10 pg. PDF eReport, 85 KB
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IN THIS 10 PAGE eREPORT by Barbara Brabec, you get a clear explanation of the importance of the financial reports every business needs, along with
sample worksheets you can use as models to create your own
impressive financial documents (especially helpful if you have no
accounting software program that creates such reports for you).
These samples can be adapted to fit the needs of any business
(homebased or otherwise), whether it offers products, services, or a
combination of both.
If you think your homebased business is too small for you to take the time to create financial
statements, think again. If you're serious about what you're doing, you
should have these reports for your own information. Even if you
never plan to ask a banker for a business loan, your financial
statements will provide a fascinating picture of how your business
is doing and enable you to monitor cost-of-goods and inventory
figures, overhead costs, and net profits each year. Sometimes when
you're not sure if you're just treading water or actually making
gains, financial statements can offer surprising and comforting
evidence that you're on the right track.
Bankers have always been impressed with my Income Statement, so I've included in this report a sample of the
worksheet I have always used to prepare it, along with sample
worksheets for a Balance Sheet and Profit and Loss (P&L) Statement.
Adapted from the financial statements used by a book publishing
company I once managed, these forms have served me well over the
years. They'll knock the socks off any banker or lender you deal
with in the future.
This report also includes a cash flow projections worksheet. Even
if you never apply for a loan, you will find it helpful to
occasionally make cash flow statements for your business,
particularly when you find yourself coming into a period where
you're worried about whether you will have sufficient income to meet
anticipated expenses. By creating a cash flow projection in advance
of an anticipated situation, you can identify if and when a
financial problem is likely to occur and get a handle on what you
might need to do to solve it. You might find you have to do
something to generate extra income or apply for a short-term loan.
Sometimes a cash flow projection proves that you aren't going to
have a problem at all.
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