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A financial status report is a statement that summarizes fund disbursement and is at the end of any budget period.

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This type of report accounts for the general fund and also budget adjustments, if there are any. It is generated at the end of a budget period and is sent to project sponsors. Aside from that, it also includes fund balance analysis which involves transactions where you find outlays, refunds, and rebates.

Furthermore, financial status reports emphasize comparison of earnings and expenses in the duration of a fiscal period.

• Important Facts on Writing OnePart 1
• Financial Status Report Template DownloadPart 2
• How to Make Status Reporting 10x EasierPart 3
• Additional SourcesPart 4

Part 1

Generally, there are three types of financial status reports:

• Interim financial status reports provide a summary of expenditures in a longer budget period such as quarterly or annually.
• Annual financial status reports account for the earning and expenses of a project team, company, or organization during a period of one year.
• Final financial status reports are ready when people complete the project.

Acting like a score card, it provides an overview of the financial health of a project, company, or organization.

Do note, however, that financial status report does not reflect the actual standing of a company or agency since it does not directly include the state of the economy, market reputation, technological advances, management and workforce quality, and other competitive considerations.

With that being said, the figures in the financial status report must be translated into something that makes sense to be able to paint a picture of a company’s financial performance and standing.

Keys to Writing Compelling Financial Status Reports

It is important to include the following information in a financial status report:

1. A) The total estimated budget for the project or contract,
   B) Amount of funds to obligate during the period,
   C) Expenses which incur to date and during the reporting period,
   D) Details of all direct and indirect costs incurred for the entire project or specific tasks,
   E) The balance of remaining obligation and funds needed to complete a project or task.
2. You must prepare and deliver reports in a timely manner and should also observe accuracy and clarity.
3. Decide on a time frame for the financial report. Ordinarily, financial status reports cover a quarter or half year. To determine the timeframe for the report, you must revisit the governing documents of the organization. These documents may be in the form of a by-law, corporate charter, or articles of incorporation.
4. Review the ledgers and make sure that they are complete, accurate, and up to date. Financial report with bad data is no use, and all efforts made in its preparation will lose its meaning.
5. The government or any regulatory authority might require some disclosures to reflect in the financial status report. You may insert these disclosures in the section called ‘Notes to Financial ‘

Part 2

Financial Status Report: Free Download Section

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Templates on ProsperForms:

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Part 3

How to Make Status Reporting 10x Easier

How to configure status reports on ProsperForms:

Step 1:

• Create a “Project Status Report” applet — customize our preset forms or easily create a new form in minutes.
• Setup reminders if you want your team members to receive automatic reminders when their reports are due.
• Configure who will submit reports by choosing the “Participants” tab.

Step 2: Users will click the “Open Submission Form” button to fill in and submit the report.

Data such as the report type, date and name will be added automatically.

As soon as a new status report is added, participants with “View” rights can view it in real time.

Step 3 (Optional): Generate a report and export it to PDF.
(Skip this step if you share status reports online and don’t print them.)
Click “Generate Report”.

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Done!

Benefits:

1. Make project reporting easier with auto-fill:
   Fields such as date, name, report type, and formatting are inserted automatically by software.
2. Consolidate reports automatically:
   Reports created by your team members can be consolidated easily.
3. Save time with auto-layout:
   No need to spend hours in Word or Excel perfecting the report’s layout because it exports your updates into a beautifully crafted file with a couple of clicks.
4. Peace of mind with auto-reminders:
   No one forgets to fill in their status reports because ProsperForms automatically sends timely reminders according to the schedule you chose.
5. Decrease time and effort spent on monthly, quarterly, and yearly reporting thanks to powerful filtering and export features.
6. Quick sharing:
   Status reports can be either
   – exported to files and printed, or sent by email;
   – shared with the manager online (in real time);
   – optionally shared online as team-wide status reports, i.e., all team members share their progress with each other to spend less time on meetings.

Sign up now.

Part 4

Additional Sources

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Features of investigation report templates word

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