But its policy is to not report failure to pay to any of the major credit bureaus. This information was gathered from a Snap Finance customer service representative reached at 557-3769.
Snap Finance Review Everything You Need To Know About Them
Its been a tough month your child got sick, spent the weekend in hospital, and was released Monday morning on a special diet. Since you had to miss work on Monday, your employer didnt accept your excuse and will be docking your pay this week. Im not going to mention the child support money is late again!
As much as you wish you didnt have to, you will look for a quick finance company, and leave your mother out of this one. Youve been warned about them, but life happens! Snap Finance is one youve heard about a lot maybe give them a try.
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How Does Badcock Credit Work
Badcock is a large furniture retailer with more than 320 stores across 8 different states.
Like many retailers, it offers financing for its products. Badcock stands out for approving applications for individuals with poor credit or no credit at all.
You can apply for an In-house Badcock Revolving Credit Account, which allows you to make continuous purchases at Badcock.
Alternately, you can apply for one-time interest-free financing, with 6, 12, and 24-month payment plans, which are subject to credit approval.
Badcock does not set a credit minimum, though there are some terms and conditions. Individuals with poor credit may be able to get approved for a 100-day payoff plan with Snap Finance.
Online Stores That Accept Snap Finance To Buy Now Pay Later
Disclosure: This post may contain affiliate links, meaning we get a commission if you decide to make a purchase through our links, at no cost to you. Please read our disclosure for more info.
Snap Finance provides easy financing for people with no or bad credit. You can get approved for up to $3000 instantly and pay it back over a 12-month period.
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Does Amazon Accept Snap Financing
Amazon has partnered with the U.S. government to allow SNAP EBT as a payment method on SNAP eligible items in select states. To receive access to Prime Pantry and Amazon Fresh selection or to pay using SNAP EBT, simply add a valid SNAP EBT card issued by a participating state to your account as a payment method.
B Measure Revenue Loss & Receivables
Accounts receivable turnover ratio: Measures the number of times that your business is able to collect average accounts receivable, and indicates your effectiveness on extending credits. Here is a visual example:
- A low accounts receivable turnover ratio basically indicates that you might need to revise your business’s to collect payments more quickly.
Additional metrics you can monitor on a shorter time frame, such as daily, are as follows:
- Number of daily transactions
- Average gross margin
- The average cost per order
You can also be more specific about your revenue loss: categorizing where you lost what is a good practice to identify which parts of your business management reporting practices have an important room for improvement. Tracking metrics like the top 10 products generating the most revenue, or on the contrary, the top 10 products generating the worse revenue will tell you a story about what needs more attention.
The revenue loss can also come from discounts or sales, for example. Monitoring on a daily basis which promotions are getting too popular can help you stop it before it generates more revenue loss than revenue growth that was supposed to create.
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Weekly Financial Report Templates And Kpis
A weekly financial statement serves to help your business monitor all your short-term financial activities in weekly increments. It should be created and reviewed each week and provides a comprehensive look at the short-term performance of your business.
Now we will take a look at some financial statements examples to get a clearer picture of what can be tracked in weekly intervals.
Snap Finance Review: Final Take
Snap Finance looks beyond a borrowers credit history when considering them for short-term financing. While their process is easy and flexible, getting financing can be a costly decision.
Snap Finance does not report your payments to the 3 major credit bureaus. This financing option is not a credit-building opportunity that could help you qualify for better loans in the future.
If youre facing an unexpected cost or want to utilize the flexibility of a lease-to-own option, this may be worth a try but only as a last resort if you have bad credit.
Avoid using Snap Finance to purchase any item that you do not absolutely need.
Alternatives to Snap Finance
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B Any Generated Current Receivables
Weekly financial reports can help businesses stay on top of invoicing, billing procedures, cash basis of accounting, accounting records, and ensure that they dont fall behind on being paid for services and goods that are owed to you from customers or suppliers. Weekly report metrics and KPIs include:
- Days sales outstanding : This measures how fast your business collects money that youre owed following a completed sale.DSO = x number of days in period.
- DSO vs. best possible DSO: Aligning these two numbers indicates the collection of debts in a timely fashion.Best possible days sales outstanding = / weekly credit sales.
- Average days delinquent: Indicates how efficient your business processes are in your ability to collect receivables on time.ADD= Days sales outstanding Best possible days sales outstanding
C Financial Performance Report Template And Kpis
This particular financial statement template provides you with an overview of how efficiently you are spending your capital while providing a snapshot of the main metrics on your balance sheet.
Just like the income statement, a balance sheet is another powerful tool to understand the financial performance of your business. As we see in the dashboard below, a balance sheet is divided into three main areas.
First, we have assets, which are the items your company owns that can provide future economic benefit, this can be from cash to furniture or equipment. Next, we have liabilities, which is basically what your company owes to others, they can be divided into long-term liabilities such as the lease of your office building or a bank loan, or short-term liabilities that can be your credit card debt or wages to employees. Finally, we have equity, which represents the shareholders stake in the company. To calculate the shareholders equity, you need to subtract the total liabilities from the total assets. This calculation is based on the general accounting equation formula: Assets = Liabilities + Shareholders Equity. The equity is used in many different financial ratios, such as ROA and ROE, which we will discuss below.
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Return on assets : Shows how profitable your businesses are compared to your total assets. Assets include both debt and equity.
- This is measured by dividing your businesss net income by your shareholder’s equity.
Define Your Mission And Audience
No matter if you’re a small business or large enterprise, you need to clearly define your goals and what are you trying to achieve with the report. This can help both internal and external stakeholders who are not familiarized with your company or the financial data. If you’re creating an internal report just for the financial department, it would make sense to include financial jargon and data that, otherwise, would create challenges for external parties to follow.
Does Badcock Report To Credit Bureaus
Are you thinking of applying for financing from Badcock Home Furniture & More?
If so, its important to understand how applying for and opening an account could affect your credit score.
When you apply for an in-store revolving credit account or financing for a purchase, it could result in a hard credit inquiry.
Below, well take a closer look at how Badcocks financing options work and how they might influence your credit.
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How Does Snap Finance Work
When you apply for Snap Finance, youll provide basic information like your name, address, Social Security number or Individual Taxpayer Identification Number , employment details, and two references. You can be approved for a purchase amount up to $3,000. But you wont receive the funds directly youll receive a prepaid Discover card or youll be able to access a virtual Snap Finance card via your smartphone. And, youll only be allowed to lease-purchase good from Snap Finance-approved stores. There are no fees until you make a purchase except for the initial processing fee of $59 or less. Repayment terms are up to 12 months.
How Much Does Snap Finance Cost
Snap Finance does not share specific costs for their lease-to-own agreements anywhere on their site. However, they do speak to what some customers can expect in terms of interest or fees.
There will be a processing fee or initial payment due during the day you make your transaction. This amount can vary depending on the specifics in your lease agreement but compare it to a down payment.
Snap Finance does not charge interest on a lease-purchase agreement. However, that does not mean that you wont pay more than the purchase price of your item. As with all lease-to-own companies, there is a cost in addition to the purchase price that will be added to your monthly payments.
For example: If you choose to lease a laptop that retails for $600 and started making $40 payments every 2 weeks for 12 months, youd pay close to $1,000.
So while there is no interest, youre still paying more money just to have a lease-purchase agreement.
Some other costs and fees you may want to consider include:
- Application fee and processing charges
- Late fees
- Missed payment or non-payment fees
Warning: Your total cost could be more than double the cash price of the merchandise.
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