Comparative Monthly and Year To Date - Profit and Loss & Balance Sheet Template

What's inside the Comparative Monthly and Year To Date - Profit and Loss & Balance Sheet Template 101?

PL by YTD

The sheet displays monthly financial data for a specific month selected in cell B13 and year-to-date data from the beginning of the current calendar year. It also compares data from the same periods in the last fiscal year. Column A provides an overview of all Profit and Loss accounts. Columns D and H show the percentage changes for the aforementioned monthly and year-to-date comparisons. These numbers, including the percentage changes, are automatically updated whenever you switch from one month to another. This sheet contains the detailed income statement based on data in the "Profit & Loss by "Month" sheet.

‍

Balance Sheet by YTD

This worksheet, similar to PL by YTD, presents a detailed balance sheet based on the data in the "Balance Sheet by Month" sheet. The dataset provides information on the monthly balance sheet as of the end of a specific month selected in cell B3, as well as the same month in the previous year. The change in the amount of each item is shown in Column D. On the right-hand side of the dataset; you can find the latest balance sheet compared to the same month in the last fiscal year, including the % change in each item.

‍

‍

Profit & Loss by Month / Balance Sheet by Month

These sheets contain the income statement and balance sheet pulled together from your QuickBooks account. By default, the template has monthly financial data over the last two years in each sheet. You don’t need to calculate the figures, as the two sheets mentioned above automatically calculate the variances between items and show percentage changes.

‍

Comparative Monthly and Year To Date - Profit and Loss & Balance Sheet Template 101

Introduction

Thank you for your interest in learning more about the Comparative Monthly and Year-to-Date Profit and Loss & Balance Sheet Template. In this post, we will provide you with all the information you need to quickly compare your monthly financials, including what to look for and how to create your own. We will also share tips to help you increase your workflow efficiency tenfold.

‍

What is the Comparative Monthly and Year To Date - Profit and Loss & Balance Sheet Template?

With the Comparative Monthly and Year-to-Date Profit and Loss & Balance Sheet Template, you can easily compare recent monthly financial information with historical data from the same period of the previous year. The template not only shows the comparison of financial data but also automatically computes the percentage change for each item.

‍

Why is the Comparative Monthly and Year To Date - Profit and Loss & Balance Sheet Template beneficial?

Monitoring monthly financial information and comparing it with the same period in the last fiscal year is essential for several reasons:

1. Performance evaluation: By comparing financial data from the current period with the same period in the previous fiscal year, you can assess the performance of your business. This allows you to identify trends and patterns and evaluate whether your business is improving, remaining stable, or experiencing challenges. It helps you gauge the effectiveness of your financial strategies, goals, and objectives.
2. Identifying anomalies: Monitoring monthly financial information and comparing it with the same period in the last fiscal year can help you identify any anomalies or discrepancies. Significant differences in financial metrics between the current period and the same period in the previous year may signal issues that require further investigation. For example, a sudden drop in revenue or an increase in expenses may indicate operational challenges, changing market conditions, or other financial risks that need attention.
3. Decision-making: Financial data from the previous fiscal year can provide valuable insights for making informed business decisions. It helps you identify areas where your business has improved or declined and supports decision-making in budgeting, forecasting, and resource allocation. For instance, if you notice a decline in sales compared to the same period in the previous year, you may need to revise your sales strategy or adjust your budget to address the issue proactively.
4. Compliance and reporting: Many regulatory requirements and financial reporting standards mandate comparing financial information across periods, including the same period in the previous fiscal year. Compliance with these requirements is crucial for accurate financial reporting and transparency with stakeholders, including investors, lenders, and regulatory authorities.