Financial management

Keeping your finances in check is easy to start-and maintain- when you use an excel budget planning template in your financial management routine. customize an excel template to suit your unique financial management needs, whether you're balancing the books of a small business or keeping track of your household budget..

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Budget your personal and business finances using these templates

Manage your finances using Excel templates. Stay on track for your personal and business goals by evaluating your income and expenses. Use these templates to add in pie charts and bar graphs so that you can visualize how your finances change over time. Create infographics that show what categories are included in your budget and the types of factors that incorporate each category. Download your financial management template so that you can access it and edit it as you need.

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Free Business Plan Excel Template [Excel Download]

Written by Dave Lavinsky

Growthink's Business Plan Excel Template

A business plan is a roadmap for growing your business. Not only does it help you plan out your venture, but it is required by funding sources like banks, venture capitalists and angel investors.

Download our Ultimate Business Plan Template here >

The body of your business plan describes your company and your strategies for growing it. The financial portion of your plan details the financial implications of your business: how much money you need, what you project your future sales and earnings to be, etc.

Below you will be able to download our free business plan excel template to help with the financial portion of your business plan. You will also learn about the importance of the financial model in your business plan.

Download the template here: Financial Plan Excel Template  

How to Finish Your Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less! It includes a simple, plug-and-play financial model and a fill-in-the-blanks template for completing the body of your plan.

What’s Included in our Business Plan Excel Template

Our business plan excel template includes the following sections:

Income Statement : A projection of your business’ revenues, costs, and expenses over a specific period of time. Includes sections for sales revenue, cost of goods sold (COGS), operating expenses, and net profit or loss.

Example 5 Year Annual Income Statement

Cash Flow Statement : A projection of your business’ cash inflows and outflows over a specific period of time. Includes sections for cash inflows (such as sales receipts, loans, and investments), cash outflows (such as expenses, salaries, and loan repayments), and net cash flow.

Example 5 Year Annual Cash Flow Statement

Balance Sheet : A snapshot of your business’ financial position at a specific point in time. Includes sections for assets (such as cash, inventory, equipment, and property), liabilities (such as loans, accounts payable, and salaries payable), and owner’s equity (such as retained earnings and capital contributions).

Example 5 Year Annual Balance Sheet

Download the template here: Business Plan Excel Template 

The template is easy to customize according to your specific business needs. Simply input your own financial data and projections, and use it as a guide to create a comprehensive financial plan for your business. Remember to review and update your financial plan regularly to track your progress and make informed financial decisions.

Finish Your Business Plan Today!

The importance of the financial model in your business plan.

A solid financial model is a critical component of any well-prepared business plan. It provides a comprehensive and detailed projection of your business’ financial performance, including revenue, expenses, cash flow, and profitability. The financial model is not just a mere set of numbers, but a strategic tool that helps you understand the financial health of your business, make informed decisions, and communicate your business’ financial viability to potential investors, lenders, and other stakeholders. In this article, we will delve into the importance of the financial model in your business plan.

  • Provides a roadmap for financial success : A well-structured financial model serves as a roadmap for your business’ financial success. It outlines your revenue streams, cost structure, and cash flow projections, helping you understand the financial implications of your business strategies and decisions. It allows you to forecast your future financial performance, set financial goals, and measure your progress over time. A comprehensive financial model helps you identify potential risks, opportunities, and areas that may require adjustments to achieve your financial objectives.
  • Demonstrates financial viability to stakeholders : Investors, lenders, and other stakeholders want to see that your business is financially viable and has a plan to generate revenue, manage expenses, and generate profits. A robust financial model in your business plan demonstrates that you have a solid understanding of your business’ financials and have a plan to achieve profitability. It provides evidence of the market opportunity, pricing strategy, sales projections, and financial sustainability. A well-prepared financial model increases your credibility and instills confidence in your business among potential investors and lenders.
  • Helps with financial decision-making : Your financial model is a valuable tool for making informed financial decisions. It helps you analyze different scenarios, evaluate the financial impact of your decisions, and choose the best course of action for your business. For example, you can use your financial model to assess the feasibility of a new product launch, determine the optimal pricing strategy, or evaluate the impact of changing market conditions on your cash flow. A well-structured financial model helps you make data-driven decisions that are aligned with your business goals and financial objectives.
  • Assists in securing funding : If you are seeking funding from investors or lenders, a robust financial model is essential. It provides a clear picture of your business’ financials and shows how the funds will be used to generate revenue and profits. It includes projections for revenue, expenses, cash flow, and profitability, along with a breakdown of assumptions and methodology used. It also provides a realistic assessment of the risks and challenges associated with your business and outlines the strategies to mitigate them. A well-prepared financial model in your business plan can significantly increase your chances of securing funding as it demonstrates your business’ financial viability and growth potential.
  • Facilitates financial management and monitoring : A financial model is not just for external stakeholders; it is also a valuable tool for internal financial management and monitoring. It helps you track your actual financial performance against your projections, identify any deviations, and take corrective actions if needed. It provides a clear overview of your business’ cash flow, profitability, and financial health, allowing you to proactively manage your finances and make informed decisions to achieve your financial goals. A well-structured financial model helps you stay on top of your business’ financials and enables you to take timely actions to ensure your business’ financial success.
  • Enhances business valuation : If you are planning to sell your business or seek investors for an exit strategy, a robust financial model is crucial. It provides a solid foundation for business valuation as it outlines your historical financial performance, future projections, and the assumptions behind them. It helps potential buyers or investors understand the financial potential of your business and assess its value. A well-prepared financial model can significantly impact the valuation of your business, and a higher valuation can lead to better negotiation terms and higher returns on your investment.
  • Supports strategic planning : Your financial model is an integral part of your strategic planning process. It helps you align your financial goals with your overall business strategy and provides insights into the financial feasibility of your strategic initiatives. For example, if you are planning to expand your business, enter new markets, or invest in new technologies, your financial model can help you assess the financial impact of these initiatives, including the investment required, the expected return on investment, and the timeline for achieving profitability. It enables you to make informed decisions about the strategic direction of your business and ensures that your financial goals are aligned with your overall business objectives.
  • Enhances accountability and transparency : A robust financial model promotes accountability and transparency in your business. It provides a clear framework for setting financial targets, measuring performance, and holding yourself and your team accountable for achieving financial results. It helps you monitor your progress towards your financial goals and enables you to take corrective actions if needed. A well-structured financial model also enhances transparency by providing a clear overview of your business’ financials, assumptions, and methodologies used in your projections. It ensures that all stakeholders, including investors, lenders, employees, and partners, have a clear understanding of your business’ financial performance and prospects.

In conclusion, a well-prepared financial model is a crucial component of your business plan. It provides a roadmap for financial success, demonstrates financial viability to stakeholders, helps with financial decision-making, assists in securing funding, facilitates financial management and monitoring, enhances business valuation, supports strategic planning, and enhances accountability and transparency in your business. It is not just a set of numbers, but a strategic tool that helps you understand, analyze, and optimize your business’ financial performance. Investing time and effort in creating a comprehensive and robust financial model in your business plan is vital for the success of your business and can significantly increase your chances of achieving your financial goals.

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10 Free Business Plan Templates in Word, Excel, & ClickUp

ClickUp Contributor

February 13, 2024

Turning your vision into a clear and coherent business plan can be confusing and tough. 

Hours of brainstorming and facing an intimidating blank page can raise more questions than answers. Are you covering everything? What should go where? How do you keep each section thorough but brief?

If these questions have kept you up at night and slowed your progress, know you’re not alone. That’s why we’ve put together the top 10 business plan templates in Word, Excel, and ClickUp—to provide answers, clarity, and a structured framework to work with. This way, you’re sure to capture all the relevant information without wasting time. 

And the best part? Business planning becomes a little less “ugh!” and a lot more “aha!” 🤩

What is a Business Plan Template?

What makes a good business plan template, 1. clickup business plan template, 2. clickup sales plan template, 3. clickup business development action plan template, 4. clickup business roadmap template, 5. clickup business continuity plan template, 6. clickup lean business plan template, 7. clickup small business action plan template, 8. clickup strategic business roadmap template , 9. microsoft word business plan template by microsoft, 10. excel business plan template by vertex42.

A business plan template is a structured framework for entrepreneurs and business executives who want to create business plans. It comes with pre-arranged sections and headings that cover key elements like the executive summary , business overview, target customers, unique value proposition, marketing plans, and financial statements.  

A good business plan template helps with thorough planning, clear documentation, and practical implementation. Here’s what to look for:

  • Comprehensive structure: A good template comes with all the relevant sections to outline a business strategy, such as executive summary, market research and analysis, and financial projections 
  • Clarity and guidance: A good template is easy to follow. It has brief instructions or prompts for each section, guiding you to think deeply about your business and ensuring you don’t skip important details
  • Clean design: Aesthetics matter. Choose a template that’s not just functional but also professionally designed. This ensures your plan is presentable to stakeholders, partners, and potential investors
  • Flexibility : Your template should easily accommodate changes without hassle, like adding or removing sections, changing content and style, and rearranging parts 🛠️ 

While a template provides the structure, it’s the information you feed it that brings it to life. These pointers will help you pick a template that aligns with your business needs and clearly showcases your vision.

10 Business Plan Templates to Use in 2024

Preparing for business success in 2024 (and beyond) requires a comprehensive and organized business plan. We’ve handpicked the best templates to help you guide your team, attract investors, and secure funding. Let’s check them out.

ClickUp Business Plan Template

If you’re looking to replace a traditional business plan document, then ClickUp’s Business Plan Template is for you!

This one-page business plan template, designed in ClickUp Docs , is neatly broken down into the following sections:

  • Company description : Overview, mission, vision, and team
  • Market analysis : Problem, solution, target market, competition, and competitive advantage
  • Sales and marketing strategy : Products/services and marketing channels
  • Operational plan : Location and facilities, equipment and tools, manpower, and financial forecasts
  • Milestones and metrics: Targets and KPIs

Customize the template with your company logo and contact details, and easily navigate to different sections using the collapsible table of contents. The mini prompts under each section guide you on what to include—with suggestions on how to present the data (e.g., bullet lists, pictures, charts, and tables). 

You can share the document with anyone via URL and collaborate in real time. And when the business plan is ready, you have the option to print it or export it to PDF, HTML, or Markdown.

But that’s not all. This template is equipped with basic and enterprise project management features to streamline the business plan creation process . The Topics List view has a list of all the different sections and subsections of the template and allows you to assign it to a team member, set a due date, and attach relevant documents and references.

Switch from List to Board view to track and update task statuses according to the following: To Do, In Progress, Needs Revision, and Complete. 

This template is a comprehensive toolkit for documenting the different sections of your business plan and streamlining the creation process to ensure it’s completed on time. 🗓️

ClickUp Sales Plan Template

If you’re looking for a tool to kickstart or update your sales plan, ClickUp’s Sales Plan Template has got you covered. This sales plan template features a project summary list with tasks to help you craft a comprehensive and effective sales strategy. Some of these tasks include:

  • Determine sales objectives and goals
  • Draft positioning statement
  • Perform competitive analysis
  • Draft ideal customer persona
  • Create a lead generation strategy

Assign each task to a specific individual or team, set priority levels , and add due dates. Specify what section of the sales plan each task belongs to (e.g., executive summary, revenue goals, team structure, etc.), deliverable type (such as document, task, or meeting), and approval state (like pending, needs revisions, and approved).

And in ClickUp style, you can switch to multiple views: List for a list of all tasks, Board for visual task management, Timeline for an overview of task durations, and Gantt to get a view of task dependencies. 

This simple business plan template is perfect for any type of business looking to create a winning sales strategy while clarifying team roles and keeping tasks organized. ✨

ClickUp Business Development Action Plan Template

Thinking about scaling your business’s reach and operations but unsure where or how to start? It can be overwhelming, no doubt—you need a clear vision, measurable goals, and an actionable plan that every member of your team can rally behind. 

Thankfully, ClickUp’s Business Development Action Plan Template is designed to use automations to simplify this process so every step toward your business growth is clear, trackable, and actionable.

Start by assessing your current situation and deciding on your main growth goal. Are you aiming to increase revenue, tap into new markets, or introduce new products or services? With ClickUp Whiteboards or Docs, brainstorm and collaborate with your team on this decision.

Set and track your short- and long-term growth goals with ClickUp’s Goals , break them down into smaller targets, and assign these targets to team members, complete with due dates. Add these targets to a new ClickUp Dashboard to track real-time progress and celebrate small wins. 🎉

Whether you’re a startup or small business owner looking to hit your next major milestone or an established business exploring new avenues, this template keeps your team aligned, engaged, and informed every step of the way.

ClickUp Business Roadmap Template

ClickUp’s Business Roadmap Template is your go-to for mapping out major strategies and initiatives in areas like revenue growth, brand awareness, community engagement, and customer satisfaction. 

Use the List view to populate tasks under each initiative. With Custom Fields, you can capture which business category (e.g., Product, Operations, Sales & Marketing, etc.) tasks fall under and which quarter they’re slated for. You can also link to relevant documents and resources and evaluate tasks by effort and impact to ensure the most critical tasks get the attention they deserve. 👀

Depending on your focus, this template provides different views to show just what you need. For example, the All Initiatives per Quarter view lets you focus on what’s ahead by seeing tasks that need completion within a specific quarter. This ensures timely execution and helps in aligning resources effectively for the short term.

This template is ideal for business executives and management teams who need to coordinate multiple short- and long-term initiatives and business strategies.

ClickUp Business Continuity Plan Template

In business, unexpected threats to operations can arise at any moment. Whether it’s economic turbulence, a global health crisis, or supply chain interruptions, every company needs to be ready. ClickUp’s Business Continuity Plan Template lets you prepare proactively for these unforeseen challenges.

The template organizes tasks into three main categories:

  • Priorities: Tasks that need immediate attention
  • Continuity coverage: Tasks that must continue despite challenges
  • Guiding principles: Resources and protocols to ensure smooth operations

The Board view makes it easy to visualize all the tasks under each of these categories. And the Priorities List sorts tasks by those that are overdue, the upcoming ones, and then the ones due later.

In times of uncertainty, being prepared is your best strategy. This template helps your business not just survive but thrive in challenging situations, keeping your customers, employees, and investors satisfied. 🤝

ClickUp Lean Business Plan Template

Looking to execute your business plan the “lean” way? Use ClickUp’s Lean Business Plan Template . It’s designed to help you optimize resource usage and cut unnecessary steps—giving you better results with less effort.

In the Plan Summary List view, list all the tasks that need to get done. Add specific details like who’s doing each task, when it’s due, and which part of the Business Model Canvas (BMC) it falls under. The By Priority view sorts this list based on priorities like Urgent, High, Normal, and Low. This makes it easy to spot the most important tasks and tackle them first.

Additionally, the Board view gives you an overview of task progression from start to finish. And the BMC view rearranges these tasks based on the various BMC components. 

Each task can further be broken down into subtasks and multiple checklists to ensure all related action items are executed. ✔️

This template is an invaluable resource for startups and large enterprises looking to maximize process efficiencies and results in a streamlined and cost-effective way.

ClickUp Small Business Action Plan Template

The Small Business Action Plan Template by ClickUp is tailor-made for small businesses looking to transform their business ideas and goals into actionable steps and, eventually, into reality. 

It provides a simple and organized framework for creating, assigning, prioritizing, and tracking tasks. And in effect, it ensures that goals are not just set but achieved. Through the native dashboard and goal-setting features, you can monitor task progress and how they move you closer to achieving your goals.

Thanks to ClickUp’s robust communication features like chat, comments, and @mentions, it’s easy to get every team member on the same page and quickly address questions or concerns.

Use this action plan template to hit your business goals by streamlining your internal processes and aligning team efforts.

ClickUp Strategic Business Roadmap Template 

For larger businesses and scaling enterprises, getting different departments to work together toward a big goal can be challenging. The ClickUp Strategic Business Roadmap Template makes it easier by giving you a clear plan to follow.

This template is packaged in a folder and split into different lists for each department in your business, like Sales, Product, Marketing, and Enablement. This way, every team can focus on their tasks while collectively contributing to the bigger goal.

There are multiple viewing options available for team members. These include:

  • Progress Board: Visualize tasks that are on track, those at risk, and those behind
  • Gantt view: Get an overview of project timelines and dependencies
  • Team view: See what each team member is working on so you can balance workloads for maximum productivity

While this template may feel overwhelming at first, the getting started guide offers a step-by-step breakdown to help you navigate it with ease. And like all ClickUp templates, you can easily customize it to suit your business needs and preferences.

Microsoft Word Business Plan Template by Microsoft

Microsoft’s 20-page traditional business plan template simplifies the process of drafting comprehensive business plans. It’s made up of different sections, including:

  • Executive summary : Highlights, objectives, mission statement, and keys to success
  • Description of business: Company ownership and legal structure, hours of operation, products and services, suppliers, financial plans, etc.
  • Marketing: Market analysis, market segmentation, competition, and pricing
  • Appendix: Start-up expenses, cash flow statements, income statements, sales forecast, milestones, break-even analysis, etc.

The table of contents makes it easy to move to different sections of the document. And the text placeholders under each section provide clarity on the specific details required—making the process easier for users who may not be familiar with certain business terminology.

Excel Business Plan Template by Vertex42

No business template roundup is complete without an Excel template. This business plan template lets you work on your business financials in Excel. It comes with customizable tables, formulas, and charts to help you look at the following areas:

  • Highlight charts
  • Market analysis
  • Start-up assets and expenses
  • Sales forecasts
  • Profit and loss
  • Balance sheet
  • Cash flow projections
  • Break-even analysis

This Excel template is especially useful when you want to create a clear and visual financial section for your business plan document—an essential element for attracting investors and lenders. However, there might be a steep learning curve to using this template if you’re not familiar with business financial planning and using Excel.

Try a Free Business Plan Template in ClickUp

Launching and running a successful business requires a well-thought-out and carefully crafted business plan. However, the business planning process doesn’t have to be complicated, boring, or take up too much time. Use any of the above 10 free business plan formats to simplify and speed up the process.

ClickUp templates go beyond offering a solid foundation to build your business plans. They come with extensive project management features to turn your vision into reality. And that’s not all— ClickUp’s template library offers over 1,000 additional templates to help manage various aspects of your business, from decision-making to product development to resource management .

Sign up for ClickUp’s Free Forever Plan today to fast-track your business’s growth! 🏆

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Create a business plan

You've been dreaming of starting your own business. You've started with some concrete steps, and you're ready to put your proposal together. But how do you start, and how do you know when you have the right information?

How to get it done

Create a business plan with templates in Word:

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Start with a template

Download these templates from the Office Templates site to create your plan:

Fill in your Business plan .

Analyze your market with the Business market analysis template .

Detail your financials in a Financial plan .

Divide up the work and track deliverables with this Business plan checklist .

Wrap up with this Business startup checklist .

Need a little help?

Learn how to:

Start a document from a template .

Apply themes to change your plan's look.

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Access our collection of user-friendly templates for business planning, finance, sales, marketing, and management, designed to assist you in developing strategies for either launching a new business venture or expanding an existing one.

You can use the templates below as a starting point to create your startup business plan or map out how you will expand your existing business. Then meet with a  SCORE mentor to get expert business planning advice and feedback on your business plan.

If writing a full business plan seems overwhelming, start with a one-page Business Model Canvas. Developed by Founder and CEO of Strategyzer, Alexander Osterwalder, it can be used to easily document your business concept.

Download this template to fill out the nine squares focusing on the different building blocks of any business:

  • Value Proposition
  • Customer Segments
  • Customer Relationships
  • Key Activities
  • Key Resources
  • Key Partners
  • Cost Structure
  • Revenue Streams

For help completing the Business Model Canvas Template, contact a SCORE business mentor for guidance

From creating a startup budget to managing cash flow for a growing business, keeping tabs on your business’s finances is essential to success. The templates below will help you monitor and manage your business’s financial situation, create financial projections and seek financing to start or grow your business.

This interactive calculator allows you to provide inputs and see a full estimated repayment schedule to plan your capital needs and cash flow.

A 12-month profit and loss projection, also known as an income statement or statement of earnings, provides a detailed overview of your financial performance over a one-year period. This projection helps you anticipate future financial outcomes by estimating monthly income and expenses, which facilitates informed decision-making and strategic planning. 

If you’re trying to get a loan from a bank, they may ask you for a personal financial statement. You can use this free, downloadable template to document your assets, liabilities and net worth. 

A Personal Financial Statement is a

Marketing helps your business build brand awareness, attract customers and create customer loyalty. Use these templates to forecast sales, develop your marketing strategy and map out your marketing budget and plan.

How healthy is your business? Are you missing out on potential growth opportunities or ignoring areas of weakness? Do you need to hire employees to reach your goals? The following templates will help you assess the state of your business and accomplish important management tasks.

Whether you are starting your business or established and looking to grow, our Business Healthcheck Tool will provide practical information and guidance.

Learn how having a SCORE mentor can be a valuable asset for your business. A SCORE mentor can provide guidance and support in various areas of business, including finance, marketing, and strategy. They can help you navigate challenges and make important decisions based on their expertise and experience. By seeking out a SCORE mentor, you can gain the guidance and support you need to help grow your business and achieve success.

SCORE offers free business mentoring to anyone that wants to start, currently owns, or is planning to close or sell a small business. To initiate the process, input your zip code in the designated area below. Then, complete the mentoring request form on the following page, including as much information as possible about your business. This information is used to match you with a mentor in your area. After submitting the request, you will receive an email from your mentor to arrange your first mentoring session.

Copyright © 2023 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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Business Plan: How to Create Great Financial Plans in Excel

excel business plan financial template

I guess, you are about to write a business plan and that is why you have come to this page. Very good – because in this article I am going to write down my experience with business plans and what I have learned creating them with Microsoft Excel. As I will point out again further down, I will only concentrate on the financial part of business plans. Specifically, how to set it up in Excel. Of course, you can also download an Excel template .

Parts of business plans

As you reached this page I suppose you already have a rough idea of what a business plan is. So, we will skip this part here.

A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals.” https://en.wikipedia.org/wiki/Business_plan

excel business plan financial template

But one comment concerning the scope of this article: The formal business plan has usually many different parts, in which you describe the business idea and product, the market, competition, legal construct and so on. But typically, investors are most interested in the financial part. They want to know first, what they can get out of it. Of course, the other parts are also very important, but the financial topics usually put everything described in the other sections into numbers.

I’m not going further into the details of all the other parts than then financial section here. Specifically, we will dive into the basics of the financial part and how to model it in Excel.

Please scroll down to download the business plan template. We are going to explore all the following advice with this template.

How to create a business plan in Excel

Advice 1: be clear about the purpose and the recipient of the business plan.

Business plan presentation

Before you start opening Excel, make sure that you are 100% clear of the purpose this business plan. Is the business plan just for you? Or do you create it for someone else, for example an investor or bank? Although the next steps might still be the same, the focus might be different. For example: Maybe you have a very good understanding of the major assumptions because you have been working in this field for some time. But for someone external you still need to validate them. Of course, in both cases the assumptions should be realistic and goals should be achievable. But maybe for your own peace of mind you would choose more pessimistic assumptions if the plan was only for you.

Advice 2: Go top-down in terms of line items

Possible structure of the line items in a business plan.

Now, let’s start in Excel. But how do we start?

My approach is to go top-down. I usually use a basic P&L (“Profit- and loss” calculation) structure to start with, having some placeholders for revenue and costs.

Specifically, I go through the following parts (also shown on the right-hand side).

Let’s assume that you develop and sell Excel add-ins: 50 EUR per license – once-off. You would now start with assumptions of how many you can sell per month and the price. This is your first revenue item. At this point in time, I would leave it like this. We can later drill further down as much as we need (for example modeling discounts, the connection between marketing spending and number of units sold, price changes, etc.).

If we have multiple products, we calculate them in a similar manner.

Cost of goods sold

Cost of goods sold – or COGS – refers to the direct costs of producing the goods sold. Depending on the complexity you could also summarize cost of sales here or keep it separately.

Often, the COGS are directly linked to the number of units produced so you could refer to the numbers already calculated for the revenues.

In our example from above, we don’t have any direct costs for producing the Excel add-ins because we develop them ourselves and our salary will be regarded under “Salaries and Benefits”.

All other expenses

The structure of the expenses highly depends on your business. I usually start with these:

  • Salaries and Benefits
  • Rent and Overhead
  • Marketing and Advertising
  • Other expenses

Again, these items might look completely different for you. Example: if you travel a lot for your business, you might plan travel costs separately.

Subtracting costs from the revenue leads to the EBITDA (earnings before interest, taxes, depreciation, and amortization). This is one of the important financial performance indicators.

Amortization and depreciation

If you buy any assets for your business (for example machines, computers, even cars), you usually plan to use them over a certain period. When you first buy them, let’s say for 1,000 USD, you basically just exchange money for assets in the same amount. The problem: The assets will decrease in value the longer you use them. Within the cost items above, you don’t regard the acquisition value. So, how to regard them in your business plan?

You only regard the annual decrease of value. If you plan to use your 1,000 USD item for 5 years, you could (plainly speaking), each year regard 200 USD as depreciation.

Please note: If you later plan your cash, you have to make sure that you fully regard the initial sales price and not the depreciation.

The key difference between amortization and depreciation is that amortization is used for intangible assets, while depreciation is used for tangible assets. https://www.fool.com/knowledge-center/whats-the-difference-between-amortization-deprecia.aspx

Subtracting the amortization and depreciation from the EBITDA leads to the second key performance indicator, the EBIT (earnings before interest and tax).

Interest and taxes

Eventually, you have to prognose your interest costs (for example what you have to pay for bank loans) and your taxes, which is typically just a percentage of the EBT (the earning before taxes).

Advice 3: Think about the business drivers carefully

Good business plans are driver based.

Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common examples of business drivers are salespeople, number of stores, website traffic, number and price of products sold, units of production, etc. https://corporatefinanceinstitute.com/resources/knowledge/modeling/business-drivers/

Let me explain with an example: You want to plan the revenues. You have two different options:

Example for business plan drivers

  • Revenue per month is split into number of units sold times price per unit.
  • Number of units sold is further split into number of salespersons and number of items sold per salesperson and month, and so on.
  • Or you could just write a number and every following year you assume a growth in percentage (e.g. +2% per year).

Let’s finish this section with some final comments:

  • Choose drivers that are measurable. You will most probably later on compare the drivers to reality and therefore make sure that they are not impossible to measure.
  • Figure out, which driver has most impact. You should focus on those first. Driver with no or very limited impact can be skipped initially.
  • Are drivers depending on each other? If yes, it should be modeled accordingly.

Advice 4: Choose the smallest period from the beginning in your business plan

So far, we have been focusing on the line items, for example costs, revenue, or drivers. Now, let’s talk about the time frame.

The question is: Should you plan on annual, monthly or any other basis? Or a mix?

I have seen many business plans doing it something like this:

  • Plan on monthly basis for the first 24 to 36 months.
  • Switch to annual planning for the years 3/4 to 5.

Most business plans are not going beyond 5 years planning period.

My recommendation: Plan on monthly basis for the full period. There will be a point in time when you need to break it down into months. And it is always easier to sum up 12 months for annual values than to drill down from years to months.

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Advice 5: Keep a unified, professional business plan structure

This advice should count for most Excel models: Try to keep the same structure throughout the whole Excel file.

  • Structure of worksheets: Make sure that most worksheets are set up with the same structure. For example, start with a headline in cell B2, years starting in column H, content in row 10.
  • Layout / format of cells: Make sure you use a consistent formatting. For example, Excel provides cell styles – use them. For more recommendations about professional formatting, please refer to this article .
  • Universal settings and assumptions should be consolidated on one sheet (for example tax rates, start date, company name).

Advice 6: Document business plan assumptions well

Document your assumptions well.

I can not say this often enough: Document your assumptions! Not only the values or variables, also your thoughts behind them. Why have you chosen this value? What is it based on? What is it used for?

Advice 7: Gross vs. net values

This question I am asked quite frequently: Should you use gross or net values? That means, include tax in revenues and costs?

Typically, you only work with net values, excluding VAT. For Germany with a tax rate of 19%, for example, if you invoice 119 EUR to a customer, you would only regard 100 EUR. Also, for costs, you would only regard net values.

Then, in your business plan, you start with revenue minus costs and eventually reach the EBT (earning before tax, please scroll up to see the P&L). From this, you calculate your company tax.

Advice 8: Think ahead

Some more things you should keep in mind when creating your business plan.

  • Business plans are “living documents”. Keep in mind that at some point in the future you have to update it or extend it.
  • Validate your assumptions: After some time, you will come back to your plan having real life figures. Now, it’s time to compare and – if necessary – adjust the plan.
  • a valuation (“Discounted Cash Flow model”),
  • liquidity planning,
  • bank loan simulations,
  • financial dashboards,
  • budget planning,
  • maybe even the first real official P&L (at least when it comes to the line items of your business plan)
  • and much more…

Download business plan template

So, after reading all this description and advice, it’s time to start. Probably many things I have written above sounds like common sense, right? But I can assure you: Doing it and regarding as much advice as possible is not necessarily simple.

Download the business plan template in Excel.

That’s why I have decided to create a template. I have pre-filled it with an imaginary example.

I know, there are countless Excel business plan templates around. So, why should you use this one?

  • This template is very flexible: I have always included place holders so that you can add much more items if needed.
  • In terms of the time frame, I have created monthly columns for up to ten years. Typically, you need less. Then just hide the extra columns.
  • Also, I have created a consistent structure throughout the model.
  • No fancy Excel functions and formulas, mainly just plain links.

Please feel free to take a look at it. If you like it, just use it. If not, please feel free to create your individual business plan – you now know how to do it!

Download link: Click here to start the download .

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Henrik Schiffner is a freelance business consultant and software developer. He lives and works in Hamburg, Germany. Besides being an Excel enthusiast he loves photography and sports.

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Free Business Plan Template

One of the reasons that so many small businesses fail is that they don't do the necessary up front work to create an accurate and realistic business plan. Creating a business plan doesn't guarantee success, but the process of writing a plan is critical for any successful new business. It isn't our goal to try to tell you everything you need to know about creating a business plan. Instead, our goal is to make the process easier by providing a professionally designed business plan template that you can edit easily using Word and Excel .

Business Plan Template

Business Plan Template

License : Private Use (not for distribution or resale)

Authors : Jon Wittwer and Jim Wittwer

Update (7/22/2016) : We've added a basic break-even analysis worksheet to the companion Excel workbook.

Description

This template provides a business plan outline with sample questions, tables, and a working table of contents. It was created for newer versions of Word and Excel (Office 2007 or later) so that you can easily change the fonts and color scheme and the file will be compatible with the mobile and web-based Word & Excel apps.

It is best to use Excel for financial statements, data tables and charts. So, we have provided a companion Excel workbook with these sample financial statements and other tables and graphs that you can copy and paste into your Word document.

The companion workbook combines many of the different spreadsheets you can find on Vertex42.com, but customized specifically for inclusion in a business plan.

Using the Business Plan Template

Editing headings and table of contents.

Word allows you to assign format Styles to text and paragraphs, and we've designed the template to use these Styles for defining headings, sub-headings, and figure captions.

If you want to add a new section so that the Table of Contents updates correctly, just add a new heading in the body of the document and assign it the Heading 1 or Heading 2 style.

To update the Table of Contents, go to the References tab and within the Table of Contents group of buttons, click on Update Table and then "Update entire table."

Copy/Paste From Excel to Word

For simple tables, you can use Copy/Paste (Ctrl+c / Ctrl+v) to copy a table from Excel to Word. This will typically paste the data as a formatted and editable table in Word, though none of the formulas will be functional within Word (and the table will not be linked to Excel). If you don't want the table to be editable in Word, you can "Paste as a Picture" using Paste Special or by choosing the "Picture" option when you right-click in Word to paste the table.

Important : When you paste a chart object into your business plan, make sure to "Paste as a Picture" because pasting the chart as an embedded object means that the entire spreadsheet becomes embedded in your Word document (even though what you see is only the chart).

If you want to insert a table into Word as a "Linked Object" so that when you edit Excel, the table in Word will update automatically, you may have a more difficult time preserving the formatting of the original. However, at the least the entire spreadsheet won't be embedded within your business plan Word document.

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Resources for Writing a Business Plan

  • Write Your Business Plan at SBA.gov - Anybody starting a business should become familiar with the SBA (small business association). SBA.gov also has an online tool for creating a business plan .
  • YouTube: How to Write a Business Plan - Business Wales (3 minutes) - This video offers a quick overview and tips for the essential parts of a business plan.
  • YouTube: How to Write a Business Plan - Berkeley-Haas (71 minutes) - This presentation offers both the venture capitalist and entrepreneur perspective on how to write a business plan that can successfully attract funding.
  • Write Your Business Plan at Entrepreneur.com - A book written by the staff of a company that should know what they are talking about.
  • Sample Business Plans at bplans.com - Finding a business plan for similar businesses in your industry is a great way to get ideas for what to include in your plan. This site is a great resource for not only finding sample plans, but also for creating a business plan online using their step-by-step approach.

Other Free Business Plan Templates

  • Business Planning Template Gallery at SCORE.org - This nonprofit organization (supported by the SBA) has provided expertise and free mentorship for millions of small business owners. They also have a useful collection of templates.
  • Develop Your Business Plan at business.gov.au - This Australian Government site provides a really good business plan template for Word, including a detailed guide, questions to answer, and sample financial statements.

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Industry-specific Financial Model Templates in Excel, Business Plan Templates, Excel Dashboards and Pitch Decks

FinModelsLab provides a wide range of industry-specific financial model templates in Excel as well as Excel dashboards, Business Plan Templates, and Pitch Deck Templates. Creating a business plan with detailed financial projections and pitch deck presentation or Excel dashboard is time-consuming. That is why we created a web repository with 1500+ business templates for a wide range of usage cases. We spent 10 000+ hours creating industry-specific financial forecasting model templates in Excel which offers a well-structured as well as best practice financial modeling know-how to users such as c-level executives, entrepreneurs, investors, startup founders, and many more, who are looking for assistance in creating financial projections template.

In today's fast-paced business landscape, effective financial modeling and planning are crucial for the success and growth of any organization. With accurate financial projections, businesses can make informed decisions, secure funding, and navigate potential challenges with confidence. At FinModelsLab, we understand the significance of financial modeling, which is why we offer a comprehensive collection of industry-specific financial model templates in Excel.

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Financial modeling serves as the foundation for strategic decision-making, providing insights into the financial health and performance of a business. It allows organizations to forecast revenue, project expenses, assess profitability, and evaluate potential risks and opportunities. By modeling different scenarios, businesses can optimize their resources, identify growth strategies, and plan for the future.

Addressing the Need for Industry-Specific Templates

Generic financial templates may not capture the unique requirements and dynamics of specific industries. That's where industry-specific financial model templates become invaluable. At FinModelsLab, we recognize the importance of tailoring financial models to the nuances of different sectors. Our extensive collection includes a wide range of industry-specific templates, ensuring that businesses have the tools they need to accurately project revenues, analyze costs, and plan for success in their respective sectors.

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At FinModelsLab, we pride ourselves on being a trusted and reliable source for financial model templates. With our commitment to excellence and a comprehensive collection of over 3500+ business templates, we empower entrepreneurs, startups, investors, and professionals to create accurate and detailed financial projections.

Reliable Financial Projections Templates

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With a collection of 3500+ business templates, we cover a diverse range of industries, including manufacturing, e-commerce, SaaS, healthcare, and more. Our templates address different aspects of financial modeling, such as cash flow analysis, income statements, balance sheets, and valuation models. This comprehensive assortment enables users to find the templates that best align with their specific business needs.

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With FinModelsLab, you can access a wide range of financial projections templates and find the resources necessary to make informed financial decisions for your business.

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At FinModelsLab, we have invested over 10,000 hours of meticulous effort and dedication into creating our financial model templates. This extensive investment of time and expertise reflects our commitment to providing high-quality resources for financial modeling and planning.

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Our financial model templates are designed with a well-structured framework that follows industry best practices. Each template encompasses a comprehensive set of financial projections, ensuring that businesses can accurately forecast revenues, expenses, and cash flows. By leveraging our well-structured templates, users can save time and effort, focusing on analyzing the data rather than building models from scratch.

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Our team of financial experts brings in-depth knowledge and expertise in financial modeling. We follow best practices and incorporate industry standards into our templates, ensuring that users have access to reliable and accurate financial projections. Whether you are a c-level executive, entrepreneur, investor, or professional seeking robust financial models, our templates provide the necessary guidance and insights to support your decision-making process.

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Our financial model templates cater to a diverse audience, including c-level executives, entrepreneurs, investors, and professionals from various industries. We understand the unique needs and challenges faced by different stakeholders, and our templates are tailored to address those requirements. By serving a wide range of users, we aim to empower businesses of all types and sizes to make informed financial decisions and achieve their goals.

  • Financial model templates for c-level executives, entrepreneurs, and investors.
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With our expertise and dedication, FinModelsLab strives to provide users with the necessary tools and knowledge to excel in financial modeling and planning.

Benefits of Using Financial Model Templates

Utilizing financial model templates offers significant advantages when it comes to creating accurate financial projections for your business. At FinModelsLab, we understand the importance of these benefits and strive to provide users with the resources they need to succeed.

Accurate Financial Projections Made Easy

Our financial model templates are specifically designed to assist users in creating accurate financial projections. By leveraging these templates, businesses can input their data and variables, which are then automatically calculated to generate comprehensive projections. This process reduces the risk of errors and ensures that the resulting financial projections are reliable and precise.

Time-Saving Pre-Built Templates

Time is a valuable resource for any business, and our pre-built financial model templates help save significant time and effort. Instead of starting from scratch, users can access ready-to-use templates that already include the necessary formulas, calculations, and structure. This allows users to focus on analyzing the projections and making informed decisions, rather than spending excessive time building complex financial models.

Convenience and Ease of Excel for Financial Modeling

Excel has long been recognized as a powerful tool for financial modeling, and our templates capitalize on this convenience. With Excel as the foundation, users can benefit from a familiar and user-friendly interface, making it easier to work with the templates and customize them according to their specific needs. Excel also provides flexibility for users to adapt the templates as their business evolves, ensuring the models remain relevant over time.

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By utilizing our financial model templates, businesses can leverage the benefits of accuracy, time-saving efficiency, and the convenience of working with Excel, ultimately aiding in their financial planning and decision-making processes.

Wide Range of Templates

At FinModelsLab, we offer a diverse selection of financial model templates to cater to various industries and specific business needs. Our extensive range ensures that businesses can find templates tailored to their industry, whether they are a startup, small business, or established enterprise.

Diverse Selection of Industry-Specific Templates

We understand that different industries have unique financial considerations. That's why we provide a wide range of industry-specific financial model templates. From manufacturing to e-commerce, healthcare to SaaS, our templates cover various sectors, ensuring that businesses can create accurate financial projections that align with the dynamics of their industry. These industry-specific templates include revenue forecasts, expense breakdowns, and other relevant financial data, allowing businesses to gain valuable insights and make informed decisions.

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Startups face unique challenges and financial planning is crucial for their success. Our templates include startup-specific financial model templates designed to assist entrepreneurs in their financial planning journey. These templates consider the specific needs of startups, including revenue drivers, cost structures, and funding requirements. By utilizing our startup financial model templates, entrepreneurs can create comprehensive financial projections, pitch to investors, and develop a solid financial strategy for their business.

  • A wide range of industry-specific financial model templates.
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Whether you are starting a new venture or operating an established business, our diverse selection of financial model templates ensures that you have the resources needed to create accurate financial projections and drive your business forward.

Importance of Financial Statements

Financial statements play a vital role in business plans, providing a comprehensive view of a company's financial health and performance. At FinModelsLab, we understand the significance of financial statements and offer templates that facilitate the creation of robust and accurate financial statements for your business plan.

Significance of Financial Statements in Business Plans

Financial statements are essential components of any business plan as they present a clear picture of a company's financial position. These statements, including the income statement, balance sheet, and cash flow statement, allow stakeholders to assess the company's profitability, liquidity, and overall financial stability. Financial statements provide crucial information for investors, lenders, and potential partners, aiding in informed decision-making and demonstrating the viability and potential of the business.

Creating Comprehensive Financial Statements with Templates

Our templates are specifically designed to assist users in creating comprehensive financial statements for their business plans. These templates offer a structured framework and predefined formulas that simplify the process of compiling financial data and generating accurate statements. By utilizing our templates, users can input their financial information, and the templates automatically calculate key metrics and generate professional-looking financial statements. This ensures that your business plan is well-supported with accurate and visually appealing financial information.

  • The significance of financial statements in business plans for assessing financial health and performance.
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With our financial statement templates, you can confidently present a clear and compelling financial snapshot of your business, showcasing its potential and strengthening your business plan.

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At FinModelsLab, we provide a wide range of financial templates that are specifically designed in Excel format, offering users easy customization and flexibility. Our Excel-based templates empower businesses to create accurate and tailored financial models, enabling effective financial planning and decision-making.

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All our financial templates are available in Excel format, which provides users with the ability to easily customize and adapt the templates to suit their specific needs. Excel's intuitive interface allows users to input their own data, adjust formulas, and make modifications as required. Whether it's adding new variables, changing assumptions, or incorporating specific industry metrics, Excel enables users to tailor the templates to their unique requirements, ensuring that the resulting financial models are precise and relevant to their business.

Advantages of Using Excel for Financial Modeling

Excel has long been recognized as a powerful tool for financial modeling, and there are several advantages to utilizing it for your financial planning needs. Excel offers a wide range of built-in functions and formulas, making complex calculations and projections more accessible. Its spreadsheet format provides a structured and organized way to present and analyze financial data, allowing for easy data entry, manipulation, and visualization. Excel's widespread familiarity among professionals also ensures that users can collaborate, share, and present their financial models seamlessly.

  • Templates provided in Excel format for easy customization and adaptability.
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By leveraging our Excel-based financial templates, businesses can benefit from the ease of customization, flexibility, and the robust capabilities of Excel, ultimately enabling them to create accurate and dynamic financial models that drive better financial planning and decision-making.

Financial Forecasting and Planning

Financial forecasting plays a crucial role in effective business planning and decision-making. At FinModelsLab, we recognize the significance of financial forecasting, and we offer a wide range of forecast templates in Excel format to assist businesses in their financial planning endeavors.

The Role of Financial Forecasting in Business Planning

Financial forecasting is a vital component of business planning as it allows organizations to anticipate future financial outcomes based on historical data, market trends, and key assumptions. By creating comprehensive financial forecasts, businesses can gain valuable insights into revenue projections, expense management, and cash flow dynamics. These forecasts help in identifying potential risks, setting realistic targets, and making informed strategic decisions to drive business growth.

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Our forecast templates, available in Excel format, provide businesses with a convenient and efficient way to create accurate financial forecasts. These templates are designed to simplify the forecasting process by incorporating pre-built formulas and intuitive interfaces. Users can input their data, adjust variables, and instantly generate forecasts based on different scenarios. The flexibility of Excel allows for easy customization of the templates to align with specific business needs, ensuring that the resulting forecasts are tailored and reliable.

  • The importance of financial forecasting in business planning and decision-making.
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By utilizing our forecast templates in Excel, businesses can streamline their financial forecasting processes, gain valuable insights, and enhance their overall planning capabilities.

Tailored for Startups

At FinModelsLab, we understand the unique financial planning needs of startups, and we offer a range of templates specifically tailored to meet those needs. Our startup-specific financial projections templates provide startups with a solid foundation for their financial planning and enable them to make informed decisions to drive growth and success.

Relevance of the Templates for Startups' Financial Planning

Startups face distinctive challenges and requirements when it comes to financial planning. Our templates address these specific needs by providing startup founders and entrepreneurs with a comprehensive framework to forecast revenue, estimate expenses, and project cash flow. These templates incorporate startup-specific assumptions and variables, allowing startups to create accurate financial projections that align with their business models, growth strategies, and funding requirements.

Startup-Specific Financial Projections Template

Our startup-specific financial projections template is a valuable resource for startups seeking to create robust financial forecasts. This template encompasses key startup metrics, such as customer acquisition costs, customer lifetime value, and funding rounds, to accurately project revenue, expenses, and funding needs over a defined period. By leveraging this template, startups can effectively communicate their financial projections to potential investors, demonstrate their growth potential, and secure the funding necessary to fuel their development.

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Our startup-focused templates empower entrepreneurs and startup founders to navigate the financial landscape with confidence, ensuring that their financial planning aligns with their business goals and positions them for long-term success.

Excel-Based Financial Modeling

Excel is a powerful tool for financial modeling, and at FinModelsLab, we leverage the capabilities of Excel to provide comprehensive and effective financial model templates. Our Excel-based financial models offer numerous benefits for businesses, empowering them to make informed financial decisions and drive success.

Benefits of Using Excel for Financial Modeling

Excel provides a range of benefits that make it an ideal platform for financial modeling. Its built-in functions and formulas allow for complex calculations, enabling accurate financial projections and analysis. The spreadsheet format of Excel provides a structured and organized way to present and manipulate financial data, making it easier to input and track variables, assumptions, and key metrics. Excel's flexibility also allows for scenario analysis, sensitivity testing, and the creation of dynamic charts and graphs, enhancing the visibility and understanding of financial models.

Availability of Excel Financial Model Templates

Our Excel financial model templates provide businesses with ready-to-use frameworks for various financial modeling purposes. These templates are designed to streamline the financial modeling process, incorporating best practices and industry-specific assumptions. By leveraging our Excel financial model templates, businesses can save valuable time and effort in building their own models from scratch, while still having the flexibility to customize and adapt the templates to their specific needs.

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By utilizing our Excel-based financial model templates, businesses can harness the power of Excel and benefit from its robust features to create accurate, dynamic, and customizable financial models that drive better financial decision-making and planning.

In today's competitive business landscape, financial modeling is essential for informed decision-making and successful planning. At FinModelsLab, our industry-specific financial model templates in Excel offer a range of benefits to empower businesses and individuals in their financial projections and planning endeavors.

Reaping the Benefits of Industry-Specific Financial Model Templates

Our industry-specific financial model templates provide users with a host of advantages. By utilizing these templates, businesses can save valuable time and effort, as our templates are pre-built with best practices and industry-specific assumptions. This enables users to create accurate and reliable financial projections that align with their unique needs and goals. Whether you are a c-level executive, entrepreneur, investor, or startup founder, our templates offer a well-structured and comprehensive financial modeling know-how, supporting your financial planning and decision-making processes.

Explore Our Wide Range of Templates

We invite you to explore our extensive collection of 3500+ business templates, including financial modeling Excel templates and financial projections template Excel. Our diverse selection ensures that you will find the right template for your industry and specific use case. Whether you are starting a new venture, seeking funding, or managing an existing business, our templates provide the foundation you need for accurate financial projections and comprehensive planning.

  • The benefits of using industry-specific financial model templates for informed decision-making and successful planning.
  • Time-saving advantages through pre-built templates with best practices and industry-specific assumptions.
  • Wide range of 3500+ business templates, including financial modeling Excel templates and financial projections template Excel.

Begin your journey towards effective financial modeling and planning by exploring our wide range of templates. Empower your business with accurate financial projections and make confident decisions to drive growth and success.

Why is a Financial Plan Important to Your Small Business?

A well-put-together financial plan can help you achieve greater confidence in your business while generating a better understanding of how to allocate resources. It shows your business is committed to spending wisely and its ability to meet financial obligations. A financial forecasting model helps you determine if choices will impact revenue and which occasions call for dipping into reserve funds.

It’s also an important tool when asking investors to consider your business. Your startup financial plan shows how your organization manages expenses and generates revenue. It shows where your business stands and how much it needs from sales and investors to meet important financial benchmarks.

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Frequently Asked Questions

Of course! Yes. All our templates are fully editable . All formulas, cells and sheets are completely unlocked, so you can edit anything to your liking. Each row on every sheet has a note about what that row’s calculations are trying to do, and many of the components are explained in the help files, so that you can see how I did it - and help you figure out how to change it to your liking.

This financial model is perfect for entrepreneurs to quickly build financial projections for fundraising decks or business modeling.

With this all-in-1 model, you’ll be able to forecast your sales, profits, and cash flow in seconds. Plus, you’ll have all the data, metrics and reports you’ll need to effectively present your business plan to investors & prospects. This financial model was crafted in Excel by expert analysts with 15-years consulting background to assist entrepreneurs with forecasting efforts.

Take advantage of this Excel model to effortlessly forecast your financials, create investor-friendly reports, and build a better business!

You don’t have to be an expert to model your Profit and Loss Statement (P&L) with this straightforward financial model excel template. Our financial projection makes that easy for even the most novice finance background. Just enter your financials and our sophisticated financial model will do all the work, giving you a clear view of your company’s current state, predictions for future performance, and an action plan for scaling revenue. With financial projections that can be easily updated as assumptions change, you’ll have all the information you need to project your company’s future & pitch investors!

Yes. Our financial model excel templates are fully editable, you can change many assumptions including the currency of your business.

You may change currency inputs and currency outputs by applying the exchange rate.

All our financial model templates are Microsoft Excel™ files, and they are available for download immediately after purchase. Can be imported into the Google Sheets™ for editing and customizations. I recommend using Excel or Google Sheets™ for financial modeling, both in general and for our templates specifically. In practice, I use Excel to build and edit models, and Google Sheets to share or collaborate with users. Excel is usually a faster platform for building models, but Google Sheets can be easier for sharing models with people. My models can be used in both Excel and Google Sheets interchangeably; simply upload the Microsoft Excel model template from FinancialModelExcel.com into Google Sheets, and everything will work fine.

Unfortunately no. Unlike a physical product where you can send it back to the seller, because it is a digital product you can still use it after refund. This makes it quite difficult for us to manage honest refund requests. If you have any questions about the financial model excel templates, please contact us so we can guide you and answer any questions you have.

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Yes. Of course! Every financial model excel template has a button to download immediately a DEMO version of the particular template. With the Demo version you will get the read-only financial model template.

By purchasing the template on our website, you will receive an email from us including the link to download your template. Additionally, you should see the download links right after the payment at the checkout page.

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Free Financial Projection and Forecasting Templates

By Andy Marker | January 3, 2024

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We’ve collected the top free financial projection and forecasting templates. These templates enable business owners, CFOs, accountants, and financial analysts to plan future growth, manage cash flow, attract investors, and make informed decisions.  On this page, you'll find many helpful, free, customizable financial projection and forecasting templates, including a  1 2-month financial projection template , a  startup financial projection template , a  3-year financial projection template , and a  small business financial forecast template , among others. You’ll also find details on the  elements in a financial projection template ,  types of financial projection and forecasting templates , and  related financial templates .

Simple Financial Projection Template

Simple Financial Projection Example Template

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Excel | Google Sheets  

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Excel | Google Sheets    

Small business owners and new entrepreneurs are the ideal users for this simple financial projection template. Just input your expected revenues and expenses. This template stands out due to its ease of use and focus on basic, straightforward financial planning, making it perfect for small-scale or early-stage businesses. Available with or without sample text, this tool offers clear financial oversight, better budget management, and informed decision-making regarding future business growth. 

Looking for help with your business plan? Check out these  free financial templates for a business plan to streamline the process of organizing your business's financial information and presenting it effectively to stakeholders.

Financial Forecast Template

Financial Forecast Example Template

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This template is perfect for businesses that require a detailed and all-encompassing forecast. Users can input various financial data, such as projected revenues, costs, and market trends, to generate a complete financial outlook. Available with or without example text, this template gives you a deeper understanding of your business's financial trajectory, aiding in strategic decision-making and long-term financial stability. 

These  free cash-flow forecast templates help you predict your business’s future cash inflows and outflows, allowing you to manage liquidity and optimize financial planning.

12-Month Financial Projection Template

12-Month Financial Projection Example Template

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Use this 12-month financial projection template for better cash-flow management, more accurate budgeting, and enhanced readiness for short-term financial challenges and opportunities. Input estimated monthly revenues and expenses, tracking financial performance over the course of a year. Available with or without sample text, this template is ideal for business owners who need to focus on short-term financial planning. This tool allows you to respond quickly to market shifts and plan effectively for the business's crucial first year. 

Download  free sales forecasting templates to help your business predict future sales, enabling better inventory management, resource planning, and decision-making.

Startup Financial Projection Template

Startup Financial Projection Example Template

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This dynamic startup financial projection template is ideal for startup founders and entrepreneurs, as it's designed specifically for the unique needs of startups. Available with or without example text, this template focuses on clearly outlining a startup's initial financial trajectory, an essential component for attracting investors. Users can input projected revenues, startup costs, and funding sources to create a comprehensive financial forecast.

3-Year Financial Projection Template

3-Year Financial Projection Example Template

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This three-year financial projection template is particularly useful for business strategists and financial planners who are looking for a medium-term financial planning tool. Input data such as projected revenues, expenses, and growth rates for the next three years. Available with or without sample text, this template lets you anticipate financial challenges and opportunities in the medium term, aiding in strategic decision-making and ensuring sustained business growth.

5-Year Financial Forecasting Template

5-Year Financial Forecasting Example Template

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CFOs and long-term business planners can use this five-year financial forecasting template to get a clear, long-range financial vision. Available with or without example text, this template allows you to plan strategically and invest wisely, preparing your business for future market developments and opportunities. This unique tool offers an extensive outlook for your business’s financial strategy. Simply input detailed financial data spanning five years, including revenue projections, investment plans, and expected market growth. Visually engaging bar charts of key metrics help turn data into engaging narratives.

Small Business Financial Forecast Template

Small Business Financial Forecast Example Template

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The small business financial forecast template is tailored specifically for the scale and specific requirements of small enterprises. Business owners and financial managers can simply input data such as projected sales or expenses. Available with or without sample text, this tool offers the ability to do the following: envision straightforward financial planning; anticipate future financial needs and challenges; make informed decisions; and steer the business toward steady growth.

Elements in a Financial Projection Template

The elements in a financial projection template include future sales, costs, profits, and cash flow. This template illustrates expected receivables, payables, and break-even dates. This tool helps you plan for your business's financial future and growth.   

Here are the standard elements in a financial projection template:   

  • Revenue Projection: This estimates future income from various sources over a specific period.
  • Expense Forecast: This predicts future costs, including both fixed and variable expenses.
  • Profit and Loss Forecast:  This projects the profit or loss by subtracting projected expenses from projected revenues.
  • Cash-Flow Projection: This assesses the inflows and outflows of cash, indicating liquidity over time.
  • Balance Sheet Projection: This predicts the future financial position, showing assets, liabilities, and equity.
  • Break-Even Analysis: This calculates the point at which total revenues equal total costs.
  • Capital Expenditure Forecast: This estimates future spending on fixed assets such as equipment or property.
  • Debt Repayment Plan: This outlines the schedule for paying back any borrowed funds.
  • Sales Forecast:  This predicts future sales volume, often broken down by product or service.
  • Gross Margin Analysis:  This looks at the difference between revenue and cost of goods sold.

Types of Financial Projection and Forecasting Templates

There are many types of financial projection and forecasting templates: basic templates for small businesses; detailed ones for big companies; special ones for startup businesses; and others. There are also sales forecasts, cash-flow estimates, and profit and loss projections. 

In addition, financial projection and forecasting templates include long-term planning templates, break-even analyses, budget forecasts, and templates made for specific industries such as retail or manufacturing. 

Each template serves different financial planning needs. Determine which one best suits your requirements based on the scale of your business, the complexity of its financial structure, and the specific department that you want to analyze.

Here's a list of the top types of financial projection and forecasting templates:  

  • Basic Financial Projection Template: Ideal for small businesses or startups, this template provides a straightforward approach to forecasting revenue, expenses, and cash flow.
  • Detailed Financial Projection Template: Best for larger businesses or those with complex financial structures, this template offers in-depth projections, including balance sheets, income statements, and cash-flow statements.
  • Startup Financial Projection Template: Tailored for startups, this template focuses on funding requirements and early-stage revenue forecasts, both crucial for attracting investors and planning initial operations. 
  • Sales Forecasting Template:  Used by sales and marketing teams to predict future sales, this template helps you set targets and plan marketing strategies. 
  • Cash-Flow Forecast Template: Essential for financial managers who need to monitor the liquidity of the business, this template projects cash inflows and outflows over a period. 
  • Profit and Loss Forecast Template (P&L):  Useful for business owners and financial officers who need to anticipate profit margins, this template enables you to forecast revenues and expenses.  
  • Three-Year / Five-Year Financial Projection Template: Suitable for long-term business planning, these templates provide a broader view of your company’s financial future, improving your development strategy and investor presentations. 
  • Break-Even Analysis Template:  Used by business strategists and financial analysts, this template helps you determine when your business will become profitable. 
  • Budget Forecasting Template:  Designed for budget managers, this template uses historical financial data to help you plan your future spending. 
  • Sector-Specific Financial Projection Template:  Designed for specific industries (such as retail or manufacturing), these templates take into account industry-specific factors and benchmarks.

Related Financial Templates

Check out this list of free financial templates related to financial projections and forecasting. You'll find templates for budgeting, tracking profits and losses, planning your finances, and more. These tools help keep your company’s money matters organized and clear.

Free Project Budget Templates

Simple Budget Plan Template

Use one of these  project budget templates to maintain control over project finances, ensuring costs stay aligned with the allocated budget and improving overall financial management.

Free Monthly Budget Templates

excel business plan financial template

Use one of these  monthly budget templates to effectively track and manage your business’s income and expenses, helping you plan financially and save money.

Free Expense Report Templates

Simple Expense Report Template

Use one of these  expense report templates to systematically track and document all business-related expenditures, ensuring accurate reimbursement and efficient financial record-keeping.

Free Balance Sheet Templates

Basic Balance Sheet Template

Use one of these  balance sheet templates to summarize your company's financial position at a given time.

Free Cash-Flow Forecast Templates

Cash Flow Forecast Template

Use one of these  cash-flow forecast templates to predict future cash inflows and outflows, helping you manage liquidity and make informed financial decisions.

Free Cash-Flow Statement Templates

excel business plan financial template

Use one of these  cash-flow statement templates to track the movement of cash in and out of your business, so you can assess your company’s level of liquidity and financial stability.

Free Discounted Cash-Flow (DCF) Templates

Sample Discounted Cash Flow Template

Use one of these  discounted cash-flow (DCF) templates to evaluate the profitability of investments or projects by calculating their present value based on future cash flows.

Free Financial Dashboard Templates

Executive Dashboard Template

Use one of these  financial dashboard templates to get an at-a-glance view of key financial metrics, so you can make decisions quickly and manage finances effectively.

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Free financial planning templates.

Business Budget Template

Use one of these  financial planning templates to strategically organize and forecast future finances, helping you set realistic financial goals and ensure long-term business growth.

Free Profit and Loss (P&L) Templates

Printable Profit and Loss Statement Template

Use one of these  profit and loss (P&L) templates to systematically track income and expenses, giving you a clear picture of your company's profitability over a specific period.

Free Billing and Invoice Templates

Commercial Invoice

Use one of these  billing and invoice templates to streamline the invoicing process and ensure that you bill clients accurately and professionally for services or products.

Plan and Manage Your Company’s Financial Future with Financial Projection and Forecasting Templates from Smartsheet

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  • 18 min read

Top 10 Free Excel Business Budget Templates for 2023

Top Free Excel Business Budget Templates

What Is Budgeting?

Why is budgeting important, how to create a budget template, how to make a monthly budget template, why use a template for budgeting, how to use an excel budget template, top free excel business budget templates, 1. business case excel template, benefits of using a business case excel template, 2. p&l statement excel template, benefits of using a p&l statement excel template, 3. revenue forecasting excel template, benefits of using a revenue forecasting excel template, 4. balance sheet excel template, benefits of using a balance sheet excel template, 5. income statement excel template, 6. startup business budget excel template, 7. expense-tracking excel template, 8. cash runway excel template, 9. unit economics excel template, 10. operating budget excel template.

A business budget is an essential tool for any business, no matter how big or small. It helps you stay on track with your finances and ensure that all areas of your organization run efficiently. With a budget in place, you can quickly identify areas where costs are getting out of control and make adjustments before they become problematic.

Creating a budget can be daunting, especially if you are unfamiliar with Excel. Thankfully, many free Excel business budget templates are available that make it easy to set up your own budget. These templates provide an easy-to-follow format that allows you to quickly input your income and expenses so you can get started right away.

Budgeting is a process of predicting and managing your income and expenses. It helps you plan out how much money you will need to cover your business costs for the month or year ahead. With budgeting, you can track spending, identify areas where you may be overspending, and make adjustments as needed to stay within your budget.

Budgeting is essential for any business, as it allows you to plan ahead and ensure your organization is on the right track financially. Without a budget, setting goals and tracking progress can be challenging. A budget also helps you identify areas where costs are getting out of control so you can take corrective action before they become too costly.

When creating a budget template, it's essential to include all the categories and items relevant to your business. This includes revenue sources, fixed costs such as rent or utilities, variable expenses like advertising or travel, and any other relevant items. Once you have identified these categories, you can enter them into an Excel spreadsheet. It's important to remember that budgeting can be complex, and you should always consult a professional if you need help.

Once all the information has been entered into your template, it's time to begin tracking income and expenses. This will give you an accurate picture of how much money is coming in and going out each month. As the months progress, you can easily adjust your budget if it becomes necessary. This way, you'll always have an accurate picture of your financial situation and be able to adjust accordingly.

Using a free Excel business budget template, you can quickly and easily create a comprehensive budget that will help keep your finances in check. Once you're comfortable with the budget, you can modify it as needed to accommodate any changes in your business. With a bit of time and effort, you can have an adequate budget in place that will keep your business running smoothly.

Creating a monthly budget template is similar to creating a one-time budget. Start by identifying all the relevant categories and items to your business. Once you have all the information gathered, enter it into an Excel spreadsheet. You can then use this template to track your monthly expenses and income. As the months pass, adjust your budget based on new developments or changes in your business.

Using a template for budgeting provides several benefits. It allows you to quickly create accurate and up-to-date budgets, allowing you to make informed decisions about your finances. Additionally, templates make it easy to track expenses and income so you can adjust as needed. Finally, free Excel business budget templates can save time and money as you won't need to hire a professional to help with budgeting.

Using an Excel budget template is a great way to get started creating your business budget. All of the free templates provided here include a simple format that's easy to use and understand. Here are some tips for getting the most out of your Excel budget template:

  • Start by entering all your income sources, such as sales revenue, interest income, and other sources of revenue.
  • Next, enter your expenses, such as payroll, rent, supplies, and other operating costs.
  • Make sure to include taxes and other overhead costs in your budget.
  • Set up a timeline for budgeting so you can stick to it throughout the year.
  • Run reports and analyze the data in your budget. This will help you identify areas where costs are getting out of control or where there may be opportunities to save money.

By taking the time to create an accurate and up-to-date business budget, you can ensure that your organization runs as smoothly and efficiently as possible. With the help of free Excel business budget templates, you can quickly and easily create a budget that works for your organization.

Top Free Excel Business Budget Templates Business Case Excel Template

A business case excel template helps businesses easily analyze and evaluate different scenarios to inform decision-making. This type of template includes pivoting tables, graphs, financial projections, and other valuable data that can help you make the best possible decisions for your organization. Business cases are often used to compare various investment or product opportunities to determine which one is the most profitable.

There are many benefits to using a business case excel template, such as:

  • Streamlining the decision-making process by providing relevant data and insights that help inform decisions.
  • Creating an organized structure for analyzing different scenarios and options.
  • Consolidating data into one place to make it easier to analyze and compare.
  • Generating various reports that can be used to track performance and make informed decisions.
  • The ability to customize the template for specific needs or goals.

Creating a business case template in Excel can help you analyze data and make informed decisions that will benefit your organization.

Download the Business Case Excel Template for Free.

Top Free Excel Business Budget Templates Profit and Loss PL Statement Excel Template

A Profit and Loss (P&L) statement Excel template is a spreadsheet that helps businesses analyze their financial performance and make informed decisions. This type of template includes tables and graphs that can be used to track income, expenses, and profits over a period of time. It also provides insight into cash flow and profitability.

Using a P&L statement Excel template provides several benefits, such as:

  • Giving an overview of the business's financial performance over some time.
  • Breaking down income and expenses into categories to make it easier to analyze.
  • Being able to track profit margins, cash flow, and other vital metrics.
  • Generating reports that can be used to inform decision-making.
  • Analyzing different scenarios to identify areas for improvement.

By using a P&L statement Excel template, businesses can quickly and easily analyze their financial performance and make informed decisions that will benefit the organization.

Download the P&L Statement Excel Template for Free.

Top Free Excel Business Budget Templates Revenue Forecasting Excel Template

A revenue forecasting Excel template helps businesses predict future financial performance by analyzing historical trends and data. This type of template includes a variety of graphs, charts, and tables that can be used to analyze past performance and make projections for the future. Revenue forecasting is often used to set business goals and inform strategic plans.

Using a revenue forecasting Excel template has many benefits, such as:

  • Allowing businesses to develop reliable projections and estimates based on past performance.
  • Identifying trends and insights that can inform decision-making.
  • Generating various reports and dashboards that can be used to track performance.
  • Establishing goals and benchmarks that can be used to measure success.

Download the Revenue Forecasting Excel Template for Free.

Top Business Budgeting Software Tools

The best picks for business budgeting software tools to monitor your financial performance and ensure your business is using its resources efficiently.

Top Free Excel Business Budget Templates Balance Sheet Excel Template

A balance sheet Excel template is a spreadsheet that helps businesses track financial transactions and analyze the organization's overall health. This template includes several sections, such as assets, liabilities, and equity. A balance sheet provides an overview of a company's finances, showing how much money it has in cash, investments, or debts.

Using a balance sheet excel template has many benefits, such as:

  • Allowing businesses to analyze and compare financial data easily.
  • Creating an organized structure for tracking assets and liabilities.
  • Generating various reports that can be used to measure performance.

By creating a balance sheet excel template, businesses can quickly and efficiently track their financial data and make informed decisions about their organization's finances.

Download the Balance Sheet Excel Template for Free.

Top Free Excel Business Budget Templates Income Statement Excel Template

An income statement Excel template helps businesses analyze and track their financial performance. This template includes several sections, such as revenue, expenses, and net income. An income statement provides an overview of a company's profitability, showing how much money it has earned or lost over a given period.

Download the Income Statement Excel Template for Free.

Top Free Excel Business Budget Templates Startup Business Budget Excel Template

A startup business budget Excel template helps businesses manage their finances and plan for the future. This template includes several sections: revenue projection, expenses, and cash flow. Companies can use a startup business budget template to analyze their financial performance accurately and determine the best course of action for their organization.

Download the Startup Business Budget Excel Template for Free.

Top Free Google Sheets Templates and Financial Models

Top Free Google Sheets Templates and Financial Statements to help you manage your business financials, monitor performance, and make informed decisions.

Top Free Excel Business Budget Templates Expense Tracking Excel Template

An expense-tracking Excel template or an expense-tracker Excel template helps businesses track and analyze their spending. This template includes several sections, including expenses by category, total costs, and monthly averages. By using an expense tracking template, businesses can quickly and easily identify areas of overspending or unnecessary expenses so they can make better decisions about their finances.

Download the Expense-Tracking Excel Template for Free.

Top Free Excel Business Budget Templates Cash Runway Excel Template

A cash runway Excel template is a type of spreadsheet that helps businesses track their cash flow and analyze the short-term financial health of the organization. This template includes several sections, such as cash inflows, outflows, and balances. A cash runway provides an overview of a company's ability to pay its expenses and manage liquidity, showing how much cash is available to the organization at any given time.

Download the Cash Runway Excel Template for Free.

Top Free Excel Business Budget Templates Unit Economics Excel Template

A unit economics Excel template is a spreadsheet that helps businesses analyze the profitability of individual products, services, or customer segments. This template includes several sections, such as revenue per unit, cost per unit, and operating profit per unit. Using a unit economics Excel template, businesses can accurately analyze the profitability of different product lines and identify potential areas for improvement.

Download the Unit Economics Excel Template for Free.

Top Free Excel Business Budget Templates Operating Budget Excel Template

An operating budget Excel template helps businesses track and manage their expenses. This type of template includes several sections, such as fixed costs, variable costs, and capital investments. An operating budget provides an overview of a company's expected expenses over a given period of time, helping the organization make smart decisions about its finances.

Download the Operating Budget Excel Template for Free.

Using the top free Excel business budget templates is an effective way for businesses to create and maintain financial plans. From business cases to revenue forecasting and balance sheets, these templates help businesses stay organized and make informed decisions that benefit their organization.

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Download Business Financial Plan Template In Excel

  • Accounting , Business management , Financial Management

Supercharging Your Strategy: Download The Business Financial Plan Template In Excel

Planning is paramount to business success. A detailed, robust financial plan not only paves the way for smooth operations but also acts as a roadmap for growth, investment, and potential risks. However, creating an exceptional financial plan can often seem a complex and overwhelming task. That’s where our Business Financial Plan Template comes in.

Overview of the Business Financial Plan Template

Our template is a comprehensive, easy-to-use tool designed to make financial planning as straightforward as possible. It includes multiple sections, each one tailored to capture critical aspects of your business financials. The sections are:

  • Financial Overview: This is where you lay out your financial objectives and strategies.
  • Financial Assumptions: Outline the assumptions made in creating the financial plan.
  • Key Financial Indicators and Ratios: Highlight the important financial indicators that measure the health of your business.
  • Break-even Analysis Report: A graphical presentation and tabular analysis that shows when your business is expected to start making a profit.
  • Financial Statements: Detailed income statements, balance sheets, and cash flow statements.
  • Pro Forma Cash Flow Statement: A projected cash flow statement that provides insight into your business’s future cash position.
  • Pro Forma Balance Sheet: A projected balance sheet that helps you plan for future financial stability and potential risks.

The Benefits of Using the Business Financial Plan Template

Here are a few reasons why our Business Financial Plan Template is an excellent tool for businesses:

  • Comprehensive: The template covers all the critical aspects of financial planning, ensuring you don’t overlook any crucial details.
  • Ease of Use: No need for extensive financial planning experience – the template is designed to be simple, direct, and easy to use.
  • Cost-Efficient: A free tool that gives you insights akin to professional financial planning without the hefty cost.
  • Visual Representation: Graphical presentations and tabular analyses allow for better understanding and communication of your financial standing.
  • Forecasting: Pro Forma Cash Flow and Balance Sheets give you a glimpse of future financial possibilities, allowing for more informed decision-making.

Who Can Use This Template?

Our Business Financial Plan Template is a versatile tool designed for anyone looking to create a detailed, effective financial plan. It’s perfect for:

  • Startups: To attract investors, manage funds, and understand when they can expect to start making a profit.
  • Established businesses: To analyze performance, strategize for growth, and communicate financial information to stakeholders.
  • Consultants: To help clients create robust financial plans and provide valuable financial insights.
  • Students: To learn about financial planning and apply theoretical knowledge to practical scenarios.

Financial planning is the backbone of any successful business strategy. It allows you to foresee challenges, strategize for growth, and communicate your business’s financial health to stakeholders. With our free Business Financial Plan Template, you have a comprehensive, easy-to-use tool at your fingertips. This template simplifies the often complex process of financial planning, allowing you to focus on what you do best: growing your business. Remember, good planning today leads to better results tomorrow. So download our template and start paving your path to business success.

Download this Business Financial Plan template in Excel Format

Our easy to use editable Excel templates and save your significant amount of time and effort. Here’s how to download and use one of our templates:

Download this free Excel Template : Once you’ve browsed through our collection of templates and find the one that best fits your needs. Once you’ve found the template you want, click on the download button.

Replace sample data with your actual data: Once the template is downloaded, open it in Excel. You’ll see that it is already set up with sample data. To start analyzing your own data, simply replace the sample data with your actual data.

Customize the template: Our templates are completely editable, which means you can customize them to fit your specific needs. For example, you can change the formatting, add or remove columns, or create new charts and graphs.

Use the Excel template: Once you’ve fed in your data and customized the template, you’re ready to start using it for data analysis. Use the various tools and features of Excel to analyze and visualize your data, and make informed business decisions.

Save and share: Once you’ve finished working on the template, save it to your computer and share it with other members of your team or stakeholders as needed.

Click Download Button To Get Business Financial Plan Excel Template

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Business Financial Plan Template

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Free editable professional Excel templates can be a useful tool for businesses , organizations, and individuals looking to streamline their data management and reporting processes. These templates can provide a pre-designed and pre-formatted framework for storing and organizing data, as well as for creating charts, graphs, and other visualizations to help communicate that data more effectively.

One advantage of using professional Excel templates is that they are often designed by experienced professionals who understand best practices for data management and visualization. This means that the templates are likely to be well-organized, easy to understand, and aesthetically pleasing, which can make working with them more efficient and enjoyable.

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Some examples of professional Excel templates that may be available for free include budgeting templates for personal or business use , project management templates for tracking tasks and deadlines, and sales tracking templates for analyzing and forecasting sales data. There are also a wide variety of templates available for specific industries, such as real estate, marketing , human resource , Payroll management and among others.

Overall, free editable professional Excel templates can be a valuable resource for anyone looking to improve their data management and analysis skills. By providing a pre-designed and customizable framework for storing, organizing, and visualizing data, these templates can help users save time and make more informed decisions.

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Free business plan template for excel.

Ajay Jagtap

  • October 31, 2023

Business Plan Templates for Excel

With 1 in 8 people using Excel, I’d be hard-pressed to believe that anyone has never used it at some point in life.

While we have all used it at least once—be it for school homework, college assignments, or travel planning—we never really got the hang of it.

(Excel formulas are tough!)

Preparing a business plan from scratch using Excel is not a joke; we get that. That’s why we created this business plan template in Excel .

So, no more worrying about Excel formulas or plan structure—download the document and follow the instructions in the article for successful business planning.

Sounds good? Let’s start with understanding the pros and cons of using Excel for planning:

Pros and Cons of Using Excel for Business Plans

Before we head to discussing the Excel business plan template, let’s understand the pros and cons of using Excel for business planning:

  • Free to use:  MS Excel is 100% free for all its users, making it a cost-effective choice.
  • Data Analysis:  Excel is a powerful tool for performing various financial and data analyses and calculations.
  • Collaboration: Collaborating with your team while working on a project using Excel is easier.
  • Lack of automation: Excel may not help create dynamic business plans with automated features.
  • Limited presentation:  Excel cannot create an appealing business plan like a business plan software.
  • Complex formulas: Excel’s formulas are complex and require a significant learning curve to master.

So these were the pros and cons. Let’s cut to the chase and discuss the key components of our free business plan Excel template.

Key Components of Our Excel Business Plan Template

It’s a fact—you cannot use Excel to create the entire plan from scratch, no! Excel is a powerful tool for complex calculations and analyses; let’s use it for that only.

So, we’ll use this business plan Excel template only to perform complex financial analyses and calculations—to prepare financial projections.

Following are the critical components of a good business plan template you must include in your financial plan:

1. Income Statement

The income statement is one of the key financial statements of your financial plan that highlights its profit and loss over a given period of time.

The critical components of your income statement include—revenue/sales, Cost of Goods Sold (COGS), operational costs, EBITDA, interest, and others.

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excel business plan financial template

2. Balance Sheet

Your balance sheet is a statement that reports your company’s assets, liabilities, and shareholder equity, providing a snapshot of its financial position at a specific period of time.

The statement helping you calculate financial ratios includes the following:

  • Assets—e.g. Inventory, cash, property.
  • Liabilities—e.g. Accounts payable, loans, salaries to be paid.
  • Owners equity—e.g. Capital investment/contribution.

3. Cash Flow Statement

The cash flow statement of your financial plan is the projection of your cash in and outflows over a certain period of time.

As one of three key components of your financial plan, the cash flow statement summarizes the amount of cash or cash equivalents entering or leaving your company.

4. Break-Even Analysis

A break-even analysis helps you determine the number of units you need to sell to cover all fixed and variable costs.

The break-even point is considered a measure of safety margin, and anything you sell beyond the point will result in profit.

While your balance sheet already highlights the assets, liabilities, and owner’s equity, assets are considered critical for investors to assess the company’s financial health. So, our simple business plan template (Excel) has a separate sheet for business assets.

6. Accounts Payable & Receivable

The accounts payable refer to the amount due to vendors or suppliers for services or goods received, whereas accounts receivable represent the money due to the company.

The increase or decrease in your accounts payable or receivable can be seen in your cash flow statement.

7. Working Capital

Working capital is the subtraction of your current liabilities from your current assets. As a critical element in identifying your company’s health, it helps investors understand if it has enough capital to pay employees and fund operations to meet short-term goals.

Download the Financial Forecast Template In Excel

We discussed all the critical statements to be covered in your financial plan. Now what? It’s time for you to download the financial forecast template and start preparing your financial plan.

Unlike other free Excel templates, this template has all the reports with the suggested revenue streams, expenses, and other details.

You can directly download and use the template to forecast cash flow, create balance sheets, and prepare income statements that provide detailed information about your revenue and expenses. So what are you waiting for?

How to Use an Excel Business Plan Template

We’re hoping you’ve already downloaded the business plan template. So, the question arises: How can this Excel template be used to prepare realistic forecasts?

Let’s get this over with:

Understand the template structure

Before you start planning, you must understand the structure of the financial portion of your business plan. Get a thorough review of the template and understand:

  • What critical statements does it include?
  • What are the revenue streams?
  • What are considered to be assets and liabilities?
  • What does the taxation structure look like?

And others. Once you thoroughly understand the structure, you can move ahead with the next step.

Analyze historical data

Financial forecasting is about assumptions—a lot of them, but accurate ones. If you’re a total stranger to financial forecasting, analyzing historical data will help you get off on the right foot.

Analyze the historical data and try to gain insights about your business financials:

  • Monthly revenue over the last year?
  • How much you’re spending on day-to-day operations?
  • What is your sales growth rate? How fast is it increasing over time?

And others. These historical figures will be of massive help in the next step.

Make pre-assumptions

As I said before, financial forecasts heavily rely on certain assumptions like sales forecasts, operational expenses, revenue growth, and others.

So, in this step, you’ll make assumptions about these variables based on the historical data to make them realistic and accurate.

Prepare key financial reports

Once you have made pre-assumptions, it’s time to prepare forecasts. Don’t overwhelm yourself with a lot of numbers; start by preparing critical financial reports that include—a cash flow statement, balance sheet, and income statement.

Other statements of your plan rely heavily on these reports, so the process will become much easier after having prepared these three beforehand.

Monitor and track progress

After preparing your financial reports, the next step is timely monitoring these reports and tracking progress.

You can compare your assumptions with actual results to see if your projections are accurate and relevant to the changing market trends.

Analyzing metrics like customer acquisition rate, acquisition costs, net profit, and gross margin will help track progress.

If you follow these steps rigorously, you can surely make a decent plan to support your business strategies and achieve financial goals.

Still, it was just about financial planning. What about the entire business plan? Excel is a no-go for business planning; let’s see why.

How Excel may not be the best choice for business planning?

Since Excel doesn’t offer all the necessary features for business planning that a business plan software like Upmetrics would, it is not the tool to be used to create a comprehensive business plan.

Following are a few reasons why Excel may not be a better choice for business planning compared to a tool like Upmetrics:

  • Limited features: Since it is not designed specifically for planning, it has limited business planning features compared to software like Upmetrics. A business planning software may include features like business plan builder, financial forecasting, and pitch deck creator.
  • Limited collaboration: Everyone knows Excel isn’t the tool with the best collaboration features. Business plan software offers collaboration features, allowing multiple team members to work on a business plan simultaneously.
  • No Automation: Upmetrics comes with many automation features like AI assistant and financial forecasting tool, helping entrepreneurs and small businesses save time and reduce human errors.
  • No customizable templates: Upmetrics has 400+ business plan examples and templates that make it easier for new users to get started, which has not been the case with Excel.

These were just a few of many reasons why a planning tool is a better alternative than Excel to create a comprehensive plan to support their business strategy.

Improve Your Business Financial Plan with Upmetrics

I’d surely have recommended Excel for financial planning if you had asked maybe a decade ago.

Today? There’s no way Excel stands a chance when competing with a cutting-edge AI business planning solution like Upmetrics.

Upmetrics simplifies business planning with its library of business templates, financial forecasting tool, and AI-powered assistant, making it a much more efficient alternative to Excel.

What are you waiting for? Start planning today!

excel business plan financial template

Frequently Asked Questions

How do i create a business plan in excel.

It’s challenging to draft an entire business plan in Excel. However, you can use Excel to create the financial portion of your plan using a free business plan Excel template. A ready-made template is always better and faster than preparing your financial reports from scratch.

Are there any alternatives to Excel for creating a business plan?

Yes, there are a few alternatives to Excel for creating a business plan. However, using a business plan software like Upmetrics would be a better alternative to creating a business plan than others.

Why should I use an Excel template for my business financial plan?

You cannot certainly master Excel formulas in one day, and preparing advanced financial reports from scratch means you must be very good at accounting, budgeting, and Excel sheets and ready to spare some intense hours.

So, considering the complexity of Excel—using a ready-made template seems like a great starting point for budding entrepreneurs with no financial planning experience.

Are there any free business plan templates available in Excel?

Although it’s tough to create the entire business plan in Excel from scratch, Upmetrics offers a free business plan Excel template to help you gain inspiration and make the financial portion of your business plan.

Can I share my financial plan online with others using Excel?

Yes, you can share your financial plan online with others using Excel. To share your document with others, simply click on the “Share with People” option and enter their email addresses, and you have shared the doc.

About the Author

excel business plan financial template

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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Cash Flow - Business Plan Forecast Template

Use our business plan financial projections template to create financial projections for a business plan which includes 12 monthly periods and 5 annual periods. The template includes a detailed income statement, cash flow statement and balance sheet in Excel. Cash flow projections are based on user defined turnover, gross profit and expense values and automated calculations based on a series of assumptions.

  • Includes 12 monthly & 5 annual periods
  • Suitable for service and trade based businesses
  • Reporting periods based on a single user input cell
  • User input limited to basic template assumptions
  • Expense accounts can be customized & more accounts added
  • Automated income statement, cash flow statement & balance sheet
  • Accommodates loan amortization or interest-only loans
  • Includes sales tax, income tax, payroll accruals & dividends

How to use the Cash Flow - Business Plan Forecast template

This template enables users to create cash flow projections for a business plan which includes 12 monthly periods and five annual periods. The template includes a monthly income statement, cash flow statement and balance sheet. The cash flow projections are based on turnover, gross profit and expense values that are entered by the user as well as a number of default assumptions which are used to create an automated balance sheet. These assumptions include opening balance sheet balances, working capital ratios, payroll accruals, sales tax, income tax, dividends and loans. The monthly reporting periods are based on any user defined start date.

Note: We have included 12 monthly and 5 annual reporting periods in this template because this format is frequently required by financial institutions when submitting business plans. If you only require annual cash flow projections, refer to our Annual Cash Flow Projections template and if you only require monthly cash flow projections, refer to our Monthly Cash Flow Projections template.

The following sheets are included in the template: Assumptions - this sheet includes the default assumptions on which the monthly & annual cash flow projections are based. IncState - this sheet includes a detailed monthly income statement for 12 monthly periods and 5 annual periods. All the rows that are highlighted in yellow in column A require user input and the codes in column A are mainly used in the sales tax, receivables & payables calculations. The rows that do not contain yellow highlighting in column A contain formulas and are therefore calculated automatically. CashFlow - as with the income statement, only the rows with yellow highlighting in column A require user input. All the other rows contain formulas and are therefore calculated automatically. BalanceSheet - all balance sheet calculations are based on the template assumptions and the income statement & cash flow statement calculations. No user input is therefore required on this sheet. Loans1 to Loans3 & Leases - these sheets include detailed amortization tables which are used to calculate the interest charges and capital repayment amounts that are included on the income statement and cash flow statement. Each sheet provides for a different set of loan repayment terms to be specified.

Note: If you do not want to include any of the line items that are listed on the income statement, cash flow statement or balance sheet, we recommend hiding these items instead of deleting them. If you delete items which are used in other calculations, these calculations will result in errors which you then need to fix or remove.

Business Name & Reporting Periods

The business name and the start date for the cash flow projections need to be entered at the top of the Assumptions sheet. The business name is included as a heading on all the sheets and the reporting periods which are included in the template are determined based on the start date that is specified. This date is used as the first month and the 11 subsequent months and four subsequent years are added to form the 5 year projection period.

The income statement and cash flow statement only require user input where there is yellow highlighting in column A and the user input only relates to the 12 monthly periods. All annual totals are calculated automatically and all rows without yellow highlighting are calculated automatically in both the monthly and annual columns.

Income Statement

All monthly income statement projections need to be entered exclusive of any sales tax that may be applicable.

Turnover & Gross Profits

Monthly turnover values need to be entered on the IncState sheet for the first 12 months. The projected monthly gross profit percentages also need to be entered on this sheet and are used in order to calculate the gross profit values. The monthly cost of sales projections are calculated by simply deducting the gross profit values from the monthly turnover values.

The year 2 to 5 turnover amounts are calculated based on the totals for the first year and adjusted by the annual turnover growth rates that are specified on the Assumptions sheet. Gross profit percentages for each turnover line need to be entered on the IncState sheet. Gross profit values and cost of sales totals are calculated automatically.

The template includes two default lines in each of these sections - one for a typical product based item and one for a typical service based item. The template can therefore be used for both service and trade based businesses. There are no cost of sales and gross profit values in service based businesses and a gross profit percentage of 100% can therefore be specified. You can also hide the cost of sales and gross profit sections if you do not want to include them in your cash flow projections.

Note: You can insert as many additional line items as required by inserting the required number of items in each section and then entering the appropriate values where user input is required or copying the formulas from one of the existing lines. We recommend inserting additional line items between the two existing default line items.

Note: The codes in column A are used in the sales tax and trade receivables calculations. The first two characters represent the sales tax code and the last two characters represent the payment status. Refer to the Balance Sheet - Sales Tax and Balance Sheet - Trade Receivables sections for more information on these codes.

Other Income

Monthly projections of other income should be entered in this row. Note that other income may consist of items like interest or dividends received and this line item is therefore not included in trade receivables and sales tax calculations. If you want to include other income in the trade receivables or sales tax calculations, you need to add the income to the Turnover section as an additional line item.

The year 2 to 5 totals for other income are calculated by applying the annual turnover growth percentages on the Assumptions sheet to the previous year's total.

Operating Expenses

All the monthly operating expense projections need to be entered in the operating expenses section of the income statement. The template contains 22 default operating expense line items but you can add as many additional items as required or delete the line items that you do not need. When adding additional line items, remember to copy the formulas in the total columns from one of the existing line items.

The year 2 to 5 totals for operating expenses are calculated by applying the annual expense inflation percentages on the Assumptions sheet to the previous year's total.

Note: The codes in column A are used in the sales tax and trade payables calculations. The first two characters represent the sales tax code and the last two characters represent the payment status. Refer to the Balance Sheet - Sales Tax and Balance Sheet - Trade Payables sections for more information on these codes.

Staff Costs

All the monthly staff cost projections need to be entered in the staff costs section of the income statement. The template contains 2 default staff cost line items but you can add as many additional items as required or delete the line items that you do not need.

The year 2 to 5 totals for staff costs are calculated by applying the annual expense inflation percentages on the Assumptions sheet to the previous year's total.

Note: Staff costs have been included in a separate section on the income statement in order to be able to calculate payroll accruals. If you do not need to include payroll accruals in your cash flow projections, we recommend entering nil values and hiding these rows. If you delete the section, some of the payroll accrual formulas may result in errors and you therefore may need to delete them as well.

Depreciation & Amortization

Monthly & annual projections for depreciation and amortization charges need to be calculated independently of the template and included in this section. We unfortunately cannot include default depreciation or amortization calculations because some businesses may have very different asset bases than others with existing assets which may already have been depreciated over a number of years. Any calculation which is based on a percentage of the balance sheet asset value may therefore not be accurate.

If you already have a sheet which is used for depreciation or amortization calculations, you can include it in this template and add formulas in the depreciation & amortization section of the income statement to include your calculations in the appropriate line items.

The monthly depreciation & amortization charges for the first 12 months need to be included on the IncState sheet and the totals for year 2 to 5 need to be included on the Assumptions sheet.

We also realize that some users may want to include depreciation and amortization as part of their operating expenses. We have therefore provided for this in that the depreciation and amortization calculations on the cash flow statement are based on the default code which is included in column A. You can therefore enter nil values in the depreciation & amortization section on the income statement, hide the section and include these line items in the operating expenses section and as long as you also include the default codes in column A, the cash flow statement values for depreciation and amortization will be calculated correctly.

Interest Paid

All interest paid calculations are automated and based on the amortization tables on the Loans1 to Loans3 and Leases sheets. The template accommodates the inclusion of loans & leases based on four different sets of loan repayment terms which need to be specified on the Assumptions sheet.

Opening loan balances are based on the balance sheet opening balances section on the Assumptions sheet and additional loan amounts can be entered in column C of the appropriate amortization table.

You do not need to use all four loan amortization sheets - if you only need to include loans based on one set of repayment terms, you can delete the other loan amortization sheets, delete the other interest paid rows on the income statement, delete the other proceeds from loans rows on the cash flow statement, delete the other repayment of loans rows on the cash flow statement and delete the other loan balances from the balance sheet.

The template provides for four sets of loan repayment terms - the same amortization table can basically be used for all loans with the same repayment terms by adding additional loan amounts as proceeds to the cash flow statement in order to add new loans to the appropriate amortization table.

If you need to add more than four sets of loan repayment terms, you will need to copy one of the amortization sheets, change it to reflect the appropriate loan terms and then change the formulas in the amortization table to be based on the correct loan repayment terms at the top of the sheet. This means that you need to add another set of repayment terms to the Assumptions sheet and link the fields at the top of the new amortization table to the appropriate cells on the Assumptions sheet.

If there is an opening balance for the required additional loan terms, you need to include a new code in the balance sheet opening balances section on the Assumptions sheet and base the opening balance calculation in the first period of the amortization schedule on this code. You also need to add new rows to the interest paid section on the income statement, the loan proceeds section on the cash flow statement, the loan repayment section on the cash flow statement and the loan balances section on the balance sheet. The appropriate formulas can be copied from one of the existing items and the sheet reference in the copied formula can then just be replaced by the sheet name of the new amortization table that you've added.

The taxation line item on the income statement is automatically calculated based on the profit before tax and the income tax assumptions which are specified on the Assumptions sheet. If you do not want to include income tax in the cash flow projections, simply enter an income tax rate of 0%. This will result in no income tax being calculated.

If you do want to include income tax calculations, the appropriate income tax percentage needs to be entered in the Income Tax section on the Assumptions sheet. You can also enter a value for an assessed loss (as a positive value) which may have been carried over from a previous tax year which would result in income tax only being calculated after profits exceed the value of the assessed loss.

You also need to specify the payment frequency in months and the first calendar month in which a payment needs to be included. The template automatically provides for income tax based on what is due and includes the income statement amount and a provision for taxation on the balance sheet. The payment frequency and month of payment assumptions are then used to determine when the income tax liability will be settled which will result in the appropriate cash outflow being recorded on the cash flow statement and the provision for taxation being reduced.

The template can accommodate income tax calculations based on current and subsequent month payments. If you select the Current option, the income tax payment amount will be calculated based on all amounts that have accrued up to and including the month of payment. If you select the Subsequent option, the income tax payment amount will only be calculated based on all amounts which have accrued up to the previous month end.

Example: If you select the Current option in the Income Tax section of the Assumptions sheet, all income tax amounts up to and including the current month will be included in the income tax payment amount. This means that the provision for taxation at the end of the particular month will be nil. The Current setting is therefore usually appropriate for provisional taxpayers.

Example: If you select the Subsequent option, all amounts up to and including the previous month end will be included in the income tax payment amount. The provision for taxation balance on the balance sheet will therefore not be nil at the end of the month of payment and include the current month's income tax charge.

The template also includes automated dividends calculations. If you do not want to include any dividends in your cash flow projections, you can simply specify a dividend percentage of zero percent.

If you want to include dividend calculations, you need to specify a dividend percentage which will be applied to the profit for the period in order to calculate the dividend value. You also need to specify the frequency in months of dividend payments and the first payment month. The frequency of dividends determines when the dividends are included on the income statement and the first month of payment determines when the dividend payment is included on the cash flow statement (only has an effect if the dividend payment option is Subsequent).

You can also specify whether the dividend is paid in the month of calculation (Cash option), the month after calculation (Next option) or in a subsequent month. When you elect the subsequent month option, the payment of the dividend will be included based on the relative position of the first month of payment in relation to the year-end period (which is determined based on the template start date at the top of the Assumptions sheet).

Example: If you want to include a dividend in the last month of each financial year, select a payment frequency of 12 months and month 12 as the first payment month. Then select the Cash option in order to include both the dividend on the income statement and the payment in the last month of the year.

Example: If you want to include a dividend in the last month of each financial year but delay payment to the first month of the next financial year, select a payment frequency of 12 months and month 12 as the first payment month. Then select the Next option in order to include the dividend on the income statement in the last month of the financial year and the payment in the first month of the next financial year. A dividend payable amount will then automatically be included on the balance sheet at year-end.

Balance Sheet

All the calculations on the balance sheet are automated and no user input is therefore required.

Opening Balances

If you need to compile cash flow projections for an existing business, you will need to include the opening balance sheet balances at the start of the cash flow projection period. This is facilitated in the Balance Sheet Opening Balances section on the Assumptions sheet. The opening balances that are entered here are included in the first column on the balance sheet.

You can use the trial balance as at the end of the period immediately before the start of the cash flow projection period for this purpose. All assets should have positive balances and all equity & liabilities should have negative balances. The opening balances should also balance to a total of nil as with any accounting system trial balance. If you enter balances and the total of all balances is not nil, the entire opening balances section on the Assumptions sheet will be highlighted in orange.

You then need to fix the imbalance by adjusting the opening balances so that the total comes to a total of nil. The orange highlighting will then be removed automatically. Also note that the cash flow projection balance sheet cannot balance if the opening balances do not balance.

Note: If you are preparing a cash flow projection for a new business, you can include zero balances for all the balance sheet items in the opening balances section.

Non-Current Assets

The property, plant & equipment balances on the balance sheet are calculated by adding the purchases of property, plant & equipment (entered on the cash flow statement for the first 12 months and on the Assumptions sheet for year 2 to 5) and then deducting the appropriate depreciation charges that are included on the income statement.

Intangible assets balances are calculated in much the same way by adding the purchases of intangible assets (as per the cash flow statement for the first 12 months and the Assumptions sheet for year 2 to 5) and deducting the appropriate amortization charges as per the income statement. The calculation of the investments balances on the balance sheet is a bit simpler in that only the purchases of new investments (as per the cash flow statement for the first 12 months and the Assumptions sheet for your 2 to 5) are added to the previous period's balance and there is no depreciation or amortization on investments.

Note: Purchases of property, plant & equipment, intangible assets and investments all need to be entered as negative values. The purchases for the first 12 months need to be entered on the cash flow statement and the purchases for year 2 to 5 need to be entered on the Assumptions sheet.

Current Assets - Inventory

The inventory balances on the balance sheet are calculated based on the inventory days assumption which is specified on the Assumptions sheet. The number of days that are entered here is applied to the monthly cost of sales in order to calculate the appropriate inventory balance. This calculation is based on the actual number of days in each month if the inventory days assumption is greater than the number of days in the appropriate month.

Example: If you enter an inventory days assumption of 60 days and the month is April, the entire cost of sales value for April will be included in the inventory balance because April only has 30 days. After including the 30 days in April, there is a difference of 30 days between the 60 days assumption and the 30 days in April. The March cost of sales balance will therefore be used, divided by the 31 days in March and multiplied by the 30 remaining days. The inventory balance at the end of April will therefore consist of the cost of sales total for April and an equivalent of 30 days of the 31 day cost of sales of March.

Note: The above calculation principle is applied regardless of the number of days which are entered as the inventory days assumption on the Assumptions sheet even if the value of the inventory days assumption requires the inclusion of more than 2 months. This method of calculation is the most accurate way of projecting inventory balances even for businesses where there is significant sales volatility.

Note: If your business does not carry inventory, you can simply enter a nil value in the inventory days assumption on the Assumptions sheet. The inventory line on the balance sheet will then also contain nil values.

If you want to include variable monthly inventory days, you can do so by changing the inventory days assumption in the Workings section of the balance sheet which has been included below the section with the ratios. Simply replace the formula which links the inventory days assumption to the value on the Assumptions sheet by overwriting it with the appropriate inventory days value.

The year 2 to 5 inventory balances are calculated by applying the annual turnover growth percentage to the inventory balance at the end of year 1. This method ensures that the monthly trend in year 1 is reflected in the year 2 to 5 balances. If you amend the inventory days in the Workings section of the balance sheet, the amended days for the appropriate year will be used in the calculation.

Current Assets - Trade Receivables

The trade receivables balances on the balance sheet are calculated based on the debtors days assumption which is specified on the Assumptions sheet. The debtors days number can be determined based on the average trading terms which has been negotiated with customers. The debtors days is applied to the monthly turnover in order to calculate the appropriate trade receivables balance. This calculation is based on the actual number of days in each month if the debtors days assumption is greater than the number of days in the appropriate month.

Example: If you enter a debtors days assumption of 60 days and the month is April, the entire turnover value for April will be included in the trade receivables balance because April only has 30 days. After including the 30 days in April, there is a difference of 30 days between the 60 days assumption and the 30 days in April. The March turnover balance will therefore be used, divided by the 31 days in March and multiplied by the 30 remaining days. The trade receivables balance at the end of April will therefore consist of the turnover total for April and an equivalent of 30 days of the 31 day turnover of March.

Note: The above calculation principle is applied regardless of the number of days which are entered in the debtors days assumption on the Assumptions sheet even if the value of the debtors days assumption requires the inclusion of more than 2 months. This method of calculation is the most accurate way of projecting trade receivable balances even for businesses where there is significant sales volatility.

Where sales tax is applicable, the appropriate sales tax value relating to monthly turnover will be added to the trade receivables balance. Sales tax codes are defined on the Assumptions sheet and the codes in column A next to the turnover amounts on the income statement are used to determine the appropriate rate of sales tax to be used.

The trade receivables calculation will also only include lines that are coded with a sales tax rate code (in the first two characters) and a "C1" at the end of the code. The C1 part of the code refers to credit sales while the inclusion of a C0 code at the end refers to cash sales. Cash sales do not need to be included in the trade receivables calculation and turnover lines with C0 or no code in column A are therefore ignored when calculating trade receivable balances.

Example: If the standard rate sales tax code is V1 and the appropriate turnover line needs to be included in the calculation of trade receivables, the code V1C1 needs to be added in column A of the appropriate turnover line on the income statement. If you do not want to add sales tax in the trade receivables calculation but you do want a trade receivables line to be included in the balance sheet, you can add a code which refers to a 0% sales tax calculation as well as the C1 credit sales indicator.

Example: If you do not want a particular turnover line to be included in the trade receivables calculation, you can include any sales tax rate followed by C0 in order to exclude the line in the trade receivables calculations. For example, a turnover line with a code of V1C0 would not form part of the trade receivables calculations.

Note: If your business has no trade receivables, you can simply enter a nil value in the debtors days assumption on the Assumptions sheet. The trade receivables line on the balance sheet will then also contain nil values.

If you want to include variable monthly debtors days, you can do so by changing the debtors days assumption in the Workings section of the balance sheet which has been included below the section with the ratios. Simply replace the formula which links the debtors days assumption to the value on the Assumptions sheet by overwriting it with the appropriate debtors days value.

The year 2 to 5 trade receivables balances are calculated by applying the annual turnover growth percentage to the trade receivables balance at the end of year 1. This method ensures that the monthly trend in year 1 is reflected in the year 2 to 5 balances. If you amend the debtors days in the Workings section of the balance sheet, the amended days for the appropriate year will be used in the calculation.

Current Assets - Loans & Advances, Other Receivables

The loans and advances & other receivables balances cannot be calculated by basing them on specific income statement items and they are therefore calculated by adding the movements in these balances (as per the cash flow statement for the first 12 months and the Assumptions sheet for year 2 to 5) to the balances of the previous month. If you therefore want to increase or decrease these balances, you need to add the amount of the increase or decrease to the line with a matching description on the cash flow statement (under the changes in operating assets section) for the first 12 months or the Assumptions sheet for year 2 to 5.

Current Assets - Cash & Cash Equivalents

The cash & cash equivalents balances on the balance sheet are linked to the closing cash balances on the cash flow statement. If the resulting cash & cash equivalents balance has a negative value, it will automatically be included in the bank overdraft line in the Current Liabilities section of the balance sheet.

Equity - Shareholders Contributions, Reserves

The shareholders contributions & reserves balances cannot be calculated by basing them on income statement items and they are therefore calculated by adding the movements in these balances (as per the cash flow statement for the first 12 months and the Assumptions sheet for year 2 to 5) to the balances of the previous month. If you therefore want to increase or decrease these balances, you need to add the amount of the increase or decrease to the line with a matching description on the cash flow statement or Assumptions sheet.

Note: The shareholders contribution line on the cash flow statement can be found under the cash flow from financing activities and the reserves line on the cash flow statement under the non-cash adjustments.

Equity - Retained Earnings

The retained earnings balances on the balance sheet are linked to the retained earnings for the year which is calculated on the income statement.

Non-Current Liabilities - Loans 1 to 3, Leases

The template provides for loans & leases to be included based on 4 different sets of loan repayment terms. Loans with the same repayment terms can be grouped together in the appropriate line item. There is no difference between the treatment of loans 1 to 3 and leases. If you do not have finance leases and have loans with 4 different sets of repayment terms, you can use the Leases sheet and rename the appropriate line items accordingly.

Note: The loan repayment period in years is limited to a maximum period of 30 years. If you want to include a loan repayment period which exceeds this period, you need to change the data validation settings in the appropriate input cell by selecting the data validation feature from the Data tab on the Excel ribbon and editing the maximum value of 30 which has been set in the loan repayment period cells.

Each of the loan repayment terms can be specified in the Loan Terms section on the Assumptions sheet. The loan terms include the annual interest rate, loan repayment period in years and a selection field which can be used to indicate interest-only loans. These loan repayment terms are then included at the top of the appropriate loan amortization sheet on the Loans1 to Loans3 and Leases sheets.

Note: A set of loan terms can be specified as interest-only by selecting the "Yes" option from the interest-only drop-down list in the appropriate loan terms on the Assumptions sheet. If this selection is made, the loan will be interest only and not include any loan repayments.

All the calculations on the amortization sheets are fully automated. The only user input that is required on these sheets is entering the additional loan amounts in column C. The loan terms are taken from the Assumptions sheet and the opening balances in the first row of the amortization table are based on the opening balances that are entered in the balance sheet opening balances section of the Assumptions sheet.

The loan repayments, interest charged and capital repayments are calculated based on the outstanding balances at the beginning of each period. The outstanding loan or lease balances at the end of the appropriate monthly or annual period are then included in the appropriate lines on the balance sheet.

Current Liabilities - Bank Overdraft

The bank overdraft as well as cash & cash equivalents are based on the closing cash balances which are calculated on the cash flow statement. If the appropriate monthly closing balance is negative, the balance is included as a bank overdraft and if it is positive, it is included as cash under current assets on the balance sheet.

Current Liabilities - Trade Payables

The trade payables balances on the balance sheet are calculated based on the creditors days assumption which is specified on the Assumptions sheet. The number of days that are included here can be determined based on the average trading terms which has been negotiated with suppliers.

The monthly cost of sales, operating expenses and staff costs on the income statement are added together in order to determine a monthly value on which the trade payables calculations should be based. Expenses and costs which are paid on a cash basis can be excluded from the trade payables calculation by entering a code which ends in C0 in column A on the income statement. The codes in column A start with the appropriate two character sales tax code and end with the two character payables code.

Example: The expense codes in column A for all line items that need to be included in the trade payables calculation and which need to be subject to sales tax at a standard rate should be V1C1. If the expense item is settled on a cash basis and also subject to the standard sales tax rate, the code in column A should be V1C0 which will then result in the item not being included in the trade payables calculation.

If you want to also include purchases of property, plant & equipment in the trade payables calculation, the standard code of PPE in column A on the cash flow statement needs to be amended to the appropriate code which starts with the sales tax code and ends with C1. For standard sales tax, the code will therefore be V1C1.

Like the calculation of inventory and trade receivables balances, the trade payables balances on the balance sheet are based on the actual number of days in each month if the creditors days assumption is greater than the days in the appropriate month.

Example: If you enter a creditors days assumption of 60 days and the month is April, the entire cost of sales & expense value for April will be included in the trade payables balance because April only has 30 days. After including the 30 days in April, there is a difference of 30 days between the 60 days assumption and the 30 days in April. The March cost of sales & expense balance will therefore be used, divided by the 31 days in March and multiplied by the 30 remaining days. The trade payables balance at the end of April will therefore consist of the cost of sales & expenses total for April and an equivalent of 30 days of the 31 day cost of sales & expense values of March.

Note: The above calculation principle is applied regardless of the number of days which are entered as the creditors days assumption on the Assumptions sheet even if the value of the creditors days assumption requires the inclusion of more than 2 months. This method of calculation is the most accurate way of projecting trade payables balances even for businesses where there is significant sales or expense volatility.

Where sales tax is applicable, the appropriate sales tax value relating to monthly cost of sales & expenses will be added to the trade payables balance. Sales tax codes are defined on the Assumptions sheet and the code in column A next to the cost of sales & expense amounts on the income statement are used to determine the appropriate rate of sales tax to be used.

The trade payables calculation will also only include lines that are coded with a sales tax rate code (in the first two characters) and a "C1" at the end of the code. The C1 part of the code refers to purchases on credit while the inclusion of a C0 code at the end refers to cash purchases. Cash purchases do not need to be included in the trade payables calculation and cost of sales & expense lines with C0 or no code in column A are therefore ignored when calculating trade payables balances.

Example: If the standard rate sales tax code is V1 and the appropriate cost of sales or expense line needs to be included in the calculation of trade payables, the code V1C1 needs to be added in column A of the appropriate line on the income statement. If you do not want to add sales tax in the trade payables calculation but you do want a trade payables line to be included in the balance sheet, you can add a code which refers to a 0% sales tax calculation as well as the C1 credit purchases indicator.

Example: If you do not want a particular cost of sales or expense line to be included in the trade payables calculation, you can include any sales tax rate followed by C0 in order to exclude the line in the trade payables calculations. For example, an expense or cost of sales line item with a code of V1C0 in column A on the income statement would not form part of the trade payables calculations.

Note: If your business has no trade payables, you can simply enter a nil value in the creditors days assumption on the Assumptions sheet. The trade payables line on the balance sheet will then also contain nil values.

If you want to include variable monthly creditors days, you can do so by changing the creditors days assumption in the Workings section of the balance sheet which has been included below the section with the ratios. Simply replace the formula which links the creditors days assumption to the value on the Assumptions sheet by overwriting it with the appropriate creditors days value.

The year 2 to 5 trade payables balances are calculated by applying the annual expense inflation percentage to the trade payables balance at the end of year 1. This method ensures that the monthly trend in year 1 is reflected in the year 2 to 5 balances. If you amend the creditors days in the Workings section of the balance sheet, the amended days for the appropriate year will be used in the calculation.

Current Liabilities - Sales Tax

The template accommodates the inclusion of sales tax in all relevant calculations based on four default sales tax calculation codes and any sales tax period. All income statement and cash flow statement items need to be entered exclusive of any sales tax that may be applicable and the trade receivables and trade payables balances on the balance sheet will be calculated inclusive of sales tax. The net sales tax liability is included in the Sales Tax line on the balance sheet.

The template can be used for general sales tax (GST) and value added tax (VAT) purposes. Where there is no sales tax input which reduces the sales tax liability, the codes in column A on the income statement can simply be changed to contain a sales tax code (in the first two characters of the code) which has a zero percentage. Only the sales tax codes that are included next to the turnover lines will then be included in sales tax calculations (as required by some general sales tax calculations).

The appropriate sales tax percentages can be entered in the Sales Tax section of the Assumptions sheet. The template provides for 4 default sales tax codes, each with its own sales tax percentage. The sales tax codes are numbered from V1 to V4.

The income statement contains codes in column A which affects the calculations of sales tax and trade receivables or trade payables. The first two characters of these codes determine which sales tax percentage is used in the sales tax calculations. If an income statement item needs to be excluded from sales tax calculations, you should use a sales tax code with a zero percentage on the Assumptions sheet.

Note: Each line on the income statement can therefore only be linked to one sales tax percentage. If more than one sales tax percentage needs to be applied to the same income statement item, you need to split the income statement amount into two lines and enter the appropriate sales tax codes in column A for each of the lines.

Note: If you are preparing cash flow projections for a business which is not subject to sales tax, simply enter zero percentages for all four sales tax codes.

The sales tax assumptions that need to be specified on the Assumptions sheet also include the frequency of sales tax payments (in months) and the calendar month of the first payment period. You can therefore calculate sales tax based on any period frequency from one to twelve months.

Example: If your business is subject to sales tax payments of every two months and the first payment is due in February, a frequency of 2 needs to be specified and the first payment month should be set to 2 for February. Similarly, if your business is subject to sales tax payments of every 6 months with payments due in March and August, the frequency should be set to 6 and the first payment month should be set to 3. If your business is subject to monthly sales tax payment periods, the frequency should be 1 and the first payment month should also be 1.

The Current or Subsequent setting in the Sales Tax section on the Assumptions sheet determines how the calculated sales tax amounts of the current period are handled. If you select the Current option, the sales tax amounts of the current period will be included in the calculation of the payment amount which is due in the particular month and the sales tax liability at the end of the payment month will be nil.

If you select the Subsequent setting, the sales tax amount of the current period is not included in the calculation of the payment amount and the sales tax liability at the end of the appropriate payment month will always include at least one month.

Note: The Subsequent setting is usually the appropriate setting to use for sales tax purposes. The Current settings is more applicable to tax types which are subject to provisional tax.

Example: If you set a payment frequency of 1 month, first payment month of 1 and select the Current option, the sales tax liability on the balance sheet will always be nil because the current month's sales tax will be included in the sales tax payment. If you have the same period settings and select the Subsequent option, the sales tax liability on the balance sheet will always include the current month's sales tax because the payment amount will be based on the previous month's sales tax.

Note: The first payment month setting refers to the month of payment and not the sales tax period end. There is a difference - a sales tax period may end in February with payment in March which means that the first payment month of the calendar year is actually January or month 1 (if the payment frequency is two months).

The year 2 to 5 balances for sales tax are calculated by calculating the total sales tax for the appropriate year, dividing it by twelve and then multiplying the value by the number of months that are included in the sales tax balance at the end of the first year.

Current Liabilities - Payroll Accruals

The payroll accrual on the balance sheet is based on the payroll accrual assumptions in the Working Capital section of the Assumptions sheet and the amounts in the staff costs section of the income statement. If payroll deductions are paid in the same month as they are incurred, you can set the payroll accrual percentage to zero and the payroll accrual balances on the balance sheet will also be zero.

Staff costs have been included in a separate section on the income statement to make it easier to calculate payroll accrual balances. You can however include staff costs in operating expenses but you need to ensure that you also include the "PAY" code in column A for all the staff costs that you want to include in the payroll accrual calculations.

You also need to specify the appropriate percentage of staff costs which needs to be included in your payroll accruals. This percentage should be based on the percentage of staff costs which are paid in a subsequent month and is based on the current month's staff costs. Payroll accruals usually consist of salary & wage deductions which need to be paid over to third parties and differ from entity to entity. You therefore need to calculate the appropriate payroll accrual percentage based on the composition of the salary or wage structures of all employees.

The payroll accrual assumptions that need to be specified on the Assumptions sheet also include the frequency of payroll accrual payment periods (in months) and the payment month of the first payroll accrual period. You can therefore calculate payroll accruals based on any payment period frequency from one to twelve months. The calculated payroll accruals are added together in the payroll accrual balance until the month of payment.

Example: If you need to settle payroll accruals every two months and the first payment is due in February, a frequency of 2 needs to be specified and the first payment month should be set to 2 for February. Similarly, if you settle payroll accruals every 6 months with payments due in March and August, the frequency should be set to 6 and the first payment month should be set to 3. If you settle payroll accruals on a monthly basis, the frequency should be 1 and the first payment month should also be 1.

The Current or Subsequent setting in the Payroll Accruals section on the Assumptions sheet determines how the calculated payroll accrual amounts of the current period are handled. If you select the Current option, the payroll accrual amounts of the current period will be included in the calculation of the payment amount which is due in the particular month and the payroll accrual balance at the end of the payment month will be nil.

If you select the Subsequent setting, the payroll accrual amounts of the current period are not included in the calculation of the payment amount and the payroll accrual balances on the balance sheet at the end of the appropriate payment month will always include at least one month.

Note: The Subsequent setting is usually the appropriate setting to use for payroll accrual purposes. The Current setting is more applicable to tax types which are subject to provisional tax payments where payment occurs in the same month as the tax calculation.

Example: If you set a payment frequency of 1 month, first payment month of 1 and select the Current option, the payroll accruals on the balance sheet will always be nil because the current month's payroll accruals will be included in the payment calculation. If you have the same period settings and select the Subsequent option, the payroll accruals on the balance sheet will always include the current month's payroll accrual because the payment amount will be based on the previous month's payroll accrual.

Note: The first payment month setting refers to the month of payment and not the payroll accrual period end. There is a difference - a payroll accrual period may end in February with payment in March which means that the first payment month of the calendar year is actually January or month 1 (if the payment frequency is two months).

If you want to include payroll accruals based on variable monthly payroll accrual percentages, you can do so by changing the payroll accrual percentage assumption in the Workings section of the balance sheet which has been included below the section with the ratios. Simply replace the formula which links the payroll accrual percentage assumption to the value on the Assumptions sheet by overwriting it with the appropriate payment accrual percentage.

The year 2 to 5 payroll accrual balances are calculated by adjusting the previous year's balance by the appropriate expense inflation percentage on the Assumptions sheet.

Current Liabilities - Other Accruals, Other Provisions

The other accrual & other provisions balances cannot be calculated by basing them on specific income statement items and they are therefore calculated by adding the movements in these balances (as per the cash flow statement for the first 12 months and the Assumptions sheet for year 2 to 5) to the balances of the previous period. If you therefore want to increase or decrease these balances, you need to add the amount of the increase or decrease to the line with a matching description on the cash flow statement (under the changes in operating assets section) for the first 12 months or the Assumptions sheet for years 2 to 5.

Current Liabilities - Provision for Taxation

The calculation of income tax on the income statement is based on the profit before tax on the income statement and the assumptions that are specified in the Income Tax section on the Assumptions sheet.

The profit before tax amount is multiplied by the income tax percentage on the Assumptions sheet in order to calculate the monthly or annual income tax value. If there is a loss before tax on the income statement, no income tax will be calculated but if there were profits before the period with the loss, the income tax that was calculated in previous periods will be reversed in the period with the loss.

The template also makes provision for the inclusion of an assessed loss which has been carried over from previous financial periods and income tax will only be calculated after the assessed loss has been fully reduced by profits in the projection periods.

The income tax assumptions on the Assumptions sheet also include the frequency of payment of income tax (in months) and the calendar month of the first income tax payment. You can therefore calculate a provision for income tax based on any payment period frequency from one to twelve months. The calculated income tax amounts are added together in the provision for income tax balance on the balance sheet until the month of payment.

Example: If you need to settle income tax liabilities every six months and the income tax payments are due in February and August of each year, a frequency of 6 needs to be specified and the first calendar month should be set to 2 for February. Similarly, if you settle income tax liabilities at the end of each quarter with payments due in March, June, September and December, the frequency should be set to 3 and the first payment month should also be set to 3. If you need to settle income tax liabilities 9 months after each year-end and the cash flow projection year-end is February, the frequency should be set to 12 months and the first payment month should be set to 11.

The Current or Subsequent setting in the Income Tax section on the Assumptions sheet determines how the income tax amounts of the current period are handled. If you select the Current option, the income tax amounts of the current period will be included in the calculation of the payment amount which is due in the particular month and the provision for income tax balance on the balance sheet at the end of the payment month will be nil.

If you select the Subsequent setting, the income tax amounts of the current period are not included in the calculation of the payment amount and the provision for income tax balance on the balance sheet at the end of the appropriate payment month will always include income tax for at least one month.

Note: The Current setting is usually the appropriate setting to use for income tax purposes if the entity is a provisional taxpayer which effectively means that income tax is paid in advance. If the entity is not a provisional taxpayer, the Subsequent setting should be used because income tax will be settled after being incurred.

The year 2 to 5 balances are calculated by calculating the income tax amount for the appropriate year, dividing it by 12 and multiplying the value by the number of months which needs to be included in the provision. This is determined based on the year-end period and the income tax assumptions on the Assumptions sheet.

Current Liabilities - Dividends Payable

The calculation of dividends on the income statement is based on the profit for the year on the income statement and the assumptions that are specified in the Dividends section on the Assumptions sheet. Dividends will only be calculated if you enter a dividend percentage on the Assumptions sheet - if you therefore do not want to include dividends in your cash flow projections, you can simply enter a zero value as the dividend percentage.

The dividend percentage that is specified on the Assumptions sheet is applied to the profit for the year on the income statement which can be found directly above the dividends line. Dividends will also only be calculated if there is a cumulative profit for the year.

The dividends assumptions on the Assumptions sheet also include the frequency of payment of dividends (in months) and the first calendar month of the dividend payment. You can therefore calculate dividends based on any payment period frequency from one to twelve months (although 6 or 12 months is the norm). The calculated dividends amounts are added together in the dividends payable balance on the balance sheet until the month of payment.

Example: If dividends are declared every six months, you need to specify a frequency of 6 months on the Assumptions sheet and then select the appropriate payment basis. Dividends will be reflected on the income statement every 6 months and the dividends payable balances on the balance sheet will be determined based on the first payment month and the payment option which is selected (Cash, Next or Subsequent). Similarly, if the payment frequency is set to 12 months, dividends will be included on the income statement every 12 months and the dividends payable balance will be determined based on the first payment month and the payment option.

The Cash, Next or Subsequent setting in the Dividends section on the Assumptions sheet determines how the dividends payable balances on the balance sheet are calculated and therefore also when the dividend payment will be included on the cash flow statement.

If you select the Cash option, the dividend payable balances on the balance sheet will always be nil and what this means is that the dividend payment is effectively included in the same month as the month in which the dividend is declared. The month in which the declared dividend is included is based on the payment frequency (in months) and the cash flow projection year-end.

If you select the Next option, the dividend payment will be included in the month after the month in which the dividend amount is included on the income statement. The dividend payable balance on the balance sheet will therefore only contain a balance in the dividend declaration month.

If you select the Subsequent option, dividends will be included on the income statement based on the frequency setting on the Assumptions sheet and the payment of the dividend will be delayed until the first payment month (also as per the Assumptions sheet) is reached. A dividends payable balance will be reflected on the balance sheet in all months until the payment month is reached.

Example: If you set the dividend payment frequency to 12 months, a dividend amount will be included on the income statement in the last month of the appropriate cash flow projection year. If the payment option is set to Cash, no dividend payable amount will be included on the balance sheet and the dividend payment will be included on the cash flow statement in the same month.

Example: If you set the dividend payment frequency to 12 months and the payment option is set to Next, the dividend will be included on the income statement in the last month of the appropriate cash flow projection year, the dividend payable at the end of the financial year will equal the income statement amount and the dividend payment will be included in the first month of the next financial year.

Example: If you set the dividend payment frequency to 12 months and the payment option is set to Subsequent, the dividend will be included on the income statement in the last month of the appropriate cash flow projection year and the dividend payable at the end of the financial year and all subsequent months in the new financial year until the first payment month is reached will equal the income statement amount. The dividend payment will be included in the first payment month as set on the Assumptions sheet but in the year after inclusion on the income statement.

If the cash flow projection year-end as per the above example is February, the first payment month is set to 9 for September and the Subsequent payment option is selected, the dividend will be included in February on the income statement and the same amount will be included as a dividend payable on the balance sheet from February to August of the next financial year. The dividend payment will then be included in September on the cash flow statement and the dividend payable at the end of September will be nil.

The year 2 to 5 balances are calculated based on the profit for the year, the dividend percentage and the payment status of Cash, Next or Subsequent.

Balance Sheet Errors

If the balance sheet for any monthly or annual period does not balance, the amount of the imbalance will be included in the row below the total equities & liabilities and displayed in red. The template has been designed in such a way that the balance sheet should always be in balance as long as the total of the balance sheet opening balances which are included on the Assumptions sheet is nil.

If you see an imbalance on the balance sheet, you therefore need to check the opening balance sheet balances on the Assumptions sheet and ensure that the total of all the opening balances in this section is nil.

If fixing the opening balances does not resolve your imbalance, you can e-mail our Support function and let us know what changes you have made to the formulas in the template so that we can assist you. If you have made a lot of changes, you may need to start over with the downloaded copy of the template.

Balance Sheet Workings

We have included all the calculations which form part of the calculation of balance sheet balances in the Workings section below the balance sheet ratios. These workings will not be printed and are for information purposes only. You can therefore hide this section if you do not want to see it on the sheet but do not delete any of these formulas because it will result in calculation errors if you do!

Cash Flow Statement

All the rows on the cash flow statement which require user input are indicated with yellow highlighting in column A. User input is only required in the monthly columns - the user input for the annual columns need to be included on the Assumptions sheet in the first balance sheet section. All the rows on the cash flow statement which do not contain yellow highlighting contain formulas which automate the calculations of these items.

The input rows on the cash flow statement are all related to balance sheet items where the calculations on the balance sheet are based on adding the movement on the cash flow statement to the previous month's balance on the balance sheet. If you need more guidance on any of these items, refer to the appropriate section for the particular item under the Balance Sheet section of these instructions.

Note: The colour of the codes in column A on the cash flow statement indicate whether positive or negative values need to be entered in order to increase the appropriate balance sheet item's balance. If the code is green, positive input values increase the balance sheet balance and if the code is red, you need to enter negative values in order to increase the balance sheet balances.

Loan Amortization Tables (Loans1 to Loans3 & Leases sheets)

The template makes provision for including loans with up to four different sets of repayment terms in the cash flow projections. The amortization tables that are used to calculate the interest charges, loan repayments and outstanding balances have been included on the Loans1, Loans2, Loans3 and Leases sheets. The only user input that is required on these sheets is the additional loan amounts in column C.

Note: Refer to the instructions in the income statement - interest paid section and the balance sheet - non-current liabilities section for guidance on how these amortization tables have been compiled and where to include user input for each of these amortization tables.

excel business plan financial template

14 Best Excel Templates for Business in 2024 (Free & Premium)

  • Last updated October 5, 2023

Let’s talk about Excel templates. These pre-made spreadsheets help you improve productivity quickly. In this comprehensive guide, we’ll dive deep into the world of Excel templates, equipping you with the knowledge and tools to streamline your tasks, boost productivity, and make informed decisions.

From understanding what Excel spreadsheet templates are to exploring specialized templates for various industries, we’ve got you covered. Whether you’re a seasoned Excel user or just starting, our friendly yet professional approach will simplify complex concepts and empower you to harness the full power of Excel templates.

What Are Excel Templates?

We provide a host of spreadsheet templates for our readers. And Excel templates are no exception. These pre-designed spreadsheets created to simplify various tasks and processes. They serve as starting points, offering predefined structures, formulas, and formatting. These templates are designed to save you time and effort by eliminating the need to build spreadsheets from scratch.

Key Features of Excel Spreadsheet Templates

  • Structured Layout: Templates come with organized rows and columns tailored to the specific task or use case. For instance, a budget template might include categories for income, expenses, and savings.
  • Predefined Formulas and Functions: Excel spreadsheet templates often include formulas and functions that perform calculations automatically. For example, a mortgage calculator template may already have formulas for calculating monthly payments and interest.
  • Formatting and Styling: Templates feature consistent design, including fonts, colors, and cell borders. This makes your data visually appealing and easy to read.
  • Placeholder Data: Templates often contain placeholder data or instructions to guide you in entering your information. These placeholders help you understand how to use the template effectively.
  • Customizability: While templates provide a structured framework, they are highly customizable. You can modify them to suit your specific needs by adding or removing columns, changing labels, or adjusting formulas.

Common Uses of Excel Templates

  • Budgeting: Excel templates for budgeting help individuals and businesses manage their finances effectively by tracking income and expenses, projecting future financial goals, and analyzing spending patterns.
  • Project Management: Project management templates assist in planning, tracking, and managing projects. They often include Gantt charts, task lists, and progress trackers.
  • Data Analysis: Excel offers templates for data analysis, such as pivot tables, allowing you to quickly summarize and analyze large datasets.
  • Accounting: Accounting templates help businesses maintain accurate financial records, including ledgers, income statements, and balance sheets.
  • Inventory Management: Inventory templates help businesses track stock levels, monitor product sales, and manage inventory turnover.

Types of Excel Templates

Excel spreadsheet templates come in various categories, each designed to address specific needs and tasks. Here are some of the most common types of Excel templates:

Financial Excel Templates

Financial templates are geared towards managing finances, budgeting, and financial analysis. You can make your own cash flow template , or use one that’s already made. Common financial spreadsheets include:

  • Budget Templates: These templates help individuals and businesses create and manage budgets, ensuring that income and expenses are balanced. Check out our top budget templates for Google Sheets .
  • Financial Models: Financial modeling templates are used for forecasting financial performance, especially in business planning and investment analysis.
  • Income Statements: Templates for income statements track revenues and expenses to determine profitability.
  • Balance Sheets: These templates provide a snapshot of a company’s financial position by displaying assets, liabilities, and equity.

Project Management Excel Templates

Project management templates are essential for planning, executing, and monitoring projects. For example, we covered our favorite project status report templates . Other common templates include:

  • Gantt Charts: Gantt chart templates visually represent project schedules, showing tasks, timelines, and dependencies.
  • Project Timelines: These templates offer a simplified view of project milestones and deadlines.
  • Task Tracking Templates: Task tracking templates help teams assign, track, and manage tasks to keep projects on schedule.

Data Analysis Excel Templates

Data analysis templates are invaluable for individuals and businesses working with data. Key templates include:

  • Pivot Tables: Pivot table templates simplify data summarization and analysis, allowing users to create interactive reports.
  • Data Visualization Templates: Templates for charts and graphs help transform raw data into visual representations for easier understanding.
  • Statistical Analysis Templates: Statistical analysis templates include tools for performing statistical tests and calculations.

Personal and Business Excel Templates

Personal and business templates cover a wide range of tasks. We have an article that covers payment receipt templates . Other common personal and business spreadsheets include:

  • To-Do List Templates: These templates help you stay organized by listing tasks and priorities.
  • Invoice Templates: Invoice templates streamline the invoicing process for businesses, including itemized lists and payment tracking.
  • Business Plan Templates: Business plan templates provide structured frameworks for creating comprehensive business plans, helping startups and established companies alike.

Whether you’re managing finances, overseeing a project, analyzing data, or organizing personal tasks, Excel templates offer a time-saving solution to enhance your productivity.

Top 14 Excel Templates for Business

Now, let’s delve into the top Excel templates that can significantly boost your productivity across various domains. We’ll explore each template, highlighting its key features and benefits.

Financial Management Excel Templates

1. financial model.

The Financial Model Excel template is a versatile tool designed to help businesses of all sizes and types manage their finances effectively. Whether you’re a business, a startup , or operating in specific niches like SaaS , E-Commerce , or Marketplace , this template offers comprehensive financial projections, including income statements, balance sheets, and cash flow statements. It’s essential for budgeting, forecasting, and making informed financial decisions.

excel business plan financial template

  • Accurate Projections: Generate precise financial projections for different business scenarios, aiding in strategic planning.
  • Scenario Analysis: Easily assess the impact of various decisions on your financial health by running multiple scenarios.
  • Investor-Ready: Impress investors and stakeholders with professional financial reports and insights.
  • Data Visualization: Utilize charts and graphs to visualize financial trends and make data-driven decisions.

Price: $74-139 (Use code SPoint10 for 10% off)

2. Profit and Loss Statement

The Profit and Loss Statement Excel template is tailored to specific business models, including startups , marketplaces , SaaS , and E-Commerce ventures. It helps you track your revenues, costs, and expenses to calculate your net profit or loss accurately. With clear and customizable categories, you can gain a deep understanding of your business’s financial performance.

excel business plan financial template

  • Business-Specific Tracking: Choose a template that aligns with your business model for precise financial insights.
  • Expense Categorization: Easily categorize expenses for better cost management and identification of cost-saving opportunities.
  • Year-over-Year Comparison: Track your financial performance over time to identify growth trends or areas that need improvement.
  • Tax Preparation: Simplify tax preparation by neatly organizing your income and expenses.

Price: $74 (Use code SPoint10 for 10% off)

3. Revenue Forecasting Tool

The Revenue Forecasting Tool Excel template is indispensable for businesses focused on revenue growth. With different versions tailored to Marketplace , SaaS , E-Commerce , and Agency models, it enables you to project your future revenues based on historical data, market trends, and growth strategies. This tool empowers you to set realistic revenue targets and make informed decisions to achieve them.

excel business plan financial template

  • Data-Driven Projections: Utilize historical data and market insights to generate accurate revenue forecasts.
  • Goal Setting: Set achievable revenue targets and track progress towards your financial goals.
  • Scenario Planning: Assess how changes in pricing, marketing, or sales strategies impact revenue.
  • Informed Decision-Making: Make strategic decisions backed by comprehensive revenue projections.

Price: $46 (Use code SPoint10 for 10% off)

Budgeting and Tracking Excel Templates

4. zero-based budget template.

Zero-based budgeting is a meticulous approach to budgeting where you allocate every dollar of your income to expenses, savings, or investments. The Zero-Based Budget Excel template simplifies the zero-based budgeting process, ensuring that your budget accurately reflects your financial priorities and goals.

excel business plan financial template

  • Financial Clarity: Gain a clear understanding of where your money goes and prioritize spending according to your goals.
  • Savings and Investments: Systematically allocate funds for savings, investments, and debt reduction.
  • Expense Tracking: Monitor daily expenses to identify areas for potential savings.
  • Emergency Fund Planning: Create a buffer for unexpected costs by including an emergency fund category.

Price: $4.99

5. Inventory and Sales Tracking Template

Managing inventory and tracking sales is crucial for businesses, especially those in retail or e-commerce. The Inventory and Sales Tracking Excel template streamlines inventory management, allowing you to efficiently track stock levels, sales, and product performance.

excel business plan financial template

  • Real-Time Inventory: Monitor inventory levels in real-time, ensuring you never run out of stock or overstock products.
  • Sales Analysis: Analyze sales data to identify top-performing products and optimize your product offerings.
  • Cost Control: Keep tabs on inventory costs and prevent financial losses due to mismanagement.
  • Data-Driven Decision-Making: Use sales insights to make informed decisions about restocking, promotions, and pricing strategies.

Price: $19.99

6. Capital Expenditure Planning Template

Capital expenditures (CapEx) are essential for businesses looking to grow and invest in assets like equipment, technology, or infrastructure. This free CapEx Excel template simplifies the planning and tracking of capital expenditures, ensuring efficient allocation of resources.

excel business plan financial template

  • Streamlined Planning: Plan and prioritize capital expenditures in a structured manner.
  • Budget Control: Stay within budget by tracking expenses against planned allocations.
  • ROI Assessment: Evaluate each capital expenditure’s return on investment (ROI) to make informed decisions.
  • Asset Management: Keep a comprehensive record of your business’s assets and their depreciation.

Price: Free!

Investment and Financial Analysis Excel Templates

7. simple investment template.

The Simple Investment Excel template is perfect for individuals or businesses looking to analyze potential investments. It assists in evaluating the financial feasibility of investments, calculating returns, and making informed investment decisions.

excel business plan financial template

  • Investment Evaluation: Assess the attractiveness of various investment opportunities.
  • Risk Analysis: Consider the risks associated with each investment and their impact on returns.
  • Return Calculations: Calculate potential returns, including net present value (NPV) and internal rate of return (IRR).
  • Decision Support: Make well-informed investment choices based on financial analysis.

8. Mortgage Calculator with Amortization Table

Mortgages are a significant financial commitment. This Mortgage Calculator Excel template simplifies mortgage calculations, helping individuals and homeowners understand their loan terms, amortization schedules, and total interest payments.

excel business plan financial template

  • Loan Clarity: Understand your mortgage terms, including interest rates, monthly payments, and loan duration.
  • Amortization Schedule: View the full amortization schedule, tracking principal and interest payments over time.
  • Interest Savings: Explore strategies for paying off your mortgage early to reduce interest costs.
  • Financial Planning: Incorporate mortgage payments into your long-term financial planning.

9. CLV vs. CAC Analysis Template

Customer Lifetime Value (CLV) and Customer Acquisition Cost (CAC) are critical business metrics. The CLV vs. CAC Analysis Excel template simplifies the calculation and analysis of CLV and CAC, aiding in strategic marketing and growth decisions.

excel business plan financial template

  • Customer Profitability: Determine the profitability of acquiring and retaining customers.
  • Marketing Efficiency: Evaluate the effectiveness of marketing campaigns by comparing CAC to CLV.
  • Retention Strategies: Identify opportunities to increase CLV through customer retention and loyalty programs.
  • Data-Driven Marketing: Allocate marketing budgets more efficiently based on CLV and CAC insights.

Data Analysis and Metrics Tracking Excel Templates

10. cohort analysis template.

Cohort analysis is a powerful method for examining user behavior over time. The Cohort Analysis Excel template simplifies the process, helping businesses gain insights into customer retention, engagement, and more.

excel business plan financial template

  • User Segmentation: Group users into cohorts based on signup date or other criteria for focused analysis.
  • Retention Insights: Identify trends in user retention and pinpoint when users drop off.
  • Product Improvement: Use cohort analysis to inform product improvements and marketing strategies.
  • Churn Reduction: Develop strategies to reduce customer churn based on cohort analysis findings.

11. MRR Dashboard Template

Monthly Recurring Revenue (MRR) is a vital metric for subscription-based businesses. The MRR Dashboard Excel template provides a comprehensive dashboard for tracking MRR, analyzing trends, and making data-driven decisions.

excel business plan financial template

  • MRR Overview: Get a real-time overview of your MRR, including new revenue, lost revenue, and net MRR growth.
  • Churn Analysis: Identify reasons for churn and implement strategies to reduce it.
  • Growth Tracking: Monitor your subscription business’s growth and set goals for MRR expansion.
  • Data Visualization: Visualize MRR trends with charts and graphs for easier interpretation.

12. User Engagement Dashboard Template

User engagement is critical for online businesses. The User Engagement Dashboard Excel template provides a user-friendly dashboard for tracking user engagement metrics, analyzing user behavior, and optimizing user experiences.

excel business plan financial template

  • Comprehensive Metrics: Track key engagement metrics such as session duration, bounce rate, and conversion rate.
  • Segmentation: Analyze user engagement based on demographics, devices, or referral sources.
  • Content Performance: Identify high-performing content and optimize the user journey accordingly.
  • Conversion Optimization: Implement strategies to improve user engagement and conversion rates based on insights.

Business Planning and Management Excel Templates

13. software license management tool.

The Software License Management Excel tool simplifies the process for businesses managing software licenses. It allows you to track software licenses, renewal dates, and compliance, ensuring efficient software management.

excel business plan financial template

  • License Tracking: Easily keep track of all software licenses in use across your organization.
  • Renewal Alerts: Identify license renewals timely to prevent interruptions.
  • Cost Control: Avoid unnecessary software purchases and optimize license utilization.
  • Compliance Assurance: Ensure compliance with software licensing agreements to avoid legal issues.

14. Workforce Planning Tool

Effective workforce planning is crucial for businesses of all sizes. The Workforce Planning Excel template streamlines the process by helping you manage employee information, staffing levels, and workforce optimization.

excel business plan financial template

  • Employee Database: Maintain a centralized employee information database, including roles, qualifications, and contact details.
  • Staffing Analysis: Analyze staffing levels and plan for hiring, training, or restructuring as needed.
  • Cost Projections: Estimate labor costs and budgets for workforce expansion or reduction.
  • Scenario Planning: Model various workforce scenarios and their financial implications.

These Excel spreadsheet templates cover a wide range of business and financial needs, making them invaluable tools for improving productivity, making informed decisions, and achieving your goals. Whether you’re a financial analyst, business owner, or simply looking to better manage your finances, Excel templates offer a user-friendly and robust solution.

Best Practices for Excel Templates

Excel spreadsheet templates are powerful tools that can significantly enhance your productivity , but it’s essential to follow best practices to make the most of them. Here are some tips and strategies to help you use Excel templates effectively.

Choose the Right Template

Selecting the appropriate template for your specific task is the first step to success. Consider the following factors when choosing a template:

  • Task Complexity: Ensure the template aligns with the complexity of your task. Simple tasks may require basic templates, while more complex tasks need advanced templates.
  • Customizability: Look for templates that allow customization. Templates that are too rigid may not suit your unique needs.
  • Industry or Use Case: Many templates are designed for specific industries or use cases. For financial tasks, for instance, choose templates tailored to your industry, such as retail, healthcare, or real estate.
  • Scalability: If your task may grow in complexity or data volume, opt for a template that can scale with your needs.

Understand Formulas and Functions

Excel templates often come with built-in formulas and functions to automate calculations. To use these templates effectively, it’s crucial to understand how these formulas work.

  • Learn the Basics: Familiarize yourself with common Excel functions like SUM, AVERAGE, IF, VLOOKUP, and more. These are the building blocks of many templates.
  • Review Formulas: Take time to review the formulas used in the template. Understand how they calculate results and what data they depend on.
  • Customize Formulas: If needed, customize formulas to suit your specific requirements. Modify cell references or add new calculations as necessary.

Input Data Accurately

Accurate data input is essential to obtain meaningful results from Excel spreadsheet templates.

  • Double-Check Data: Ensure all data entered into the template is accurate and error-free. A slight mistake can lead to significant inaccuracies in calculations.
  • Use Data Validation: Implement data validation rules to prevent incorrect data entry. Excel can prompt users when data doesn’t meet specified criteria.
  • Consistent Formatting: Maintain consistent formatting throughout the template. This includes date formats, number formats, and currency symbols.
  • Document Data Sources: Keep track of your data sources, especially if you’re pulling data from external sources. This documentation can help troubleshoot discrepancies later.

Regularly Save and Backup

Excel templates represent valuable work, so protecting your data is essential.

  • Frequent Saving: Save your work regularly to prevent data loss in case of unexpected software crashes or power outages.
  • Version Control: Maintain version control by saving different iterations of your template. Use meaningful file names and dates to track changes.
  • Backup Files: Implement a backup strategy. Regularly create copies of your Excel files and store them in a secure location, whether it’s a cloud service or an external drive.

Understand Template Limitations

Excel spreadsheet templates have limitations, and it’s essential to be aware of them.

  • Data Volume: Excel may not handle very large datasets efficiently. Consider using a database or specialized software for extensive data management.
  • Complexity: Templates have limits in terms of complexity. You might need to consider custom software or consulting with a specialist for more advanced or intricate tasks.
  • Data Security: Be cautious when handling sensitive or confidential data within Excel. Implement password protection and encryption where necessary.

Customize for Your Needs

While templates provide a structured starting point, don’t hesitate to customize them to better suit your unique requirements.

  • Add or Remove Fields: Include additional or remove unnecessary fields to streamline data entry and reporting.
  • Format and Styling: Adjust the template’s formatting and styling to match your preferences and branding guidelines.
  • Automate Repetitive Tasks: Excel allows you to automate repetitive tasks using macros. Learn how to create and use macros to save time.

Stay Updated and Educated

Excel is a continually evolving software, and staying updated with the latest features and best practices can benefit your productivity.

  • Software Updates: Keep your Excel software up-to-date to access new features and security patches.
  • Online Resources: Explore online resources, spreadsheet tutorials , and forums to expand your Excel skills and troubleshoot issues.
  • Advanced Training: Consider advanced Excel training courses or certifications to become an Excel power user.

By following these best practices, you can harness the full potential of Excel spreadsheet templates, streamline your tasks, and make more informed decisions. Excel templates are versatile tools that can save you time and effort, but mastering them requires a combination of knowledge, practice, and attention to detail.

Get Started with the Financial Spreadsheet Template Bundle

Ready to take control of your finances and make smart financial decisions? Our Financial Spreadsheet Template Bundle is the ultimate solution to simplify financial management, investment analysis, and mortgage planning.

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This bundle includes five powerful templates that can help you achieve your financial goals with ease:

  • Cryptocurrency Portfolio Tracker: Keep track of your cryptocurrency investments, monitor real-time market prices, and analyze your portfolio’s performance effortlessly.
  • Inventory and Sales Tracking Spreadsheet Template: Optimize your business operations with this template. Efficiently manage inventory, track sales, and make data-driven decisions.
  • Simple Investment Template: Make informed investment choices by analyzing potential returns and risks. This template simplifies investment planning for beginners and experts alike.
  • Extra-Payment Mortgage Calculator: Take control of your mortgage payments and reduce the total interest you pay. This tool helps you plan extra payments to pay off your mortgage faster.
  • Mortgage Calculator Spreadsheet with Amortization Table: Understand your mortgage terms, visualize your amortization schedule, and make sound financial decisions regarding homeownership.

Purchasing these templates individually would cost you more than $69, but with the Financial Spreadsheet Template Bundle , you can access all of them at a fraction of the price. Save over 40% off the list price and embark on your journey to financial success today!

Price: $39.99

Excel templates are your secret weapon for accomplishing tasks faster and more efficiently. With the right template at your fingertips, you can conquer financial challenges, manage projects like a pro, and analyze data with ease. The best part? You don’t need to be an Excel expert to reap the benefits. These templates are designed to simplify your life and make complex tasks feel like a breeze.

So, whether you’re tracking expenses, planning a project, or diving into data analysis, remember that Excel spreadsheet templates are your trusty companions on the journey to productivity and success. Embrace them, customize them, and watch your tasks transform from daunting to doable. Excel templates are your shortcut to getting things done, and the possibilities are endless. Start using them today and take control of your tasks, one spreadsheet at a time!

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Small Business Expense Spreadsheet: 5 Free Templates

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Tomoko Matsuoka

Published on

February 22nd, 2024

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Shoeboxed is an expense & receipt tracking app that helps you get reimbursed quickly, maximize tax deductions, and reduce the hassle of doing accounting..

Managing finances effectively is vital for small businesses. It enables small business owners to track business expenses and see where every dollar is going and identify ways to reduce costs and increase profitability.

A small business expense spreadsheet offers an organized method to monitor business expenses . This simple but powerful tool helps in categorizing spending, forecasting budgets, and preparing for tax season .

By using a spreadsheet, small businesses can keep a close eye on their financial health. They can also make data-driven decisions to steer their company toward growth and success.

Expense spreadsheets can vary in complexity, from basic expense report templates that track daily expenditures to more detailed sheets that include monthly or annual budgets.

These spreadsheets serve as a central location for all financial data, streamlining the process of expense tracking and reporting.

Enough said. Here are 4 favorite expense tracking templates and spreadsheets for small businesses + 1 handy alternative!

Table of Contents

5 free small business expense spreadsheets

Small businesses can benefit greatly from utilizing expense spreadsheets to track their financial activities. Free templates available online can simplify the process of monitoring and reporting expenditures.

1. Smartsheet's Small Business Expense Report Template

This spreadsheet from Smartsheet is perfect for tracking business expenses and can also serve as an expense report that you hand out to your team for when you need to reimburse employees.

Smartsheet small business expense report template

This spreadsheet tracker will automatically calculate total expenses when you enter a sum into one of the cells, so it's ready to go, right out of the box.

To use this business expenses spreadsheet, go to File -> Make a Copy.

👉 Direct download link

2. Monday's Excel Spreadsheet Expense Tracker

If you're a fan of Monday.com and/or prefer Excel over Google Sheets, then you'll be pleased to see this addition to our lineup. Columns include Description of Expenses incurred, Timeline of Expenses, Total Expenses, Approver, Expense Type, Payment Method, etc.

Monday business expense spreadsheet

While Monday's business expenses template is only available as an Excel file, you can easily upload it to Google Sheets and use it as a Google spreadsheet as well.

3. Vertex 42 Income and Expense Tracking Worksheet

If you're looking for a monthly business expense spreadsheet that will also let you track income in the same view, then Vertex 42's worksheet might be a good fit for your needs.

vertex42 income-and-expense-worksheet

You can track expenses as well as income as single line items, all inside of the same spreadsheet. To use the template, go here and then click on the "Use Template" button.

4. Smartsheet's Annual Expenses Spreadsheet for Small Businesses

Interested in a spreadsheet for the whole year? This lovely spreadsheet from Smartsheet gives you a column for each month's income and expenses, which will make it easy for you to visually compare each month's expenses incurred and income earned.

smartsheet annual expense spreadsheet

Expense categories are divided into overall categories and smaller sub-categories. For example, Housing contains Rent/Mortage, Property Taxes, etc. While Utilities contains Cable, Internet, etc.

To use this spreadsheet, click on "File -> Make a Copy"

5. Shoeboxed, a Small Business Expense Spreadsheet Alternative

Don't want to track expenses manually? We hear you. While some people thrive on using business expense tracking spreadsheets, others might prefer a more automated method.

If you'd like to forgo manual entry entirely, consider Shoeboxed!

Join over 1 million users and start digitizing your receipts today!

Shoeboxed is a receipt scanner app and receipt scanning subscription service that takes all the manual data entry off your hands! Simply snap a picture and upload it to your Shoeboxed account, and Shoeboxed's team will extract and verify the expense data from your receipts, assigning the expense one of 15 common tax categories.

For those who want an even easier method for getting receipts in their accounts, Shoeboxed's Magic Envelope service does just that.

Use Shoeboxed’s Magic Envelope to mail your receipts in to be processed

Simply stuff your receipts into Shoeboxed's postage-prepaid envelopes and outsource receipt scanning to the pros. We're the only receipt scanner app that will handle your paper receipts and your digital receipts, too.

Stop doing manual data entry 🛑

Outsource receipt scanning to Shoeboxed’s scanning service and free up your time for good. 30-day full money-back guarantee! ✨

How to create your own small business expense spreadsheet

Proper setup of a small business expense spreadsheet is a strategic step in financial management. The following sections guide users through selecting appropriate software, establishing the spreadsheet's structure, and tailoring it to the unique needs of their business.

Step 1. Choose the right platform

The foundation of an effective expense spreadsheet is selecting the platform that best suits the business's needs.

Google Sheets is free to use and easy for beginners to quickly grasp and navigate. If you have a Microsoft 365 subscription, then Microsoft Excel is a prevalent choice due to its advanced features and flexibility.

Alternatively, if you're looking to automate expense tracking, consider expense tracking apps like Shoeboxed.

Step 2. Understand spreadsheet layout fundamentals

A well-organized layout is crucial for an expense spreadsheet.

Users should start with a clear and consistent structure, including columns for date, expense category, amount, payment method, and notes.

Each transaction should have its own row to ensure clarity. This essential framework forms the basis for a functional expense tracking system.

Step 3. Customize categories for your business

Each business is unique and thereby requires a tailored approach to expense tracking.

Users may need to add specific columns like client name or project code.

Importantly, if cash basis accounting is used, one could begin with a template designed for this method. This ensures columns for transaction description and number are included for comprehensive records.

Customization helps in reflecting the specific financial activities and requirements of the business.

What are expense tracking best practices that business owners should know?

Tracking expenses meticulously is crucial for a small business’s financial health. It involves recording every transaction to monitor spending and manage budgets effectively.

Here are some best practices that business owners should be familiar with.

1. Know what categories of business expenses to track

Every expense report should clearly categorize transactions. Common categories include:

Operating Expenses: Regular costs for running a business, such as rent, utilities, and payroll.

Capital Expenses: Investments in the business like equipment or property.

Cost of Goods Sold (COGS): Direct costs of producing goods sold by a business.

Miscellaneous Expenses: Unforeseen or irregular costs not covered by other categories.

Categories should align with a business's accounting practices for consistency.

2. Remember to include date and amount entries

Recording the precise date and amount on your expense sheet is vital:

Date: The exact date when the expense occurred.

Amount: The full transaction value in clear figures, without rounding off.

Accurate date and amount entries ensure a reliable financial timeline and budget tracking.

3. Don't forget vendor and description details

Clear vendor and description details support audit processes and expenditure reviews.

Vendor: The name of the entity from which the service or product was purchased.

Description: A brief explanation of the expense, providing context for its purpose.

4. Create summary tables

To create summary tables, one begins by compiling all monthly expenses into a cohesive table format.

The typical structure includes columns for Date, Category, Expense Detail, and Amount.

At the end of the table, a row is dedicated to the Monthly Total, offering a quick glance at the month's expenditures.

For the annual summary, data from each monthly table is aggregated.

This table is similar in format but extends to provide a Year-to-Date Total, which juxtaposes the expenses across different months. Here, categories may be adjusted to encompass annual operations.

5. Visualize data with charts and graphs

Visual tools like charts make it easy to quickly grasp your financial data.

Pie charts vividly delineate expenses by category, spotlighting areas where the business spends the most.

Line charts showcase the trend of expenses over time, aiding in identifying spending patterns across the year.

Bar charts can be beneficial for a side-by-side comparison of the same month across multiple years, lending insight into growth and seasonal trends.

By translating the summary tables into visual formats, small businesses can more easily grasp their financial trajectory and make informed decisions.

Tools for creating such visuals are often included in spreadsheet software, and templates with these features might be found on sites like monday.com.

6. Know relevant tax categories and rules

Tax deductible expenses are a type of expense that is deductible for a small business. These typically include:

Advertising and marketing fees

Office supplies and equipment

Travel and meal expenses for business purposes

Salaries and wages paid to employees and contractors

Each expense category comes with specific IRS rules and regulations. For example, meals with clients are only 50% deductible, while the full cost of office supplies is typically 100% deductible.

Non-deductible Expenses: Some expenses are not eligible for a tax deduction. These include:

Political contributions

Government fines and penalties

Personal expenses not directly related to operating the business

7. Consider integrating tax software

Small businesses often benefit from integrating their expense spreadsheets with tax software.

Tax preparation software can automatically categorize expenses, calculate deductions, and prepare tax forms.

When spreadsheet data is properly formatted and categorized, it can be imported into tax software to streamline the process of:

Compiling year-end financial statements

Estimating taxes owed

Filing tax returns efficiently and accurately

Integration simplifies tax preparation, reduces human error, and can assist businesses in capitalizing on all eligible deductions.

Break free from manual data entry ✨

Use Shoeboxed’s Magic Envelope to ship off your receipts and get them back as scanned data in a private, secure cloud-based account. 📁 30-day full money-back guarantee!

Small business expense spreadsheets are essential tools that small businesses can use to evaluate the financial health and performance of their business. They allow for detailed tracking and analysis of expenditures, which are critical for making informed decisions.

By examining expense patterns over time, small business owners can discern whether certain costs are increasing, stable, or decreasing.

This insight is crucial as trends indicate areas that may require attention or can signal success in cost management efforts. 

About Shoeboxed!

Shoeboxed is a receipt scanning service with receipt management software that supports multiple methods for receipt capture: send, scan, upload, forward, and more!

You can stuff your receipts into one of our Magic Envelopes (prepaid postage within the US). Use our receipt tracker + receipt scanner app ( iPhone , iPad and Android ) to snap a picture while on the go. Auto-import receipts from Gmail. Or forward a receipt to your designated Shoeboxed email address.

Turn your receipts into data and deductibles with our expense reports that include IRS-accepted receipt images.

Join over 1 million businesses scanning & organizing receipts, creating expense reports and more—with Shoeboxed.

Try Shoeboxed today!

Turn business receipts into data & deductibles

Join over 1 million businesses scanning receipts, creating expense reports, and reclaiming multiple hours every week—with Shoeboxed.

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    Below you will be able to download our free business plan excel template to help with the financial portion of your business plan. You will also learn about the importance of the financial model in your business plan. Download the template here: Don't you wish there was a faster, easier way to finish your business plan?

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    Start with a template. Download these templates from the Office Templates site to create your plan: Fill in your Business plan. Analyze your market with the Business market analysis template. Detail your financials in a Financial plan. Divide up the work and track deliverables with this Business plan checklist.

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    Financial Statements. Download free Small-Business Spreadsheets (Balance Sheets, Income Statements, Cash Flow) The Vertex42™ collection of financial spreadsheets includes templates designed specifically for small business owners. We hope that you will find them as useful as we have!

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    Please scroll down to download the business plan template. We are going to explore all the following advice with this template. How to create a business plan in Excel Advice 1: Be clear about the purpose and the recipient of the business plan Before you start opening Excel, make sure that you are 100% clear of the purpose this business plan.

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    Financial plan template Anticipate your financial needs more easily Download What is it? The financial plan is used to project your revenues and expenses for the coming months. It allows you to plan for lower cash flows, identify your financing needs and determine the best time to get your projects off the ground. This tool will help you

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    Business Plan Template for Word & Excel, Version 1.0 Download ⤓ Word (.docx) For Word 2007 or later ⤓ Excel (.xlsx) For Excel 2007 or later License: Private Use (not for distribution or resale) Authors: Jon Wittwer and Jim Wittwer Update (7/22/2016): We've added a basic break-even analysis worksheet to the companion Excel workbook. Description

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    Download the Business Case Excel Template for Free. 2. P&L Statement Excel Template. Download the P&L Statement Excel Template for Free. A Profit and Loss (P&L) statement Excel template is a spreadsheet that helps businesses analyze their financial performance and make informed decisions.

  18. Download Free Business Financial Plan Templates In Excel Sheet

    With our free Business Financial Plan Template, you have a comprehensive, easy-to-use tool at your fingertips. This template simplifies the often complex process of financial planning, allowing you to focus on what you do best: growing your business. Remember, good planning today leads to better results tomorrow.

  19. Free Business Plan Template for Excel

    Excel is a powerful tool for complex calculations and analyses; let's use it for that only. So, we'll use this business plan Excel template only to perform complex financial analyses and calculations—to prepare financial projections. Following are the critical components of a good business plan template you must include in your financial ...

  20. Business Plan Financial Projections Template

    Use our business plan financial projections template to create financial projections for a business plan which includes 12 monthly periods and 5 annual periods. The template includes a detailed income statement, cash flow statement and balance sheet in Excel. Cash flow projections are based on user defined turnover, gross profit and expense ...

  21. 14 Best Excel Templates for Business in 2024 (Free & Premium)

    Financial Excel Templates Financial templates are geared towards managing finances, budgeting, and financial analysis. You can make your own cash flow template, or use one that's already made.

  22. Free Excel Hacks and Templates for New Business Owners

    Each item should be entered into its own cell in an Excel sheet. Select the cell where you want the dropdown to appear. Click the Data tab and then the Data Validation button. In the Allow field, select List. In the source field, click the small icon and select the list of values for the dropdown. Press OK.

  23. Business Plan Financials

    The business plan financials Excel template automatically creates a cash flow statement and a statement of sources/uses of funds. The model links them to the numbers from the income statement and the balance sheet. So, even if you are a seasoned professional financial modeler, you will benefit from using the template as it will save several ...

  24. Coffee Shop Financial Plan and Budget Control

    Over 30 financial and business ratios offering an in-depth performance analysis of the coffee shop. ... The Mobile App Financial Plan Template in Excel allows you to develop financial projections when lau... Read more PREMIUM - $209.95 Version 7.2 PRO - $159.95 Version 7.2

  25. Small Business Expense Spreadsheet: 5 Free Templates

    Managing finances effectively is vital for small businesses. It enables small business owners to track business expenses and see where every dollar is going and identify ways to reduce costs and increase profitability.. A small business expense spreadsheet offers an organized method to monitor business expenses.This simple but powerful tool helps in categorizing spending, forecasting budgets ...