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Bill statement format for Finance
this is vertical analysis and then the third is going to be ratio analysis which means that you're comparing two Financial figures on your financial statements to each other so I layer in my results for the three months right and then I have the change from the most two recent month march to February and then a change in terms of percentage hey guys welcome back to another video with the financial controller Bill Hannah here in today's video we'll be discussing financial statement analysis and the types of analyzes that I perform as a corporate controller so there are four main types we'll be going through an overview of these analysis and then we'll discuss each one in more detail so let's dive in and take a look alright so as an overview of financial statement analysis there are two main categories of analysis there is accounting analysis which is the purpose of it is to find accounting errors and then there is a financial or managerial analysis which is the purpose of which is to help make business decisions so with accounting analysis the most common type is going to be month over month analysis which we call horizontal analysis the reason why we're calling it horizontal is because we're going horizontally from left to right comparing a period to the next and looking at the change and the change percentage and commenting on these changing and trying to figure out if there are accounting errors because this is the whole purpose of this thing is to find accounting errors right and then the second category is going to be Financial or managerial analysis which breaks down to three types and the purpose of all of them is to help make business decisions right so these are going to be more strategic in nature so the first one is going to be actual to budget where we'll be going through the actual results and comparing it to the budget and looking at the change and commenting and pretty much this analysis will drive what kind of changes we need to make to future for example spending to figure out the best way to run the company more efficiently this is actual to budget the second one is going to be vertical analysis so vertical is as opposed to horizontal so remember here we sit horizontal we're looking left to right well with vertical we're going top to bottom right and the reason is that we're measuring line items on say the income statement as a percentage of one of the light items on the income statement most commonly you're measuring expenses uh to the revenue as a percentage right so we'll go through that as an example in a minute this is vertical analysis and then the third is going to be ratio analysis which means that you're comparing two Financial figures on your financial statements to each other and getting the result as a percentage or a ratio the most common example here for example is current ratio current ratio looks at the ratio between your current assets and current liabilities to figure out whether the company has sufficient funding to me it's it's short-term obligations so we're going to go ahead and go through an example of each of these analysis here in a minute but if you're new to the channel my name is Bill Hannah I'm a corporate controller and a licensed CPA in a great state of New York and the purpose of this channel is to give you the summary and pretty much the juice of my experience over the last maybe 15 to 17 years working in accounting and Finance in this channel so if you haven't subscribed go ahead and subscribe to the channel and if you like the subject of this video give us a thumbs up that will help the channel reach more viewers thank you in advance I also teach this specific topic on analysis and accounting in general in the controller Academy I'm going to leave a link down below okay so we jump back in and we said we have four types of analyzes that I perform as a corporate controller one is an accounting analysis and then three of them are going to be Financial or managerial analyzes right and if you stick around till the end I'm gonna tell you exactly out of these four which are the most commonly used types of analyzes that are must have for any corporate controller all right so let's take a look at the first one and how I set up my analysis in Excel for my month over month comparison for a horizontal accounting analysis all right so this is my setup in Excel and this is for a business called Spa booker as part Booker it's important to understand what kind of business they're in for you to understand how to analyze the income statement so Spa booker is a platform an online Marketplace that connects the consumer on one end and then the spas on the other end where the consumer can go in in the mobile app and set up an appointment for a spa treatment it's very similar to the concept of Uber or Lyft so it's an online Marketplace and then spot Booker sits in between the consumer and the spa place and makes a commission on each of these transactions right so let's jump back in all right so we got the income statement uh for three months for January February and March right and I like to have three months periods where I'm comparing march to February but then I'd like to have January also as further context so for example you know if I see that my Revenue went up by 22 percent in platform fee between March and February I also had like to have January in here so that I can have further context into what happened in January and then I can see the story of how the revenue is developing month over months right so I layer in my results for the three months right and then I have the change from the most two recent month march to February and then a change in terms of percentage right and then I have here my comment column where I'm where I'm providing my commentary and remember the whole purpose of this whole analysis here is to find accounting mistakes right so you're not so much or necessarily defending these numbers uh you are trying to objectively analyze the numbers and find accounting mistakes and if you find an accounting mistake then you just gotta go and fix it right nothing bad here is that you finding accounting errors that could happen during the month and close and then going back to fix them all right so in the commentary I like to have a threshold for analysis so for example here I say the comment is required for changes over 10 percent and this is something you can decide in your company with your team with your leadership uh figure out speak to your CFO your controller figure out what is the threshold that is going to be worth your time investigating right because you don't want to be spending time investigating five dollars or ten dollars right you want to be going over the big guys right um so figure out a threshold and some companies have seen that being two percent maybe 5 percent in some companies where it's a smaller company it's 10 percent just figure it out the percentage that makes sense and then go over the commentary over the variances that are over this percentage so in this case here we set up 10 and also I like to layer in my head count information so headcount information is going to help me um it was going to help Drive the changes that I see in payroll or some of the other cost account that are associated with headcount so for example uh January head count was 26 it went up to 32 it went up to 38 you know it changed month over months at six which is 19 so pretty much I should expect that my payroll costs are going to be moving in the same direction but if I see them moving in a different direction then I'm gonna be stopping here and saying wait a minute you know it doesn't make sense for payroll to be changing in a much bigger or smaller difference than my head count information so when I begin analyzing the income statement account by account so I begin with the first line on the revenue which is platform fees and I can see that went up by 22 percent right so my commentary on this is to review the sales by customer report for reasonableness and then provide the commentary that I've reviewed it and ask the question so for example when we look at this tab here that we set up for sales by customer I can see the trend line on how my by account my revenue is going up month over month right so my commentary is going to be that I asked the question I looked at the detail by customer and asked the question uh within the sales team and figure out if it's reasonable for Revenue to go up by that percentage right and generally Revenue should go up month over months right if you see it going down then it's a sign of trouble overall but in this case here it is trending correctly and going up month over months and as I continue to go through the income statement I'm going to start going through some of the cost of sales item and the first one is going to be server cost and a server cost in this case is with AWS or Amazon web services and as you might imagine any business that relies on web traffic such as Bob Booker as Revenue goes up you also should expect that your server cost should start going up as well so we see here that the web cost or the web hosting cost went up by seven percent right and and we'll say here that this is in line with change in Revenue even though we see change of Revenue is 17 uh the increase here to seven percent which is good because you want your Revenue change to outpace your cost right and that makes sense and now as we go down through the statement we'll see some items such as the salaries and benefits to customer support and you'll see that all of these accounts went up by 20 month over months so this is an increase of twenty percent and this is why it's helpful to have the headcount information trending up here so that I can see for example the head count went up by 19 right and the payrolls cost went up by 20 so it's in line right but remember the whole reason for this analysis here is for you to find mistakes right so if this trending here is not 20 say it's thirty percent of forty percent then you that means something is wrong right so you're not necessarily defending these numbers that you're seeing on the income statement you're trying to find if there's any kind of correlation that doesn't make sense that will indicate that you might have an account editor which is the whole purpose of this analysis okay so this here is a good number to see 20 correlates to 19 right if it's not correlating you have to go back and figure out if there is a mistake in the way you booked payroll right uh so I'm going to comment here and say that increase is in line with increase in head count and you pretty much go through the rest of the income statement and look at the increases that are over 10 percent and provide commentary on the change month over months and again you're not defending but rather trying to find if there is an accounting mistake all right so back to this overview of the types of financial saving analysis we just cover the accounting analysis month over months to find accounting errors now let's take a look at the financial or managerial analyzes the first one is going to be actual versus budget let's take a look at how I set up my file alright so in Excel here I'm analyzing the p l for Spa booker for March of 2022 and I have a column for actual results and I have a column for Budget right so I'm going to layer in my actual buy account and then I'm going to layer in the budget and then I'm going to have a column for variance dollars and various uh percentage and then I'm gonna do the same thing where I'm going to put my head count information at the first row uh to show what is the actual head count versus budget and then the variance is four and that's 12 percent which means that hiring is ahead of plan right and I have a tab here for my head count information so I'm going to show you in a second if I flip over to headcount right I have my actual headcount data and I have my budget by Department right so the way to look at this is for example the budget for customer support was to have six head count in March but in actuality I have seven right so that tells me that I'm hiring a head of budget or more than budget right if I flip back to the profit or loss statement uh this is going to be a guiding number for me to know where I stand in terms of hiring for Budget versus actual and just like I did before I'm gonna provide a threshold for commentary because I don't want to analyze every single Dollar on the income statement right I want to go after the things that are more impactful I want to spend my time wisely if you have a bigger team and you have the resources maybe lower that threshold to maybe two or three percent but in this case here I'm setting it at 10 because I'm gonna be spending my time efficiently on the things that have the bigger impact on the p l and now I can begin analyzing my accounts one by one so I'll begin with my Revenue accounts and I have the first one platform fees and I'll see here that my actual to budget I am behind budget by fourteen thousand dollars or twelve percent right so that's going to be something that I have to comment on and the way I'm going to comment on this one is that I'm gonna speak with my sales team and figure out why are we behind plan so when I speak to them you know they told me that the slight lag versus budget is due to list number of stores signing up versus planned right so you can examine that and make sure that that statement is correct by looking at the way the budget is built and the number of stores that are being signed up and compared to actual number of stores and see if that statement is true right this is how you analyze this kind of number uh the transaction fee is off from budget by four percent so it's below my threshold of Investigation so I'm not going to go through it but if you set up your threshold to be three percent then you'll have to comment on this item here by investigating further and you do the same thing going down the list right so you go through the accounts you know the cost of sales your silver cost this is AWS course right it's lagging behind budget below budget by five percent which is good because you wanted to correlate with Revenue right so revenue is down by five percent and so is your course with either AWS down by five percent which makes sense because there is a correlation between the traffic and the hosting fees with AWS now when you look at your accounts for salaries and benefit to customer support in this case right it's down or actually rather it's up by 12 right and that's why it's helpful to have the head count budget versus actual on top here so that you see that you're ahead of budget by 12 and so as your cost is also ahead of your budget by 12 and that makes sense um and then you go through pretty much the rest of the statements and go account by account and provide commentary in the same way by investigating why the budget is different than actual and provide a commentary and then this pretty much is going to help management to make decisions on the business going forward whether we need to reduce the resources being spent in certain areas uh invest more in selling in certain areas so on and so forth this is how you analyze actual versus budget all right the next analysis is going to be vertical analysis and before discussing why even it's called vertical analysis I wanted to give a big shout out to my patreon supporters I'm Gonna Leave a screenshot here for my supporters uh thank you so much for supporting the channel and patreon pretty much is a place where we meet once a month and you can chat with me on Discord via voice chat and ask me your questions we discuss things that vary from financial statement questions to Career Development uh even questions whether you should leave your job and go to another job things like that we discuss so go ahead I'm going to leave a link down below to patreon where I also leave valuable Excel files and downloads that you can go ahead and check out but let's dive back in we're talking about vertical analysis right so for vertical analysis the reason why it's called vertical remember we just hit horizontal here on the left horizontal was going left to right and comparing period over period right with vertical we're going top to bottom that's why I scored vertical it makes sense um so your in vertical I'll show you the setup and Excel in a second but you pretty much are comparing some of the items on the income statement uh to one fixed item such as Revenue commonly done this way and then looking at you know whether you are as a percentage of revenue for example uh you're trending up or down on these expenses so let's take a look on the Excel file and how I set it up for this kind of analysis all right so for vertical income statement analysis what I do is I layer in my income statement by account for three months so I have here January February and March and then I create three columns here where I measure each line item as a percentage of Revenue so obviously Revenue as a percentage of itself is 100 but then as you go down the cost of sales accounts for example so server cost right when you look at it as a percentage Revenue You're simply just dividing the server costs as a percentage of total revenue and they give you 21 right and what you want to see is that you want to see for example server cost you want to see Improvement right so this one here that's why I highlighted in green because I'm seeing a good trend line right you don't want to see this one going from like 20 21 to 19 you know to like thirty percent you don't want that you would that would be uh something that you highlight in red uh in this case here is actually a good Trend where uh the percent as a percentage my server cost um is going down as a percentage of Revenue uh same thing here I'm going to highlight the salaries to customer support which is trending down as a percentage of Revenue which tells me that I'm able to support uh the growing Revenue with less cost or you know maybe fixing my costs in terms of head count for customer support which is a good thing so I want to highlight the success and then also I want to highlight any kind of you know red flags so for example as I scroll down you know hotels for example uh the amount to spend as a percentage Revenue went up from three percent to four percent and although it's not a big increase it's just an example I want to show you that where you can see trend lines that are not trending in in the right direction and you want to highlight that and this castle with your management to figure out where are the areas that you can improve in the business and this is the whole purpose of this vertical analysis is to highlight the areas that needs Improvement in the p l right so going back to overview we've covered three types of analyzes an accounting analysis and then we covered actual versus budget vertical analysis and now we'll take a look at ratio analysis so the reason why ratio analysis is helpful is because it Compares two Financial figures to each other and gives you the result in terms of a percentage or a ratio so an example is current ratio so current ratio measures the relationship between current assets and current liabilities and gives you the result in terms of ratio the higher the ratio the better because that means that you have enough current assets to cover your near-term obligations and current liabilities and so it's a really helpful way to look at the business because it gives you a quick way of understanding where you stand and some of these things profitability liquidity and solvency so let's take a look at how I set up my file for this kind of analysis all right so in terms of setup in the Excel file I go ahead and list my ratios so I selected a couple of profitability ratios gross margin operating margin liquidity ratio such as current ratio and then a couple of solvency ratios and you know I like to always list the purpose of these ratios for anyone who's reading the file to understand what I'm doing and then the formula and then the results for January March February and March and kind of you know go to the right here and measure each month so I can establish a trend line for these results so for the first one gross margin for example that shows the amount of profit before deducting selling General and admin expenses and it takes gross profit divided by gross revenue and spits out the result in terms of percentage you know in January it was a negative 14 and then it begins to Trend up in Feb to 29 and into 30 and March um and the goal is 60 and the goal of something that you can set up by speaking to your leadership in the company and also discussing in terms of Industry so in this case here this is a software company and it's common to have a gross margin close to 60 percent and so that's what I'm going to set up the goal here to be 60 and I want to see this number trending closer to 60 percent uh in the future and to make it easy for myself I put a couple of tabs in here one for profit and loss and one for the balance sheet so I can easily just link these numbers gross profit divided by revenue and I can get my result here and display it here on the right so you can set up your ratio analysis in this simplistic view that you see right here or you can set up a more sophisticated kpi dashboard like the one that you can download on my website I'm going to leave a link down below to the controller kpi dashboard which is something that you can set up and it's easy to navigate where you can change the month and that will change the results you can go ahead and check out the link down below I'll teach you how to create it and you can download a finished product which you can customize your needs or you can just set up this simplistic view which is pretty good it will go from gross margin to operating margin measuring each month the trend line and then also showing the goal I have here liquidity ratio current ratio which is current assets divided by current liabilities giving me a number and then I'm going to have a goal so the goal always with current ratio is to have more than one because that means that you have much more than your current liabilities and current assets so that means that you can meet your current or near-term obligations of the company will the solvency ratios we've got debt to equity ratio which is the relative proportion in equity that is financed by liabilities so for example liability is divided by Equity it gives you 15 and that means that 15 of the company's business is financed via liabilities versus equity which is good you want that to be less than one otherwise the company can be too leveraged into liabilities and then you have financial leverage which looks at the total assets divided by total equity and then you provide your gold and your explanation of the ratio so this is a quick way to kind of set up a ratio analysis for the company again I use either this view here which is simplistic or a more sophisticated dashboard view here which I'm going to leave a link down below too as well and as I mentioned at the beginning of the video I'm going to share with you the common analyzes that I use of month end so out of all these four analyzes the ones that I rely on each month is going to be this first one here I can accounting analysis to find accounting error month over months this is going to be a stable analysis for me each month and the second one is going to be actual versus budget this is something that I do every month so these first two are the two that I rely on the most uh with vertical and ratio analysis I would only do if I have the resources enough people on my team to conduct the analyzes if I don't have time for these two or resources I will always default to these first two these are the most helpful because the first one tells me um if I'm making accounting mistakes and the second one tells me how I'm spending or operating compared to budget because the budget is the basically the North Star for the company and what I need to stick to and if I'm underperforming against budget I need to figure out why from over performing you also it's good to find out why you're over performing so that you can learn from the company's results so these are the two results or two analyzes that I rely on each month thank you so much for watching and if you found this video helpful go ahead and give it a thumbs up and I'll see you in the next video
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