There are many U.S. GAAP financial statements templates available for download on the Internet. Do you know the differences between them? Let us take a look at how you can easily identify a great product from a shoddy one.
A lot of people who use U.S. GAAP financial statements templates swear by them. They say that they are excellent documents that lead to better business decisions. Does this mean that they are good enough to be trusted? Probably not, but if you ask me, they are good enough.
When I look at a financial statement’s template, I look for a few things. I look for a well-designed layout and good information. Then I check the file for errors and inconsistencies.
All you need to do is run a simple keyword search using Google or any other search engine. You will be amazed at the results. You will be able to find different versions of the same financial statements template. Some of them are even the same.
The financial statements template that you choose should be a legitimate one. There should be a license number and an invoice number on the copyright page. The license or invoice number can be found on the first page of the copyright page.
It should also contain a file name. If the template you are using has no file name, then don’t use it. It’s either your financials have been stolen or you have never been there. Find another template.
A financial statement template should have printed margins and make sure that they are the correct type of margins. Many templates I have seen don’t have margins. It doesn’t matter because the fonts are normally serif fonts, but check carefully for any extra spaces between the lines.
Check also for any inconsistencies, inconsistencies in what you have included in the financial statements template and the content of the statements. If it’s not spelled correctly, isn’t the statement invalid?