60% off for 4 months

Balance sheet template

Download balance sheet template for free

Looking to improve your accounting process? Try our free balance sheet template! Download the template in seconds, and try FreshBooks for free for a complete accounting software solution.

or
Try FreshBooks for Free

What is a balance sheet?

A balance sheet is a financial statement used to obtain information about a company’s financial position as of a specific date. It’s an essential document for tracking your company's assets, liabilities, and shareholder equity, evaluating financial health, and supporting strategic, data-informed decision-making.

This document is used along with your income statement and cash flow statement to determine your business’s overall profitability. Unlike the income statement or the statement of cash flows, which provide financial information for a period of time (year, quarter, month), a balance sheet only provides a snapshot of your net assets at a specific time. It can’t provide information on long-term financial trends. Instead, it’s common to compare current period balance sheets to prior-year ones to track changes in your business assets, liabilities, and equity over time.

How do I create a balance sheet?

Creating a balance sheet can be a very simple process with the right tools. When you use the free downloadable template from FreshBooks, it can be broken down into 6 simple steps:

1

Choose a format

First, choose the P&L statement format that is most useful for you and your business’s needs.

2

Download the template

Next, download your free profit and loss statement template of choice in seconds from the FreshBooks website.

3

Enter revenue

You’ll be prompted to enter revenue information in the relevant field—keep your financial records on hand for this part.

4

Enter expenses

After entering revenue, you’ll input all relevant business operating expenses into the P&L report template.

5

Calculate net income

Simply subtract your business expenses from your business revenue to calculate your total net income.

6

Determine profitability

Finally, look at your bottom line. If your net income is positive, you’re profitable. If it’s negative, you’re currently unprofitable.

Download balance sheet template

The balance sheet templates from FreshBooks are customizable and simple to use. It’s easy to adapt these templates to your business’s specific needs. Downloading the template is completely free and takes moments—no login needed. You can also choose from several different formats depending on your accounting requirements.

Download balance sheet template for free

or
Try FreshBooks for Free

Balance sheet format

What components are on a balance sheet? Let’s break it down:

1

Revenue

Revenue (also called sales or income) refers to the money your business receives in exchange for goods or services you provide during a given time period.

2

Cost of goods sold

This section details your cost of goods sold, also called COGS. It includes expenses incurred for materials, labor, and overhead which directly contribute to the production of the goods your company sells.

3

Operating expenses

In this field, you enter any costs associated with running your business, such as cost of goods sold (COGS), property rental expenses, and other operating expenses.

4

Operating profit (loss)

Your profit/loss is your revenues minus your expenses. It will either be a positive number (indicating profitability for that period) or a negative number (indicating non-profitability).

Additional accounting templates

A balance sheet is one of the fundamental financial statements, but there are others your business will need to stay informed about your financial health. We offer a range of additional templates for financial statements, including:

Expense report template

This is a report containing categorized information on expenses incurred by the business, plus amounts, descriptions, and reimbursement details.

Download

Balance sheet template vs. FreshBooks accounting software

Our free balance sheet template is a great way to start streamlining your accounting process. But if you’re looking for a more complete time-saving solution, we recommend trying FreshBooks accounting software. It’s a great way to keep accurate financial records, quickly generate reports, and guide your business decisions. It has several other useful features, including:

Features

Free Balance sheet templates

FreshBooks accounting software

Mobile access

Yes
Yes

Pre-designed templates

Yes
Yes

Downloadable templates

Yes
Yes

Automated data entry

NoManual Entry
Yes

Automated calculations

NoManual formula creation
Yes

Reduced error risk

No
Yes

Cloud data storage

NoLimited
Yes

Automatic report generation

No
Yes

Scalability

NoDifficult
Yes

Automatic recurring reports

No
Yes

Sign up for a free FreshBooks trial today

Try It Free

Helpful resources for your business

Looking for even more handy tools to help you run your business? We offer several resources to help you improve your invoicing skills, expand your knowledge, properly separate personal and business finances, and make business decisions with confidence:

Frequently Asked Questions