Two Useful Financial Tools for Small Businesses
Starting a small business could be quite overwhelming for most small business entrepreneurs. There are many start-up aspects to consider at first, and figuring out your financial projections is one of the most important and potentially overwhelming steps. However, you can alleviate unnecessary fears and find a financial planning tool that can help you make your initial financial projections until you get more experiential knowledge about your business finances. Even once you get to a more comfortable place about your finances, using financial tools can help you make more accurate financial projections and analysis while saving you time. Here are two very useful financial tools to consider for your small business.
- SCORE Financial Projections Template is an Excel workbook, which is designed for small business entrepreneurs starting or already running a business. This template allows small business owners to make three-year projections on operating profit, create income statements, balance sheets, as well as cash flow forecasts. Small business entrepreneurs can enter expenses by year and month rather than a lump sum and the spreadsheet allows for various levels of payroll changes based on various categories of employees. You can download the template for free and start using it immediately.
- Quickbooks Startup Financial Planner is another financial planning tool small business owners can use to project their startup costs. This interactive tool can give small business entrepreneurs financial projections to help figure out what the first year would look like from a financial standpoint. If you have no clue what licensing and permits might cost, this planner will give you licensing and permit recommendations based on previous user data and on your location. It’s also a very useful tool for financial and breakeven analysis, as well as for generating business trend reports.
Figuring out your financial projections when starting a small business is one of the most important first steps for a start-up as it informs many other decisions about running a business. Selecting the financial planning tool that makes most sense for your working style can save you time and alleviate any uncertainties about your financial situation for the upcoming months and years.