Wikipedia considers a financial model to be a mathematical model that represents the performance of a financial asset, project, or other investments in abstract form.
Corporate Finance Institute believes that a financial model facilitates the forecasting of future financial performance, by utilizing certain variables to estimate the outcome of specific financial decisions.
Business Dictionary agrees with the notion of a mathematical model in that it comprises sets of equations. The model analyzes how an entity will react to different economic situations with a focus on the outcome of financial decisions. It goes on to list some of the statements and schedules you would expect to find in a financial model. Additionally, the publication considers that a model could estimate the financial impact of a company's policies and restrictions put in place by investors and lenders. It goes on to give the example of a cash budget as a simple financial model.
eFinance Management considers a financial model to be a tool with which the financial analyst attempts to predict the earnings and performance of future years. It considers the completed model to be a mathematical representation of business transactions. The publication names Excel as the primary tool for modeling.
Here's my personal definition:
