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In managing a business, it really is important that there is a proper allocation of the company’s budget. The auditor or finance who does all the computations and who has the overall control of the money should be responsible enough in handling them.

The purpose for this is for the company to be aware of the amount that the company receives or gives out. This is known as the cash flow, and the flow of cash can either be positive or negative. One way to monitor the cash flow of the business is by conducting an annual performance or a peer review.

Financial Report Form

Confidential Financial

Annual Financial Review

Eligibility Financial

Financial Peer Review

What is a Financial Review?

A financial review can also be termed as an income and expense tracker, and is conducted by the company in order for the management to be aware on how the money comes and goes. This review is documented using a financial form and is used to track the total receipts, total disbursements, the cash on hand and the remaining cash balance when total disbursement is deducted.

Another review that the company conducts is an employee review, in which all information are collected and documented using an employee review form.

How to Conduct a Financial Review

A financial review is best conducted regularly in order to have a proper tracking of the total revenue and total expenditures of the company. The review is also conducted in order for the management to be able control their budget cost for the production and projects that are carried out.

Financial review is usually included in monthly budget meetings in order to have proper allocation of the total current cash on hand. This is conducted to know the current financial position of the business company. These reviews are based on the financial statements. There are three basic financial statements and these are the following:

• balance sheet that shows the net worth, assets and liabilities of the company
• cash flow statement that shows the flow of cash specifically the coming in and coming out of the of cash due to the activities
• the profit and loss statement account that is also  called as income statement, where the net income and total expenses are tracked

Refer to the sample review forms found in this article and see how these forms are made or written and filled out.

Personal Financial Form

Financial For Aduit

Financial Checklist Form

Club Financial Form

Financial Review Verification Form

How Often is the Financial Review Conducted?

A financial review is conducted internally to check and verify that there is no fraud or misinterpretation done in ensuring all books of accounts. In examining these accounts, the auditor audits various books of accounts before conducting a physical inventory checking.

This is done in order to monitor all the departments that they are following the system in recording the transactions. And it is assured that the financial statements are made accurately. In auditing, all reports are documented and are used as the basis for financial review.

A financial review is often conducted annually in order to identify the comparisons or differences between the previous and the current financial statement reports. This is conducted as soon as the latest annual financial statement has been audited. In reviewing the financial statements, the accountant must have a clear understanding with regards to the services that are needed to be performed.

Reviews are made for a lot of reasons, and an example is a contract review form. Contract review is done in order to have a clear understanding regarding the agreement between two people or two entities. Another example is a review which is conducted monthly using a monthly review form. A monthly review form, from the word itself is done every month depending on what is being reviewed (could be for performance, meetings, evaluation, etc).