Having detailed financial spreadsheets in place can be valuable even if you do not need to seek outside funding.
Seeing the forecasts in black and white makes it much easier to plan everything from your quarterly tax payments to your capital investments.
In order to attract investors and get the financing you need in that critical startup phase, you need to have a detailed business financial plan in place.
This financial plan will explain to investors and potential lenders why your business is destined for success.
Have a look at how each of the financial templates below can help your business.
Evidence shows that complete financial plans are essential to the long-term success and growth of your business: A Palo Alto Software survey found that entrepreneurs with completed business plans were more than twice as likely to successfully grow their business as those who had no plan or an incomplete financial plan.Here's a guide to the six key elements of a successful small business financial plan.You can find templates for these financial plan components via the SBA or SCORE.Starting your own business can be the key to securing your financial future, and a way to finally take charge of not only your finances but your time and talents as well.When you own a business, you call the shots, and you decide where to best use your expertise.With these types of outputs in hand, everything from short term tax planning and preparation to long term strategic planning becomes much easier.For instance, you can use your balance sheet and your income statement to figure the quarterly income tax bill for your company.Knowing how much your company is likely to earn by looking at the P/L statement generated by the software helps keep you out of hot water with the IRS, while at the same time avoiding overpaying your taxes with money that could have been better spent helping your new venture grow.This type of tax planning has a positive impact on the cash flow of your business, making it easier to do everything from hire new employees to purchase new equipment.Regular expenses are the current ongoing costs of your business, including operational costs like rent, utilities and payroll.Regular expenses relate to standard business activities that occur each year, such as conference attendance, advertising and marketing spend, or the office Christmas party.