The balance sheet template is a format which can explain to you in detail the picture of your financial health. It makes sure your assets are sufficient against liabilities, so you can offset your current liabilities with current assets. If you wish to see your net worth in one minute, then you should probably see your balance sheet. There are other names of this format, like financial statement, yearly financial statement or net worth statement. This is because you haven’t heard its true name, which is balance sheet.