Free Balance Sheet Template
We get it. As a small business owner, your days are filled with providing services or creating products for your customers and the last thing on your mind is how to create a simple but professional Balance Sheet to track your finances.
Thank goodness Truly Small offers a range of customizable balance sheet templates for you to download and use for free.
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Today’s Entrepreneurial Workforce
The independent workforce is constantly growing and small business owners find themselves wearing multiple hats everyday, as they learn to grow with their business.
As a result, there just isn’t enough time to learn the backend of running a successful business: namely, accounting and finances. Our balance sheet template will help guide you to inputting your financial data in a professional manner—so that you can keep your cash flowing.
What should I include in my balance sheet?
If tracking your financial data is new to you, here’s what to include on your balance sheet to gain deeper insight into your business and be ready to file your taxes! At a minimum, here’s what should be included on your balance sheet.
Your Company's Name
Always include your company’s name on any type of financial reporting document.
Financial Statement's Title
This one’s simple: be sure to specify the type of financial report and/or document that is being prepared!
Date Range
It’s important to include both the date that the report was submitted on as well as the date range, or the time period, that the report covers.
Assets (What You Own)
Here’s where you list your assets - more simply, you can think of them as: “What You Own.”
Liabilities - What/who You Owe
Here’s where you list your liabilities - more simply, you can think of them as: “What You Owe.”
Note/Memo Section
Including notes on a financial report to help clarify any complex or confusing line items. Alternatively, add a brief commentary to outline any exceptional or interesting line items or changes from quarter to quarter!
6 simple steps to building your balance sheet
To create your balance sheet, first download the free, customizable template. Next, fill in all of your financial data. We’ve included al of the most pertinent information you need to track in our free downloadable balance sheet template.
Want a quick and streamlined lesson? Follow the instructions below to create your simple and professional balance sheet from beginning to end.
1. Download the template
Download any of our free balance sheet templates from the top of this web page. No matter what format you need, we’ve got you covered.
2. Input your info
Input your company’s name. This will help to keep your documents organized and is helpful for your accountant when you decide to hire one.
3. Include the date
It’s important to include both the date that the report ws submitted on as well as the date range or the time period.
4. List your assets
This section is simply “what you own”.
5. List your liabilities
This section is simply “what you owe”.
6. Add notes
Including notes on a financial report to help clarify any complex or confusing line items. Alternatively, add a brief commentary to outline any exceptional or interesting line items or changes from quarter to quarter.
Sick of manually creating balance sheet? Check out TrulySmall Accounting!
TrulySmall Accounting is the easiest accounting app for small businesses. Just connect your bank account and we’ll categorize all of your transactions for you and you’ll get all of your financial statements populated in 5 minutes or less.
Save time and get peace of mind. Start automating with TrulySmall Accounting!
Why are balance sheets important for small business owners?
Gain Business Insights
Financial statements will give you a deeper understanding of how your business is doing at a given point in time. They are a crucial tool when it comes to analyzing, monitoring, and understanding your businesses financial health
File Taxes Easily
Maintaining detailed financial reporting throughout the entire year will help you tremendously when it comes to tax time! Stress-less and get through your tax-filing quicker.
Get a loan
Financial statements are the documents that your bank will ask for when you’re ready to apply for a loan! Have them prepared early on so you can quickly show the health of your business over time.
I don’t want to use an balance sheet template—how does Truly Small Accounting help my business?
Our free balance sheet template is great for small businesses who want a free way to track their financial data. But if you’re looking for an even quicker way to populate your financial statements, TrulySmall Accounting is the answer!
TrulySmall Accounting helps to automate your entire accounting and bookkeeping process. All you have to do is connect your bank account and we’ll do the rest of the work for you! Not only will your financial statements be ready for you in 5 minutes or less, you’ll also have a visual dashboard filled with business insights waiting for you.
Piqued your interest?
Try out Truly Small Accounting today to find out how our software can automate your accounting and bookkeeping process.
