Balance sheet is a financial statement which gives a summary of what a company owns (assets) as well as owes (liabilities) while detailing the amount of investment by shareholders (shareholder equity) too.
Balance sheet templates not only save time but are accurate too. Furthermore, balance sheet templates allow easy comparison of financial data over time. This improves the process of financial analysis and decision-making.
Geekflare has created this list of free customizable balance sheet templates to help you better track your finances.
- 1. Microsoft 365
- 2. Wise
- 3. Smartsheet
- 4. Vertex42
- 5. FreeDownloads
- 6. FreshBooks
- 7. CFI
- 8. Wolters Kluwer
- 9. Xero
- 10. Clockify
- 11. Spreadsheet 123
- 12. FinModelsLab
- 13. Toggl
- 14. Zoho
- 15. Score
- 16. Conta
- Show less
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1. Microsoft 365
Microsoft 365 provides pre-made templates or designs for Business, Presentations, Planning, Instagram Stories, Financial Management, and more.
Microsoft lets you search for professional design templates on various topics, styles, or colors. It allows you to customize templates with text, design, or video elements as per your brand style.
Microsoft 365 Features
- Offers various balance sheet templates to download directly or open in Excel in the browser.
- Allows easy customization of Excel as per your requirement.
- The template can be used in Microsoft Excel and downloaded in XLSX format.
- Allows you to create the balance sheet template entirely from scratch.
Microsoft 365’s templates are completely free to download and easily customizable.
2. Wise
Wise is a global financial technology company popularly used as foreign exchange. The platform allows you to keep multiple currencies in one account. It helps businesses to connect to their customers from all over the world. One of its products is Free balance sheet templates that help businesses capture their net worth at a given time.
Wise Features
- Provides a basic and simple balance sheet template to review your company’s financials. The file will be downloaded in XLSX file format.
- Has a Business balance sheet template which will help you gain helpful insight into your business and provide you with a more comprehensive overview. The file will be downloaded in XLSX file format.
- Offers a Google sheet balance sheet template, which you can directly open in your browser as Google Sheets and start creating your balance sheet.
All three balance sheet templates from Wise are completely free to download. Wise allows seamless integration with Xero online accounting, which will help your business grow.
3. Smartsheet
Smartsheet is a powerful software that helps businesses and teams manage projects, automate processes, and scale programs. It is not only a productivity and task application; other important features of the platform are real-time reporting and end-to-end work execution.
Smartsheet provides a free balance sheet template for businesses to review their financial goals and position.
Smartsheet Features
- Basic Balance Sheet Template- It’s a simple and basic template to overview your business’s financial situation.
- Pro Forma Balance Sheet Template- This template suits existing business and business plans.
- The monthly Balance Sheet template will help you meet your monthly financial goals.
- Investment Property Balance Sheet Template- It will help you track the investment property’s growth in value.
- Daily Balance Sheet Template- With this template, you can keep track of daily assets, liabilities, and equity.
- Quarterly Balance Sheet Template- This template will help you track your quarterly financial position.
All the templates are available to download as Excel sheets and open as Google Sheets on browsers and are completely free.
4. Vertex42
Vertex42 is a popular platform for creating professionally designed templates for various purposes such as business, home, personal, and educational.
Some templates provided by Vertex42 are Cash Flow Spreadsheets, Microsoft Excel Templates, Payroll Time Sheets, Business templates for Excel, Balance Sheet templates for Excel, etc. The balance sheet template by Vertex42 helps your business track its net worth at a given point.
Vertex42 Features
- Offers templates for Excel 2007 or later, Excel for iPad/iPhone, and OpenOffice, and available to open as Google Sheets.
- Is best suited for small business owners.
- Provides a balance sheet template that works well for a two-year comparison and includes all common financial ratios.
- Has an income statement to go along with your balance sheet.
The templates provided by Vertex42 are free to download and don’t need any installation or macros but are simple editable spreadsheets.
5. FreeDownloads
FreeDownloads is a platform to download Documents and templates like Balance sheet templates, Last Will forms, Loan agreement templates, and more.
All the documents of FreeDownloads are completely free to download, and each comes with various types and file formats.
FreeDownloads Features
- Lets you download balance sheet templates for various types like Accounting, Bank, Business, Church, Farm, and more.
- Provides each template for download in formats like Adobe PDF, MS Excel, MS Word, Rich Text, and PowerPoint.
- Has customizable template as per your requirements.
FreeDownloads allows users to easily download a free balance sheet template by choosing the type and format.
6. FreshBooks
FreshBooks is an Invoice and accounting software providing solutions like Invoicing, Time tracking, Accounting, Reports, Bookkeeping, and more.
FreshBooks is best for freelancers, professionals, and businesses. You can easily manage your financial numbers with FreshBooks‘ balance sheet template.
FreshBooks Features
- Allows you to select the balance sheet template format and customize it as needed.
- Allows for creating a list of assets and then categorizing them.
- Users are able to add your company name, logo, contact details, expenses, income, etc.
- The template can be used with Microsoft Excel, Microsoft Word, and Google Docs.
- You can download the template in XLX, DOC, PDF, Google Docs, and Sheets.
- If you want a different format, the Google Doc format is customizable and can be used in the format you need.
FreshBooks allows you to download the balance sheet template for free and customize it as required in no time.
Check out our detailed FreshBooks review for more information.
7. CFI
CFI is an online training platform with over 150 on-demand courses, 300+ CPE credits, certifications, and other resources to help professionals excel in their careers.
CFI has courses on various subjects like Accounting, Excel, Capital Markets, Data Science, Machine learning, and much more.
CFI Features
- Allows you to add and remove line items under current and long-term assets, current and long-term liabilities, and equity.
- Helps you calculate different financial ratios automatically.
- Has a “check” line, allowing you to detect unbalanced between your assets, liabilities, and equity.
- The template will be downloaded in XLSX file format.
To download CFI’s balance sheet template for free, you must enter basic details like your first name, email address, and topic of interest.
8. Wolters Kluwer
Wolters Kluwer is a global solution provider in Health, Tax and Accounting, ESG, Compliance, Legal, and Finance.
Wolters Kluwer provides solutions, services, and professional information with its advanced technology to help businesses.
Wolters Kluwer Features
- It lets you download balance sheet templates for Microsoft Excel version 4.0 and above.
- You can quickly fill in all your account balances, and the template will let you know if the sheet doesn’t balance.
- The template can be easily modified as per your requirement.
- The template is best suited for sole proprietorship but can easily be modified for partnership or corporation.
Wolters Kluwer is completely free to download and can be downloaded with just one click in XLT file format.
9. Xero
Xero is an excellent accounting software for accountants, small businesses, and bookkeepers. Some of the platform’s features are it helps you pay bills and claim expenses. Bank connections and more. It will help you track your business numbers as and when you want.
To download Xero’s free balance sheet template, complete a form with details like your email address, location, industry, and business type. You will get your template in your email.
Xero Features
- The free balance sheet template will help you keep tabs on debt and get a summary of the financial state of your business.
- The platform will send a how-to guide and a template to help you use it.
- The paid version of the app allows you to capture the financial data and create a balance sheet as and when you require it with customizable formatting.
- With the paid version, you can create up-to-date reports, share easily online, and show results as graphs.
Xero’s paid version provides a 30-day free trial period and paid plans for a $25 per month starter plan, $40 per month standard plan, and $54 per month premium plan.
For mor information on Xero, check out our review of Xero Accounting.
10. Clockify
Clockify is a time teaching and timesheet platform with features like Time tracking, Activity tracking, Calendar management, Budget management, Customizable templates, and much more.
Clockify is available for Chrome, Linux, Edge Mac, Windows, Linux, Android, and iOS.
Clockify Features
- Allows you to download reusable balance sheet templates in XLSX file format.
- This template is suitable for personal use, private company, and small business.
- Allows you to add your company’s basic details and dates.
- This template is simple, where you can add your Assets, Liabilities, and equity, and the total and financial ratios are calculated automatically.
Clockify allows you to download the file on your PC or open it directly in Google Docs in your browser.
11. Spreadsheet 123
Spreadsheet 123 is a popular platform for spreadsheet templates for Microsoft Excel, Google Docs, and Open Office.
Spreadsheet 123 provides budget spreadsheets, retirement savings, Balance sheet spreadsheets, and business templates.
Spreadsheet 123 Features
- Allows you to download the balance sheet template in two file formats XLS (Excel 2003 XP) and XLSX (Excel 2007 +).
- You can edit the template to add your company name and date.
- Monitors your business’s assets and liabilities over three years.
- Requires Microsoft Excel 2003 and higher and can be used on PCs and Macs.
- It is used by both old and new businesses to track trends over a number of years.
- Your business can use the spreadsheet to check areas for improvement.
Spreadsheet 123 allows you to download the template easily by clicking on the type of file format you want, and it’s completely free.
12. FinModelsLab
FinModelsLab allows you to download industry-specific Financial model templates in Excel, business plan templates, excel dashboards, and much more.
FinModelsLab offers a monthly balance sheet template to help companies track their monthly financial position regarding assets, liabilities, and shareholders’ equity.
FinModelsLab Features
- Allows the creation of a professional and functional balance sheet easily.
- You can download the monthly balance sheet template in XLSX format.
- The template will allow companies to perform better analyses and conduct more profound research.
- With this template, you can easily measure capital structure, leverage ratios and assess potential fundraising.
- Helps you value your business and monthly financial position.
FinModelsLab is completely free, but you need to add the template to your cart and enter your email, name, and other details. The template will then be sent to your email from where you can download it.
13. Toggl
Toggl is a time-tracking application with amazing products like Balance sheets, Billing and invoicing, Reporting, Time tracking, Payroll, Project budgeting, etc.
Toggl is available as a Web app, Mobile app, and Desktop app, allowing over 100 app integrations.
Toggl Features
- This template comes in Excel file format, so you can easily use it with Google spreadsheet or Microsoft Excel.
- It is very simple to print it; you just need to fill out the spreadsheet.
- It allows you to download blank spreadsheets, so it is easy to reuse them as often as you want.
- You can customize it with your company details and other edit formatting.
- The design of this template is intuitive, clean, simple, and very professional.
With Toggle, you don’t need to sign up with your email or follow multiple steps; it’s completely free; just click download, and you are ready to go.
14. Zoho
Zoho Balance Sheet template is an all-inclusive online accounting program made to streamline company processes, manage funds, and promote departmental cooperation. It was created by Zoho Corporation and provides several features to help companies of all sizes with their financial management. Tools for managing invoices, keeping track of spending, and balancing bank transactions are all included in Zoho.
To evaluate the financial standing of the business, users can create financial reports, including profit and loss statements and balance sheets. The platform calculates the rate of return on investments and enables the comparison of current assets and liabilities to assess liquidity. Furthermore, Zoho simplifies repetitive accounting duties, including managing financial documents, recurring invoicing, and bill payments. In addition to offering integration options with other Zoho apps and outside providers, it facilitates multi-currency transactions.
As Zoho complies with compliance standards, such as GST and VAT legislation, it can be used by firms that operate in several locations.
Zoho Features
- Organizes accounts payable and receivable and adds clients and suppliers.
- Makes products, manages inventories, and quickly reconciles financial accounts.
- Establishes and oversees several initiatives.
- Has collaboration tools that let teams share access to financial data and workflows and collaborate effectively.
Zoho’s Balance Sheet Template is available free of cost and easily downloadable.
15. Score
Score Balance Sheet Template is a free, downloadable business plan template designed by SCORE, a nonprofit organization that offers mentoring and resources for small businesses. The template provides a structured framework for entrepreneurs to outline their business ideas, market research, financial projections, and operational plans.
Score Balance sheet template includes sections for executive summary, business description, market analysis, organizational structure, and financial forecasts. Available in Word and PDF formats, the Score Free Template aims to help users create a comprehensive and professional business plan. It is part of SCORE’s suite of resources to support business development and growth.
Score Features
- Simple, to the point, and easy to understand, as they provide a clear framework for assessing performance.
- Includes specific and achievable Key Performance Indicators (KPIs) so that you can drive improvements effectively.
- Incorporates all four perspectives: financial, customer, internal processes, and learning and growth.
Score Free Template is free and is available to download as an Excel sheet.
16. Conta
Conta Balance Sheet Template is a free, open-source accounting template designed for personal and small business use. This template, created by Conta, has all the functionality you need to manage your finances, such as keeping track of your income, expenses, and balances. It can be downloaded as an Excel spreadsheet with features including financial summary, income tracking, and cost classification.
With Conta users can create basic financial reports and modify the template to meet their unique accounting requirements. Although it lacks the sophisticated functionality offered in complete accounting software, Conta Free Template may handle basic accounting duties. It is appropriate for anyone looking for a simple financial management solution, whether they are individuals or small organizations.
Conta Features
- Helps you design the template as per the company branding and requirements.
- Quickly and simply creates thorough balance sheets and balance sheet forecasts.
- Learn about the company’s equity, liabilities, and assets to evaluate its overall financial health.
Conta Balance Sheet Template is free, with no time-consuming barriers or sign-up forms.
What is a Balance Sheet?
A balance sheet is a company’s financial statement that lists its assets, equity, and liabilities. Assets account for everything a company owns, like money in the bank, investments, and physical capital. Liabilities are everything that a company owes, such as debts. Lastly, equity is a company’s net worth.
The primary role of a balance sheet is to organize all this information in such a way that it is easy to read and understand. It helps to provide helpful insight into a company’s finances and allows comparing competitors.
There are three main sections of a balance sheet – Asset, Liability, and Equity:
Asset: There are two types of Assets – current and non-current assets. Current assets can be converted into cash easily within one year or one business cycle. These types of assets are short-term, such as cash, cash equivalents, inventory, accounts receivable, etc.
Noncurrent assets are fixed assets or items that can’t be liquidated within one year or one business cycle. Examples of noncurrent assets are fixed, intangible, and long-term investments.
Liability: Similar to Assets, Liability has two types: current and noncurrent. Current liabilities include an amount that needs to be paid within one year. Some examples of current liabilities are salary, wages, interest, customer prepayments, dividends, and accounts payable.
Noncurrent liability consists of payments your company must pay in more than one year. Pension fund liabilities, deferred tax liabilities, and principal on issued bonds are a few examples of noncurrent liability.
Equity: Equity is capital contributed by shareholders to the business. Equity consists of paid-in capital and retained earnings. Different types of equity are owner’s equity if you are the sole proprietor of your business and stakeholder’s equity if your business is a corporation.
Importance of Balance Sheet
Here are a few reasons why every company needs balance sheets:
- A balance sheet helps you understand your business’s financial position and net worth at a given time.
- It helps stakeholders understand the business’s liquidity position and its performance.
- Studying the balance sheets over the years determines the company’s growth and helps foresee future financial plans.
- The balance sheet is considered an essential document if your business needs any loan.
- Analyzing a balance sheet is the best way to determine your company’s ability to undertake expansion projects and identify unforeseen expenses.
- It will help you keep track of your equity funding and debt funding.
Examples
Following is the example of a balance sheet using the account form:
Following is the example of a balance sheet using report form:
Final Words
It is clear that balance sheets are essential for a business to keep its owners informed about their financial position. Many businesses fail to identify their company is in trouble, and maintaining a balance sheet will help you solve that at an early stage.
You don’t need to create a balance sheet from scratch; you can choose one of the best templates mentioned in this article as per your need and start creating one for your business.