Finance and Accounting Automation - Financial Statement Generator

 Notes:

• What problem does it solve?: Automates the creation of a company’s income statement and balance sheet.

• How can businesses benefit from customizing the code?: Businesses can adjust the financial categories and include additional assets/liabilities to reflect their specific financial situation.

• How can businesses adopt the solution further?: Add real-time data integration with accounting software for automated monthly or quarterly reports.

Actual Python Code:

import pandas as pd

class FinancialStatement:

    def __init__(self, revenue, expenses, assets, liabilities, equity):

        self.revenue = revenue

        self.expenses = expenses

        self.assets = assets

        self.liabilities = liabilities

        self.equity = equity

    def income_statement(self):

        net_income = self.revenue - self.expenses

        print(f"Income Statement:\nRevenue: ${self.revenue}\nExpenses: ${self.expenses}\nNet Income: ${net_income}")

        return net_income

    def balance_sheet(self):

        total_assets = sum(self.assets.values())

        total_liabilities = sum(self.liabilities.values())

        total_equity = sum(self.equity.values())

        print(f"Balance Sheet:\nTotal Assets: ${total_assets}\nTotal Liabilities: ${total_liabilities}\nTotal Equity: ${total_equity}")

        return total_assets, total_liabilities, total_equity

# Example usage

assets = {'Cash': 50000, 'Inventory': 20000, 'Property': 100000}

liabilities = {'Loans': 40000, 'Accounts Payable': 15000}

equity = {'Common Stock': 30000, 'Retained Earnings': 10000}

fs = FinancialStatement(revenue=120000, expenses=80000, assets=assets, liabilities=liabilities, equity=equity)

fs.income_statement()

fs.balance_sheet()