Financial reports can be used together to provide information about a company's ability or inability to generate profit by increasing revenue, reducing costs, or both. The financial reports collate your accounting software actuals and your Figured forecasted budget to measure your performance. There are several financial reports available on Figured:

This reports on the movements of money into and out of the business. It is often used to look at transactions to see if you are making more than you are spending.

By default, the Profit & Loss report is run on a profit or accrual basis and doesn’t consider opening balances. However, you can run this report on a cash basis within the additional options menu. You also have the option to run a comparison between another period or a snapshot. You can also add the charts you see on the Dashboard to your P&L Report.

Like the Profit & Loss report, this reports on the movements of money into and out of a business. However, unlike the Profit & Loss report, it considers opening bank balances and provides a closing bank balance figure.

The cash flow is typically used to help you ensure you have funds in your account to pay for expenses at certain times. It is about more than just looking at the short-term transactions and overall planning for the year's finances.

The cash flow report is always run on a cash basis. You do have the option to run a comparison between another period or a snapshot.

A balance sheet is a financial statement that reports your assets, liabilities and equity. It is a financial statement that provides a snapshot of what a company owns and owes and the amount invested by shareholders. You'll be able to read more about it here.

The variance report is a report that compares planned forecasted transactions with the actual transactions; in other words, it compares what was supposed to happen with what happened. This report is typically used to measure your performance against your planned budget.

There are many comparison options to choose from when running the Variance report, including a snapshot. You also have the option to display the variance figures (as above) and stock quantity numbers. You can choose multiple comparison options as well.
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The ‘Custom View’ option allows for greater flexibility when comparing periods. There is the ability to compare any two custom date ranges including this month vs last month, last two months vs the same two months last year and this quarter vs last quarter etc.
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Another option within the report is Forecast year vs Historical year. This is particularly useful for monitoring how consistent and accurate budgeting assumptions are from year to year, allowing users to keep track of how well they are forecasting from year to year.

Lastly within Variance Reporting options, you can also now compare Actual + Forecast Full Year Vs Historical Average. Previously historical average could only be compared with a forecast, but can now be compared against a mixture of actuals and forecast for the year.
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This is similar to the Balance Sheet in that it compares your assets and liabilities. However, unlike the Balance Sheet report, the Statement of Financial Position can be run up to a specific date instead of by financial year. You also have the option to compare against a different time frame and display the variance. You'll be able to read more about why the Financial Position is important and how it is used here.

Relatively self-explanatory, the account transactions report allows you to report on transactions made. You can filter by specific account, financial year, and cash or accrual basis.

Please note, the report selects all accounts by default. If you want to run the report against a specific account, be sure to untick the All option before selecting your desired account.

The Statement of Cashflows report summarises the inflow and outflow of cash on your farm. You can use this report to see where cash comes from and how it is used. The report is broken into three sections: Operating Activities, Investing Activities and Financing Activities. For example, your borrowings would sit under the Financing Activities section.

If you aren’t using categorisation for your balance sheet, all the information will show under the Operating Activities: Other section.

You'll be able to find out more about categorisation here.

The Farm Summary report summarises your operation at both a production and financial level. This includes your farm area, production-specific metrics, financial summary, and financial ratios packaged together to give you an idea of how you are performing at a glance and help you identify key areas where you may need to improve.

You can find out more about this report here.

For video tutorials check out our reporting YouTube playlist here.