根据美国会计准则编制的综合财务报表.S. Generally Accepted Accounting Principles (GAAP) include three reports: the balance sheet, 损益表和利润表 现金流. Together these reports can be powerful diagnostic tools to help evaluate the financial well-being of a business. 此外, 通过仔细分析, you may be able to uncover potential money-management problems or even fraudulent activity.
资产负债表显示资产vs. 负债
The balance sheet provides a snapshot of a company’s financial health at a moment in time. One side shows the assets owned by the company, such as cash, accounts receivable 和 inventory. 另一方包含对公司资产的负债或债权. 例子包括应计费用、应付帐款和设备贷款.
流动资产(如应收账款)在一年内到期, 而长期资产(如厂房和设备)的使用寿命较长. 类似的, 流动负债(如应付账款)在一年内到期, while long-term liabilities are payment obligations that extend beyond the current year or operating cycle.
净资产或所有者权益是指资产超过负债的程度. 因为资产负债表必须平衡，资产必须等于负债加上净值. 如果公司负债的价值超过了资产的价值, 净资产将为负.
当对一段时间内的财务结果或对竞争对手进行基准测试时, 有许多资产负债表比率值得监控. 例子包括:
应收帐款的增长. 收入增长. 如果应收账款的增长速度快于收入的增长速度, 消费者可能需要更长的时间才能付款. This might indicate that customers are running into financial trouble or finding quality issues with the products or services.
库存增长vs. 收入增长. 当库存水平的增长速度快于收入时, 公司生产产品的速度快于销售速度. 这会占用你的现金. 此外, the longer inventory remains unsold, the greater the likelihood it’ll become obsolete.
成长型公司通常必须投资于存货和应收账款, 因此，这些账户的增加并不总是预示着问题. 然而, increases in inventory or receivables should typically correlate to rising revenue.
流动比率. The ratio of current assets to current liabilities is used to gauge short-term liquidity. 如果这个比率低于1，公司可能难以支付即将到期的账单. 一些商业专家认为，流动比率低于2:1是有问题的. But the optimal ratio varies depending on your industry, economic conditions 和 other factors.
损益表关注利润
损益表显示收入, 在一定时期内赚取的费用和利润(或损失). 在讨论损益表时，一个常用的术语是“毛利润”,即收入减去销货成本后的收入. 销售成本包括制造产品所需的人工和材料成本. 另一个重要的术语是“净收入”,即在支付所有费用(包括税款)后的剩余收入.
Also reflected on the income statement are sales, general 和 administrative expenses (SG&A). 这些费用反映了职能, 比如市场营销, 支持公司生产产品或提供服务的资金. SG的比值&A costs to revenue tends to be relatively fixed, no matter how well your business is doing. 如果这些成本在收入中所占的比例不断上升，那么业务可能会放缓.
损益表还可以揭示其他潜在的问题. 它可能会显示毛利润的下降, 这意味着生产成本的增长速度超过了收入的增长速度. Common causes of this include hiring more employees than you really need 和 doing an excessive proportion of low- or no-margin business. 在今天的商业环境中, many companies are reporting lower gross margins due to rising labor 和 materials costs — unless they’ve managed to pass along these cost increases to customers through higher prices.
现金为王
现金流量表显示了贵公司所有的现金流入和流出. 例如, 你的公司可能通过销售产品或服务获得现金流入, 借钱和卖股票. Outflows may result from paying expenses, investing in capital equipment 和 repaying debt. 理想情况下，一家公司将从运营中获得足够的现金来支付其费用. 如果不是，它可能需要借钱或出售股票来生存.
The statement of 现金流 shows changes in balance sheet items from one accounting period to the next. 它被分成三个主要来源的现金流:
- 操作,
- 投资活动;及
- 融资活动.
使事情复杂化, noncash investing 和 financing transactions are reported at the bottom of the statement of 现金流. 这些交易不涉及直接的现金交易. 例如, a machine that’s purchased directly with loan proceeds would be reported here.
Although this report may seem similar to an income statement, its focus is solely on cash. 例如, 产品销售可能出现在损益表上, 即使顾客一个月后才会付钱. 但是出售所得的钱在被收回之前不会以现金流入的形式出现. 为了继续经营下去, 公司必须不断地产生现金来支付债权人, 供应商和员工. 因此，企业主必须密切关注他们的现金流量表.
脚注披露提供关键细节
经审计和审查的财务报表必须包括脚注披露. 除了, companies that issue compiled financial statements often voluntarily disclose information to support their numerical results. Footnotes provide greater detail to line items on the financial statements 和 explain business operations, 风险因素和外部市场条件. This information is designed to help people who rely on the company’s financial statements better underst和 its financial health.
为了从你的财务报表中获得最大的收获，请仔细阅读脚注. 以下是一些可能需要额外尽职调查的披露主题.
关联方交易
公司可以向关联方提供优惠待遇，也可以从关联方获得优惠待遇. This term refers to individuals or companies with the ability to influence one another’s financial transactions.
这些交易通常与小企业有关. 例如, a family business owner might lease space from her parents at below-market rental rates or pay above-market salaries to her son. 但大公司也可以参与关联交易. 例如, an executive or board member may have an undisclosed financial interest in one of the company’s suppliers.
Footnotes should disclose all related parties with whom the company 和 its management team conduct business. It’s important to critically evaluate related-party transactions to determine whether they’re at “arm’s length” — 和 whether significant risk factors exist.
会计方法变更
一家公司对会计方法的选择会影响其财务结果. 例如, 收付实现制, 公司只报告收到的收入，只报告支付的费用. 按照权责发生制, 收入在销售时入账, 无论何时收到付款. 只有在收到货物或服务时才记录费用.
公司必须披露会计方法的变化, 估计, 变更对财务报表有重大影响的原则和做法. The disclosure should also explain the justification for a change in accounting principle or method, 以及这一变化对其财务报表的影响. 变更的原因应该是有效的，例如法规要求. 不诚实的管理者可以利用会计变更, 例如, 折旧或存货报告方法操纵财务结果.
重大事件
Footnotes also should disclose significant events that could materially impact future earnings or impair business value. 例如，失去一个大客户, uninsured business interruption from a natural disaster or stricter regulatory oversight next year.
Business owners 和 investors should stay atop industry trends to avoid being blindsided by emerging trends in the business environment. 中期财务报告有时有助于及早发现未披露的事件.
或有负债
脚注也可能揭示偶然事件, 例如未决诉讼, 国税局的调查, 环境索赔和不确定的税收状况. 如果重大，这些项目可能会损害公司未来的业绩和价值. 然而, 经理们倾向于淡化这些问题, so you might need to read between the lines 和 ask questions to better underst和 the potential risks 和 expected losses.
环境、社会和治理问题
广泛的 环境、社会及管治(ESG) 问题可能会影响借款人的财务状况和业绩. 例子包括公司碳足迹的大小, 努力用可再生能源取代化石燃料, 全面利用自然资源, 以及工作场所, 健康与安全, 以及消费品安全风险.
ESG报告在美国并不是强制性的, but public companies increasingly are required by the Securities 和 Exchange Commission to disclose information related to such issues as climate change 和 the use of conflict minerals in their financial reports. Many private companies have joined the b和wagon to prove to lenders 和 other stakeholders that they’re environmentally responsible, 有成本意识和信誉.
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财务报表讲述了一个公司的财务业绩. This information can be valuable for many purposes — whether you’re evaluating the financial results of your own business or one that you’re considering acquiring, 借给或投资于.
经验丰富的专业人士可以帮助你评估公司的财务状况, 包括潜在的风险和改进的领域. 联系理查德E. 莫里斯，有任何问题都可以通过我们的 网上联络表格.
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