business plan pro forma template

Pro Forma Business Plan Template & Financial Statements

Written by Dave Lavinsky

What are Pro Forma Financial statements?

A pro forma business plan is simply another name for a business plan. The term “pro forma” specifically means “based on financial assumptions or projections” which all business plans are. That is, all business plans present a vision of the company’s future using assumptions and projections. “Pro forma” most specifically refers to the financial projections included in your plan, as these are entirely based on future assumptions.

Pro forma financial statements are a type of statement that provides estimates or financial projections for a company. They are often used by businesses to plan for upcoming periods or quarters, assess new opportunities, or track progress against goals.

Why include a Pro Forma Statement in your Business Plan

A pro forma statement is important for your business plan because it gives investors and lenders an idea of your company’s potential financial health. They use your pro forma statements in determining whether to invest in your company or not. Among other things, they consider the likelihood your company will achieve the financial results you forecast, and their expected return on investment (ROI). Your pro forma financial statements also help you to identify and track key financial indicators and metrics over time.

Writing a Pro Forma Business Plan

When writing a pro forma business plan, you will need to include information such as your company’s sales forecasts, expenses, capital expenditure plans, and funding requirements. You should also include a pro forma income statement, balance sheet, and cash flow statement.

Importance of a Pro Forma Income Statement in Business Plans

The pro forma income statement is a crucial financial tool that can be used to assess the viability of your business. It shows a company’s expected revenue and expenses over a period of time and can help you to identify potential problems early on.

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Types of pro forma statements in business plans.

There are several types of pro forma statements, including the income statement, balance sheet, and cash flow statement.

Pro Forma Income Statement

A pro forma income statement is an estimate of your company’s financial performance over a period of time. It shows your expected revenue and expenses and can be used to assess the viability of your business.

Example 5 Year Annual Income Statement

Pro Forma Balance Sheet

A pro forma balance sheet is an estimate of your company’s financial position at a specific point in time. It shows your assets, liabilities, and equity, and can be used to assess your company’s financial health.

Example 5 Year Annual Balance Sheet

Pro Forma Cash Flow Statement

A pro forma cash flow statement is an estimate of how your company’s cash flows over a period of time. It shows your expected cash inflows and outflows and can be used to assess your company’s financial health and ensure you never run out of money.

Example 5 Year Annual Cash Flow Statement

Pro Forma Income Statements for a Business Plan

Pro forma statements for a business plan can take many different forms, but they all typically include information on sales forecasts, expenses, capital expenditure plans, and funding requirements. A pro forma statement that is included in a business plan template should also include financial projections and break-even analysis. 

Cash Flow Statements and Pro Forma Income Statements

The main difference between a cash flow statement and a pro forma income statement is that a cash flow statement shows your actual cash inflows and outflows, while a pro forma income statement shows your estimated future financial performance. For example, if you make a sale today, it will be considered revenue in your income statement. But, if you don’t receive payment for that sale for 90 days, that would be reflected in your cash flow statement. A cash flow statement can help you to manage your finances effectively, while a pro forma income statement can help you to assess the viability of your business.

Pro Forma Statements and Budgets

Pro forma statements and budgets are both financial tools that can be used to track the progress of a business. However, there are key differences between them.

A budget is a plan for how you will use your resources to achieve specific goals. It shows your expected income and expenses and can help you to stay on track financially.

A pro forma statement estimates your company’s future financial performance. It shows your expected revenue and expenses and can be used to assess the viability of your business.

Both pro forma statements and budgets can be useful tools for businesses. However, budgets are more focused on short-term planning , while pro forma statements are more concerned with long-term financial planning.

Business Plan Pro Forma Template and Example

The following is an example of a pro forma business plan:

Executive Summary

In this pro forma business plan, we forecasted our company’s sales, expenses, and capital expenditures over the next three years. We also estimated our funding requirements and outlined our plans for growth. Our pro forma income statement shows that we are expected to have positive net income each year of the forecast period. Our pro forma balance sheet shows that we will have a strong financial position, with increasing equity and minimal debt. Lastly, our pro forma statement predicts healthy cash flow throughout the three-year period. We believe that these results demonstrate the viability of our business and its potential for long-term success.

Our company is XYZ, a leading provider of ABC products and services. We have been in business for 10 years, and our products are sold in over 10 countries. We have a strong track record of financial success, and we are now looking to expand our operations into new markets. In order to do this, we need to raise $5 million in funding.

Business Plan Pro Forma

In this section of the business plan, we will provide pro forma statements for our company’s sales, expenses, capital expenditures, funding requirements, and cash flow. These statements will demonstrate the viability of our business and its potential for long-term success.

Sales Forecast

We forecast that our sales will increase by 20% in each year of the forecast period. This growth will be driven by our expansion into new markets, as well as our continued focus on innovation and customer service.

Expense Forecast

We expect our expenses to increase at a slower rate than our sales, due to our economies of scale. We anticipate that our expenses will increase by 15% in Year 1, 10% in Year 2, and 5% in Year 3.

Capital Expenditure Forecast

We forecast that our capital expenditures will increase in line with our sales, at a rate of 20% per year. We plan to invest heavily in research and development, as well as new product launches.

Funding Requirements

We estimate that we will need to raise $5 million in funding in order to expand our operations into new markets. We plan to use this funding to invest in research and development, as well as to cover the costs of marketing and new product launches.

Cash Flow Forecast

Our pro forma cash flow statement predicts healthy cash flow throughout the three-year period. We expect to have positive cash flow in each year of the forecast period.

This pro forma business plan demonstrates the viability of our company and its potential for long-term success. We have a strong track record of financial success, and we are well-positioned to continue growing our business. Our pro forma statements show that we are expected to generate positive net income, and have a strong financial position and healthy cash flow. We believe that this business plan provides a clear roadmap for our company’s future growth.

A pro forma business plan is an important tool for any business owner. By outlining your sales, expenses, and profit, you can get a clear picture of your company’s financial health and make informed decisions about its future. If you’re not sure where to start, we can help. Our team of experts has created a comprehensive business plan template that will guide you through the process of creating your own pro forma business plan. So what are you waiting for? Get started today and ensure your company’s success tomorrow.

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Pro Forma Financial Statements (with Templates and Examples)

Bryce Warnes

Reviewed by

Janet Berry-Johnson, CPA

April 21, 2022

This article is Tax Professional approved

Pro forma definition

According to Merriam-Webster , “pro forma” means:

• Made or carried out in a perfunctory manner or as a formality
• Based on financial assumptions or projections

I am the text that will be copied.

Pro forma is actually a Latin term meaning “for form” (or today we might say “for the sake of form, as a matter of form”).

When it comes to accounting, pro forma statements are financial reports for your business based on hypothetical scenarios. They’re a way for you to test out situations you think may happen in the future to help you make business decisions.

There are three major pro forma statements:

• Pro forma income statements
• Pro forma balance sheets
• Pro forma cash flow statements

Pro forma statements look like regular statements, except they’re based on what ifs, not real financial results. As in, “What if my business got a $50,000 loan next year?” Your pro forma statements for that scenario would show what your income, account balances, and cash flow would look like with a $50,000 loan.

Since pro forma statements deal with potential outcomes, they’re not considered GAAP compliant . This is because GAAP compliant reports must be based on historical information.

Pro forma statements don’t need to meet the strictest accounting standards , but must be clearly marked as “pro forma” and can’t be used for things like filing taxes. Using pro forma statements that aren’t marked as such to misrepresent your business to investors, the IRS, or financial institutions can be penalized by the Securities and Exchange Commission).

However, pro forma statements are still extremely useful. They can help you make a business plan, create a financial forecast, and even get funding from potential investors or lenders.

Different but related: you can send clients pro forma invoices to let them know how much their order would be if they placed it today.

Why create pro forma statements?

Creating pro forma statements for future scenarios can help you:

• Get financed, by showing lenders or investors how you would use their money to sustainably grow your business.
• Plan for the future, by considering best, worst, and most likely case scenarios in detail.
• Anticipate changes that may affect your business as it grows, such as entering a new tax bracket.

For these purposes, pro forma statements are typically created as a part of a financial forecast in financial accounting. Big corporations who have in-house accountants use pro forma statements for financial modeling and forecasting different scenarios.

Pro forma statements vs. budgets

It may be tempting to think of a pro forma statement as the same as a business budget . After all, you create both in anticipation of the future. And both help you plan how you’ll use your money. But budgets and pro forma statements are two distinct financial tools.

Think of it this way: A pro forma statement is a prediction, and a budget is a plan. Your budget may be based on the financial information of your pro forma statements—after all, it makes sense to make plans based on your predictions.

For example: Your income this year is $37,000. According to your pro forma annual income statement, your financial projections show it will be $44,000 next year. So, when you create next year’s budget, you can include that extra $7,000—maybe spending $4,000 over the course of the year to pay down the principal on a loan , while adding $3,000 to savings.

Types of pro forma statement

There are four main types of pro forma statements. While they all fall into the same categories—income statement, balance sheet, and cash flow statement—they differ based on the purpose of the financial forecast.

1. Full-year pro forma projection

This type of pro forma projection takes into account all of your financials for the fiscal year up until the present time, then adds projected outcomes for the remainder of the year. That can help you show investors or partners what business finances could look like by the end of the fiscal year.

2. Financing or investment pro forma projection

You may be courting investors or trying to convince your business partners of the value of a capital investment or additional financing. In that case, you can use a financing pro forma projection to make your case. It takes into account an injection of cash from an outside source—plus any interest payments you may need to make—and shows how it will affect your business’s financial position.

3. Historical with acquisition pro forma projection

This type of pro forma projection looks at the past financial statements of your business, plus the past financial statements of a business you want to buy . Then it merges them to show what your financials would have looked like if you made a business combination (or merger) earlier. You can use this scenario as a model of what may happen in the future if you buy the other business and restructure now.

4. Risk analysis pro forma projection

Looking at both best case and worst case scenarios helps you make financial decisions based on challenges you may face in the future. For instance, what happens if your main vendor raises their prices like they did last year? Or how will that proposed transaction of buying new equipment impact you long term? Risk analysis lets you take the future for a test ride, and try out different outcomes.

Pro forma templates

To create a pro forma statement, you can use the same template you’d use for a normal financial statement. You may want to use Bench’s free templates:

• Income statement
• Balance sheet
• Cash flow statement

How to create pro forma statements

The sample pro forma statements below may look different from the statements you create, depending on what your template looks like. But generally, these are the steps you need to take to create them—and the info your pro forma statements should include.

Creating a pro forma income statement

There are five steps to creating a pro forma income statement:

• Set a goal for sales in the period you’re looking at. Let’s say you want to increase your income by $18,000 over the course of one year.
• Set a production schedule that will let you reach your goal, and map it out over the time period you’re covering. In this case, you’ll want to earn an additional $1,500 income every month, for 12 months.
• Plan how you’ll match your production schedule. You could do this by growing your number of sales a fixed amount every month, or gradually increasing the amount of sales you make per month. It’s up to you—trust your experience as a business owner.
• It’s time for the “loss” part of “ Profit and Loss .” Calculate the cost of goods sold for each month in your projection. Then, deduct it from your sales. Deduct any other operating expenses you have, as well.
• Prepare your pro forma income statement using data you’ve compiled in the prior four steps.

One note: your pro forma statements will be much more accurate if your bookkeeping is up to date. That way, when you project future periods, you’re basing it off the reality of your business today.

How Bench can help

To predict the future, you first need to understand the past. With Bench, you get a crystal clear image of your financial history so you can focus on planning your future. We’re America’s largest bookkeeping service helping thousands of business owners better understand the financial health of their operations so they can keep focused on growth and planning. When it comes time to create a pro forma statement, you have reliable numbers and reports to get started. We may not be a crystal ball, but we’re the next best thing. Learn more .

Example pro forma income statement:

Rosalia’s Reliable Recordings

Creating a pro forma cash flow statement

You create a pro forma cash flow statement much the same way you’d create a normal cash flow statement. That means taking info from the income statement, then using the cash flow statement format to plot out where your money is going, and what you’ll have on hand at any one time. This pro forma statement can be part of a larger cash flow forecast used for decision making.

Your projected cash flow can give you a few different insights. If it’s negative, it means you won’t have enough cash on-hand to run your business, according to your current trajectory. You’ll have to make plans to borrow money and pay it off.

On the other hand, if net cash flow is positive, you can plan on having enough extra cash on hand to pay off loans, or save for a big investment.

Example pro forma cash flow statement

Mickie’s Murakami Museum

Creating a pro forma balance sheet

By drawing on info from the income statement and the cash flow statement, you can create pro forma balance sheets. However, you’ll also need previous balance sheets to make this useful—so you can see how your business got from “Balance A” to “Balance B.”

The balance sheet will project changes in your business accounts over time. So you can plan where to move money, when.

Example pro forma balance sheet

Daily Dumpling Deliveries

Once you’ve created your pro forma income statements, and cast your eyes forward to the future of your business, you can start planning how you’ll spend your money. It’s time to create a small business budget .

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Free Financial Templates for a Business Plan

By Andy Marker | July 29, 2020

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In this article, we’ve rounded up expert-tested financial templates for your business plan, all of which are free to download in Excel, Google Sheets, and PDF formats.

Included on this page, you’ll find the essential financial statement templates, including income statement templates , cash flow statement templates , and balance sheet templates . Plus, we cover the key elements of the financial section of a business plan .

Financial Plan Templates

Download and prepare these financial plan templates to include in your business plan. Use historical data and future projections to produce an overview of the financial health of your organization to support your business plan and gain buy-in from stakeholders

Business Financial Plan Template

Use this financial plan template to organize and prepare the financial section of your business plan. This customizable template has room to provide a financial overview, any important assumptions, key financial indicators and ratios, a break-even analysis, and pro forma financial statements to share key financial data with potential investors.

Download Financial Plan Template

Word | PDF | Smartsheet

Financial Plan Projections Template for Startups

This financial plan projections template comes as a set of pro forma templates designed to help startups. The template set includes a 12-month profit and loss statement, a balance sheet, and a cash flow statement for you to detail the current and projected financial position of a business.

‌ Download Startup Financial Projections Template

Excel | Smartsheet

Income Statement Templates for Business Plan

Also called profit and loss statements , these income statement templates will empower you to make critical business decisions by providing insight into your company, as well as illustrating the projected profitability associated with business activities. The numbers prepared in your income statement directly influence the cash flow and balance sheet forecasts.

Pro Forma Income Statement/Profit and Loss Sample

Use this pro forma income statement template to project income and expenses over a three-year time period. Pro forma income statements consider historical or market analysis data to calculate the estimated sales, cost of sales, profits, and more.

‌ Download Pro Forma Income Statement Sample - Excel

Small Business Profit and Loss Statement

Small businesses can use this simple profit and loss statement template to project income and expenses for a specific time period. Enter expected income, cost of goods sold, and business expenses, and the built-in formulas will automatically calculate the net income.

‌ Download Small Business Profit and Loss Template - Excel

3-Year Income Statement Template

Use this income statement template to calculate and assess the profit and loss generated by your business over three years. This template provides room to enter revenue and expenses associated with operating your business and allows you to track performance over time.

Download 3-Year Income Statement Template

For additional resources, including how to use profit and loss statements, visit “ Download Free Profit and Loss Templates .”

Cash Flow Statement Templates for Business Plan

Use these free cash flow statement templates to convey how efficiently your company manages the inflow and outflow of money. Use a cash flow statement to analyze the availability of liquid assets and your company’s ability to grow and sustain itself long term.

Simple Cash Flow Template

Use this basic cash flow template to compare your business cash flows against different time periods. Enter the beginning balance of cash on hand, and then detail itemized cash receipts, payments, costs of goods sold, and expenses. Once you enter those values, the built-in formulas will calculate total cash payments, net cash change, and the month ending cash position.

Download Simple Cash Flow Template

12-Month Cash Flow Forecast Template

Use this cash flow forecast template, also called a pro forma cash flow template, to track and compare expected and actual cash flow outcomes on a monthly and yearly basis. Enter the cash on hand at the beginning of each month, and then add the cash receipts (from customers, issuance of stock, and other operations). Finally, add the cash paid out (purchases made, wage expenses, and other cash outflow). Once you enter those values, the built-in formulas will calculate your cash position for each month with.

‌ Download 12-Month Cash Flow Forecast

3-Year Cash Flow Statement Template Set

Use this cash flow statement template set to analyze the amount of cash your company has compared to its expenses and liabilities. This template set contains a tab to create a monthly cash flow statement, a yearly cash flow statement, and a three-year cash flow statement to track cash flow for the operating, investing, and financing activities of your business.

Download 3-Year Cash Flow Statement Template

For additional information on managing your cash flow, including how to create a cash flow forecast, visit “ Free Cash Flow Statement Templates .”

Balance Sheet Templates for a Business Plan

Use these free balance sheet templates to convey the financial position of your business during a specific time period to potential investors and stakeholders.

Small Business Pro Forma Balance Sheet

Small businesses can use this pro forma balance sheet template to project account balances for assets, liabilities, and equity for a designated period. Established businesses can use this template (and its built-in formulas) to calculate key financial ratios, including working capital.

Download Pro Forma Balance Sheet Template

Monthly and Quarterly Balance Sheet Template

Use this balance sheet template to evaluate your company’s financial health on a monthly, quarterly, and annual basis. You can also use this template to project your financial position for a specified time in the future. Once you complete the balance sheet, you can compare and analyze your assets, liabilities, and equity on a quarter-over-quarter or year-over-year basis.

Download Monthly/Quarterly Balance Sheet Template - Excel

Yearly Balance Sheet Template

Use this balance sheet template to compare your company’s short and long-term assets, liabilities, and equity year-over-year. This template also provides calculations for common financial ratios with built-in formulas, so you can use it to evaluate account balances annually.

Download Yearly Balance Sheet Template - Excel

For more downloadable resources for a wide range of organizations, visit “ Free Balance Sheet Templates .”

Sales Forecast Templates for Business Plan

Sales projections are a fundamental part of a business plan, and should support all other components of your plan, including your market analysis, product offerings, and marketing plan . Use these sales forecast templates to estimate future sales, and ensure the numbers align with the sales numbers provided in your income statement.

Basic Sales Forecast Sample Template

Use this basic forecast template to project the sales of a specific product. Gather historical and industry sales data to generate monthly and yearly estimates of the number of units sold and the price per unit. Then, the pre-built formulas will calculate percentages automatically. You’ll also find details about which months provide the highest sales percentage, and the percentage change in sales month-over-month. 

Download Basic Sales Forecast Sample Template

12-Month Sales Forecast Template for Multiple Products

Use this sales forecast template to project the future sales of a business across multiple products or services over the course of a year. Enter your estimated monthly sales, and the built-in formulas will calculate annual totals. There is also space to record and track year-over-year sales, so you can pinpoint sales trends.

Download 12-Month Sales Forecasting Template for Multiple Products

3-Year Sales Forecast Template for Multiple Products

Use this sales forecast template to estimate the monthly and yearly sales for multiple products over a three-year period. Enter the monthly units sold, unit costs, and unit price. Once you enter those values, built-in formulas will automatically calculate revenue, margin per unit, and gross profit. This template also provides bar charts and line graphs to visually display sales and gross profit year over year.

Download 3-Year Sales Forecast Template - Excel

For a wider selection of resources to project your sales, visit “ Free Sales Forecasting Templates .”

Break-Even Analysis Template for Business Plan

A break-even analysis will help you ascertain the point at which a business, product, or service will become profitable. This analysis uses a calculation to pinpoint the number of service or unit sales you need to make to cover costs and make a profit.

Break-Even Analysis Template

Use this break-even analysis template to calculate the number of sales needed to become profitable. Enter the product's selling price at the top of the template, and then add the fixed and variable costs. Once you enter those values, the built-in formulas will calculate the total variable cost, the contribution margin, and break-even units and sales values.

Download Break-Even Analysis Template

For additional resources, visit, “ Free Financial Planning Templates .”

Business Budget Templates for Business Plan

These business budget templates will help you track costs (e.g., fixed and variable) and expenses (e.g., one-time and recurring) associated with starting and running a business. Having a detailed budget enables you to make sound strategic decisions, and should align with the expense values listed on your income statement.

Startup Budget Template

Use this startup budget template to track estimated and actual costs and expenses for various business categories, including administrative, marketing, labor, and other office costs. There is also room to provide funding estimates from investors, banks, and other sources to get a detailed view of the resources you need to start and operate your business.

Download Startup Budget Template

Small Business Budget Template

This business budget template is ideal for small businesses that want to record estimated revenue and expenditures on a monthly and yearly basis. This customizable template comes with a tab to list income, expenses, and a cash flow recording to track cash transactions and balances.

Download Small Business Budget Template

Professional Business Budget Template

Established organizations will appreciate this customizable business budget template, which  contains a separate tab to track projected business expenses, actual business expenses, variances, and an expense analysis. Once you enter projected and actual expenses, the built-in formulas will automatically calculate expense variances and populate the included visual charts. 

‌ Download Professional Business Budget Template

For additional resources to plan and track your business costs and expenses, visit “ Free Business Budget Templates for Any Company .”

Other Financial Templates for Business Plan

In this section, you’ll find additional financial templates that you may want to include as part of your larger business plan.

Startup Funding Requirements Template

This simple startup funding requirements template is useful for startups and small businesses that require funding to get business off the ground. The numbers generated in this template should align with those in your financial projections, and should detail the allocation of acquired capital to various startup expenses.

Download Startup Funding Requirements Template - Excel

Personnel Plan Template

Use this customizable personnel plan template to map out the current and future staff needed to get — and keep — the business running. This information belongs in the personnel section of a business plan, and details the job title, amount of pay, and hiring timeline for each position. This template calculates the monthly and yearly expenses associated with each role using built-in formulas. Additionally, you can add an organizational chart to provide a visual overview of the company’s structure. 

Download Personnel Plan Template - Excel

Elements of the Financial Section of a Business Plan

Whether your organization is a startup, a small business, or an enterprise, the financial plan is the cornerstone of any business plan. The financial section should demonstrate the feasibility and profitability of your idea and should support all other aspects of the business plan. 

Below, you’ll find a quick overview of the components of a solid financial plan.

• Financial Overview: This section provides a brief summary of the financial section, and includes key takeaways of the financial statements. If you prefer, you can also add a brief description of each statement in the respective statement’s section.
• Key Assumptions: This component details the basis for your financial projections, including tax and interest rates, economic climate, and other critical, underlying factors.
• Break-Even Analysis: This calculation helps establish the selling price of a product or service, and determines when a product or service should become profitable.
• Pro Forma Income Statement: Also known as a profit and loss statement, this section details the sales, cost of sales, profitability, and other vital financial information to stakeholders.
• Pro Forma Cash Flow Statement: This area outlines the projected cash inflows and outflows the business expects to generate from operating, financing, and investing activities during a specific timeframe.
• Pro Forma Balance Sheet: This document conveys how your business plans to manage assets, including receivables and inventory.
• Key Financial Indicators and Ratios: In this section, highlight key financial indicators and ratios extracted from financial statements that bankers, analysts, and investors can use to evaluate the financial health and position of your business.

Need help putting together the rest of your business plan? Check out our free simple business plan templates to get started. You can learn how to write a successful simple business plan  here . 

Visit this  free non-profit business plan template roundup  or download a  fill-in-the-blank business plan template  to make things easy. If you are looking for a business plan template by file type, visit our pages dedicated specifically to  Microsoft Excel ,  Microsoft Word , and  Adobe PDF  business plan templates. Read our articles offering  startup business plan templates  or  free 30-60-90-day business plan templates  to find more tailored options.

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Pro Forma Financial Statement Template

Identify the financial years for the forecast.

• 1 2022-2023
• 2 2023-2024
• 3 2024-2025
• 4 2025-2026
• 5 2026-2027

Gather historical performance data

• 1 Income statements
• 2 Balance sheets
• 3 Cash flow statements
• 4 Tax returns
• 5 Audited financial statements

Track down sales records

• 1 Sales invoices
• 2 CRM system data
• 3 Sales databases
• 4 Point of sale (POS) data
• 5 Sales reports

Obtain cost of goods sold (COGS) records

• 1 Purchase invoices
• 2 Production reports
• 3 Inventory management system data
• 4 Cost accounting records
• 5 Supplier contracts

Collect operational expense data

• 1 Expense reports
• 2 Accounting records
• 3 Vendor invoices
• 4 Payroll data
• 5 Lease agreements

Prepare sales projection

Prepare cogs projection, prepare operational expenses projection, calculate net income, adjust net income with non-cash expenses.

• 1 Depreciation
• 2 Amortization
• 3 Stock-based compensation
• 4 Impairment charges
• 5 Deferred tax expenses

Calculate Working Capital

Approval: cfo for the calculated figures.

• Calculate net income Will be submitted
• Adjust net income with non-cash expenses Will be submitted
• Calculate Working Capital Will be submitted

Calculate Investing Activities

Calculate financing activities, prepare cash flow statement.

• 1 Operating activities
• 2 Investing activities
• 3 Financing activities
• 4 Cash equivalents
• 5 Non-cash transactions

Prepare Income Statement

• 2 Cost of goods sold
• 3 Gross profit
• 4 Operating expenses
• 5 Net income

Prepare Balance Sheet

• 2 Liabilities
• 3 Shareholders' equity
• 4 Current assets
• 5 Long-term liabilities

Approval: Board of Directors for the final documents

• Prepare Cash Flow Statement Will be submitted
• Prepare Income Statement Will be submitted
• Prepare Balance Sheet Will be submitted

Finalise the documents

Archive the pro forma financial statement, take control of your workflows today., more templates like this.

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What's a pro forma template? [Free pro forma templates for Excel]

Updated: October 24, 2023 |

Jake Ballinger is an experienced SEO and content manager with deep expertise in FP&A and finance topics. He speaks 9 languages and lives in NYC.

Financial statements provide a snapshot of a company's financial health at any given time.

While financial statements offer a clear view of a business's past or current performance, pro forma statements may give a more informed picture of future performance.

Pro forma financial statements show what a company's financials would look like after a significant event, such as an acquisition or merger. They help businesses budget, forecast, and plan for their financial future. 

Pro forma statements can be complex to understand and calculate, so we’ve provided free templates to simplify the process. 

Download the pro forma templates below or keep reading for a full breakdown of pro forma statements. 

Jake Ballinger

FP&A Writer, Cube Software

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Key takeaways

• A pro forma statement is a forward-looking statement that projects a company's future financial performance sans non-recurring costs (like the cost of acquiring some other business). 
• They include pro forma income statements, pro forma balance sheets, and pro forma cash flow statements.
• Pro forma financial statements help businesses plan for the future by providing a snapshot of their financials under different scenarios.

What are pro forma financial statements?

A pro forma financial statement is a forward-looking statement that projects a company's future financial performance. “Pro forma” is Latin for “as a matter of form” or “as a formality.” 

Pro forma statements help businesses make decisions and plan for the future by providing a snapshot of their financials in different scenarios. Companies often use them to assess their growth potential or obtain financing from investors. 

Pro forma statements can be applied to various financial statements, including income, balance, and cash flow statements.

When do we use pro forma statements?

Pro forma statements are helpful during periods of rapid growth or change. Companies can use them to assess the impact of a proposed merger or acquisition, a new product launch, expansion into new markets, or other future changes. 

Businesses also use them to make significant decisions such as large purchases, real estate transactions, leases, budget or cash flow projections, financial ratio analysis, and profit/loss projections. It can also be an excellent tool for motivating staff by showing them the company's potential future earnings. 

Financial statements vs. pro forma statements 

The SEC defines a financial statement as a formal, written record of the financial activities of a person, business, or other entity. From assets and liabilities to income and cash flow, financial statements allow for a complete picture of the current financial standing of a business. 

Pro forma statements are a specific type of financial statement that focuses on the impact of hypothetical situations on a company’s future revenue, expenses, and profitability. 

Pro forma statements can be misleading since they do not necessarily follow GAAP accounting principles. In other words, they can be made to look rosier than reality. 

Pro forma statement formats

Pro forma statements come in a couple of forms. The most common are the pro forma income statement, balance sheet, and cash flow statement.

Pro forma income statement

The pro forma income statement shows a company’s expected revenue and expenses. It illustrates what a business's income would look like if they exclude certain costs. 

For example, if a business is considering a new marketing campaign, it’ll want to know how it'll affect its bottom line. They could create a pro forma income statement that excludes the costs of the campaign. 

By using pro forma income statements, an organization can get an idea of how profitable the business would be without the campaign expenses.

Pro forma balance sheet

A pro forma balance sheet is a financial statement showing a company’s expected assets, liabilities, and equity after a significant event, such as an acquisition or a new financing round.

An excellent example of using a pro forma balance sheet is if your company considers taking on new debt. You can see how the new debt will impact your company's financial position and make an informed decision about whether to proceed with the loan. After all, interest payments on debt can significantly impact a company’s bottom line. 

Pro forma balance sheets are also helpful for showing the financial impact of proposed changes to your business, such as opening a new location or closing a current location. 

Pro forma cash flow statement

A pro forma cash flow statement shows a company's expected cash inflows and outflows at a specific time in the future. They can be short-term (for daily operations), medium-term (for financial projections), or long-term (for investments or strategic decisions).

You might use a pro forma statement if you want to predict how new products will impact your company's cash flow or if you’re considering switching to a subscription-based business model.

Of course, this is important because cash runway is critical to a company’s ability to continue growing, pay employees, and invest in product development. 

Looking for a pro forma cash flow statement in Excel format? You're in luck.

Click here to download the free Cash Flow Statement: Excel Format. 

Benefits of using pro forma analysis

Pro forma analysis (creating pro forma financial documents like the pro forma balance sheet that show hypothetical scenarios of your business) is a valuable tool for your financial planning and analysis process.

These project

1. Financial planning and forecasting

A pro forma template can give you a clear idea of your company's financial health and a possible future outlook. It can give you a sense of whether your business is on track to meet its financial goals and help you identify potential problems that may arise down the road.

For example, a business might release a pro forma income statement to provide a goal or benchmark for the business to hit. This is called a pro forma projection.

Such a pro forma income statement would be based on a financial forecast . It would consider items like a company's current and future operations, financial documents, net profit, projected cash flow , and overall financial health.

A simple financial modeling exercise is to create pro forma projections to show how your company's capital investment might grow over time.

2. Decision-making

This analysis can help you make informed decisions about investments, marketing strategies, pricing tiers, and other aspects of your business plan.

For this reason, it's a best practice to create pro forma statements as in-depth financial forecasts  to show the possible future states of your business.

Then you can reverse engineer how to get there.

3. Asset and liability management

Pro forma templates can give you insight into allocating business resources and identifying potential risks that may impact your business.

Let's say you’re considering expanding your business by opening a new location. You can use the pro forma template to estimate the costs associated with this expansion and if it's feasible.

This includes the cost of leasing or purchasing a new facility, as well as the cost of hiring new staff. You can also use the pro forma template to estimate the expected revenue from this new location. 

4. Securing investments

Pro forma analysis can demonstrate to potential investors that your business has a great chance of being financially successful in various future situations. 

Investors could also use pro forma analysis to assess the potential return on their investment. Almost every fundraiser needs pro forma statements so that potential investors can understand the implications of the new capital infusion. 

5. Evaluating protective mergers

Companies often decide to merge with the hope that the combined business will be worth more than the sum of its parts. But, not all mergers create value for shareholders, and some can even cause a loss. 

One way to estimate whether a merger will create or destroy shareholder value is to look at the pro forma financial statements and determine if a merger is in the best interests of your business.

Limitations of pro forma analysis

Pro forma analysis is an excellent tool for businesses to get a handle on their financial situation and make informed decisions about their growth. However, there are some limitations to be aware of.

1. Based on assumptions

Pro forma analysis is based on assumptions about the future, such as future sales, costs, and operating expenses. These assumptions may not always be accurate, which can cause misleading results. 

It is also dependent on the information that you input into it. This means that if there are any errors in the data, the analysis will not be accurate.

The Securities and Exchange Commission (SEC) is wary of pro forma statements because they are very much based on assumptions, not generally accepted accounting principles.

2. It may not consider external forces

Another limitation is that pro forma analysis does not consider all factors that can affect a business's financial situation. This means that it may not consider external forces that could impact your business—such as the economy, black swan events (like COVID), or unforeseen changes in the market. 

Luckily,  scenario analysis and sensitivity analysis exist for these situation types.

Pro forma financial statement terms to know

There are a few key terms that you should know when looking at pro forma financial statements.

• Gross margin: The difference between a company's revenue and the cost of goods sold. It’s in the form of a percentage.
• Operating expenses: The costs associated with running a business, such as rent,  utilities, and salaries.
• Net income: The difference between a company's revenue and expenses. It is also in the form of a percentage.
• EBITDA : Earnings before interest, taxes, depreciation, and amortization. It is a measure of a company's profitability that excludes these items.

Conclusion: download our free pro forma statement templates for Excel or Google Sheets

Looking for a pro forma statement template to create your own financial statements? We've got you covered! 

Enter your work email information, and you'll be able to see how your business is performing.

3-statement model pro forma template 

Download it here .

A 3-statement model forecasts a company's future financial performance based on its past performance, intending to predict things like revenue, expenses, and cash flow. It combines three key reports: the income statement, balance sheet, and cash flow statement.

What's inside the 3-statement model template:

This template combines three key reports:

• Income statement: One of the most critical financial statements. It reveals the business's ability to make a profit (and the extent of that profit).
• Balance sheet: When paired with the profit and loss statement, the balance sheet shows how much cash or investment you need to support the sales and profits on the income statement. Net income from the income statement flows into the balance sheet as a change in retained earnings (adjusted for payment of dividends).
• Cash flow: This statement displays the change in cash over a period, along with both the beginning and ending balances for that period in cash.

Your cash flow statement takes net income and adjusts it for non-cash expenses. From there, you can reference changes in the balance sheet to find cash usage and receipt patterns.

Budget vs. actuals pro forma template

What is a budget vs. actuals statement? 

A budget vs. actuals statement is a financial document that compares an organization's budgeted income and expenses to its actual income and expenses. This statement can help organizations track their progress toward their financial goals and identify areas where they may need to make adjustments.

Download it here.

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What Are Pro Forma Financial Statements?

• 28 Oct 2021

When it comes to making business decisions, so much relies on numbers. To get sign-off from key stakeholders, win investors, and strategically plan, you need to demonstrate that your ideas make financial sense.

While certain financial statements —such as balance sheets, income statements, cash flow statements, and annual reports—help provide a historical snapshot of a business’s performance, they often lack the ability to provide foresight when planning for the future. For this reason, professionals typically turn to forecasts and financial projections to guide their plans and answer critical “what if” questions. Pro forma financial statements are a common type of forecast that can be useful in these situations.

Here’s a closer look at what pro forma financial statements are, how they’re created, and why they’re a key aspect of financial decision-making.

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What Is a Pro Forma Financial Statement?

A pro forma financial statement leverages hypothetical data or assumptions about future values to project performance over a period that hasn’t yet occurred.

In the online course Financial Accounting , pro forma financial statements are defined as “financial statements forecasted for future periods. They may also be referred to as a financial forecast or financial projection.”

The course notes that these projections can be used “as a depiction of what the financial statements for the business will look like over a certain period of time, if the assumptions made when preparing them hold true.”

Since the term “pro forma” refers to projections or forecasts, it can apply to a variety of financial statements, including:

• Income statements
• Balance sheets
• Cash flow statements

Whether you’re trying to interpret pro forma financial statements or prepare them, these projections can be useful in guiding important business decisions. In fact, business owners, investors, creditors, and other key decision-makers all use pro forma financial statements to measure the potential impact of business decisions.

How Are Pro Forma Financial Statements Used?

Traditionally, financial statement analysis is used to better understand a company’s performance over a specified period. While this provides insight into a company’s historical health, creating pro forma financial statements focuses on its future. For this reason, these reports can be leveraged in several ways, including analyzing risk, projecting investments, and showing expected results before the end of a reporting period.

One of the most important uses of pro forma reports is related to decision-making and strategic planning efforts. For example, you might create pro forma financial statements to reflect the outcomes of three investment scenarios for your business. Doing so can allow you to conduct a side-by-side comparison of possible outcomes to determine which is favorable and guide your planning process.

Creating Pro Forma Financial Statements

Keep in mind that the general process of creating pro forma financial statements isn’t significantly different from that of creating traditional statements. The difference lies in the assumptions and adjustments made about various inputs, while the format and calculations remain the same.

There are, however, specific methods used for these forecasts. The percent of a sales forecasting method, for example, involves determining future expected sales and finding trends across accounts in statements. This is typically used when creating pro formas internally.

Other individual line items can also be easily forecasted, such as the cost of goods sold, since it can be assumed it will proportionally grow with sales. Line items like income tax expense, on the other hand, typically don’t change directly with sales. Stable businesses can generally estimate income tax expense as a percentage of income before taxes.

All in all, the process of preparing a pro forma balance sheet is much the same as preparing a normal balance sheet . The same holds true for the process of preparing income statements and cash flow statements. It differs when you begin forecasting various line items and calculating how those projections impact your bottom line.

Beyond the Numbers

The true value of pro forma statements goes beyond the numbers they show. These reports provide key stakeholders, investors, and creditors the foresight needed to make decisions and strategically plan. Managers and individual contributors can also benefit from creating pro forma statements, enabling them to understand different factors impacting business units.

Remember: There are limitations to pro forma financial statements. Since these documents are based on assumptions, they shouldn’t be taken as fact. Rather, they can inform decisions using hypothetical data based on historical trends.

Taking an online course like Financial Accounting can help you understand how to create and interpret different kinds of financial statements so you can find meaning in them. Learners enrolled in the course learn the language of accounting and how to create financial statements and forecasts to make strategic decisions.

Do you want to learn more about what's behind the numbers on financial statements? Explore Financial Accounting , one of three courses comprising our Credential of Readiness (CORe) program , to discover how you can develop an intuitive knowledge of financial principles and statements to unlock critical insights into performance and potential.

About the Author

Pro Forma Template: What Are They? How To Use Them

Jump to section, what is a pro forma template.

A pro forma template, also known as a pro forma financial statement, is a document used to project future financial performance based on hypothetical scenarios. In the context of accounting, pro forma templates will help you make decisions based on hypothetical scenarios as well.

They can also help you formulate a business plan , obtain investor funding, and more. By having a pro forma template ready, you can create your financial documents faster and more uniformly every time you need them.

Understanding A Pro Forma Statement

There are numerous types of pro forma documents. They may be required in certain situations, such as for public companies or during mergers and acquisitions. More or less, pro forma templates exist to give you a jumpstart on understanding your company’s financial health at a glance or when presenting to board members and stockholders.

You can use a template to create the following types of financial documents:

• Income statements
• Balance sheets
• Cash flow statements
• Owner’s equity statements
• Notes to financial statements
• Annual pro forma projections
• Investment projections
• Risk analysis

While pro forma templates are relatively straightforward to use, ensure that you seek legal advice from corporate lawyers to help you develop the right set of templates the first time you draft them. For some pro forma templates, ensure that they meet all applicable accounting rules, including GAAP principles and state laws.

Using A Pro Forma Template

The first step you should take with a pro forma template is to save a master copy of it in a safe, accessible location. There is always a chance for deletion across numerous duplications and file changes, which means that you should save it on a flash driver, external hard drive, or in the cloud. In case it gets deleted, you always have the original to back you up.

After saving your pro forma template, you will then take the following steps when using it:

• Use a form to help you automatically collect information entered into the template
• Enter financial data to help forecast income and cash flow
• Create different scenarios to map out how cash flow is affected as variables change
• Share it with an expert to make sure you are using it properly
• Make a copy of the original to avoid an accidental deletion
• Consider naming conventions for your files by statement type

The use of a pro forma template depends upon the type you are using. Some provide you with blank space to enter specific values, while others are just a set of guidelines. By inputting these variables, you can calculate your profit and loss under the template’s author’s guidelines.

As you can see, pro forma templates are simply financial documents that you can use for everyday business needs. It is imperative that you hire incorporation lawyers for specialized projects or one-time needs. Not addressing the critical details of business documents can negatively impact you.

Image via Pexels by Lukas

Pro Forma Template Samples

There are numerous resources available online regarding the development of pro forma templates that you case use to report on your business’s financial health. Spend some time looking for the right sample since several do not always address specific business needs.

Here are three templates that you can view online:

• Smartsheet pro forma template sample
• Freshbooks pro forma template sample
• Spreadsheet 123 pro forma template sample

When using these templates, you can generally input the data you need to populate complete financial statements. However, you will not own the software that stores the templates, which means you need to download updates every time. There are several ways and methods available to make your own pro forma template to consider.

You should also be able to easily edit your pro forma template since you will need to update your associates, employees, and investors on-the-fly occasionally. The most straightforward way to make your pro forma is by ensuring that you have your business objectives in mind first.

How Do You Make Your Own Pro Forma?

The best way to make your own pro forma statement template is by starting with the right type of document in the first place. You can find samples online or hire corporate lawyers to draft the templates you use to create financial statements.

However, here are the next steps forward that you can take to make your own pro forma templates:

• Review pro forma template samples to establish what should go into your financial documents
• Consider the elements that should be included in every statement
• Set a goal for sales over certain period of time
• Figure out how much the cost of production will be to support those sales
• Consider all other costs associated with running the business
• Add all of these financial data points to the model to predict net cash flow
• Set-up periodic reviews of your pro forma templates to ensure that they are still up-to-date

If you decide to find a pro forma template online, seek advice from a trusted colleague or attorney. Online templates tend to miss some critical notes when it comes to personalization and customization of your needs. However, some can be customized to your needs. The process of finding the right pro forma template can be frustrating, especially when there are question marks in your mind.

Simply put, it is more cost-effective to hire corporation lawyers the first time around you are drafting pro forma templates. Doing so will save you money, time, and stress over the long-run. You can even use planning with pro formas to start your business by hiring corporate lawyers to draft your documents instead of relying on templates created for hypothetical organizations or those serving other industries.

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Planning With Pro Formas To Start Your Business

In the previous section, we addressed the importance of legal advice. However, the cost of hiring an attorney or vetting one can turn many business owners away from engaging in this critical part of the process. Keep in mind that legal mistakes can come back to haunt you later, which means that it is essential to get your pro forma templates right from the first day you use them.

ContractsCounsel has made this process as easy as possible on business owners:

• Sign up for our service at no cost
• Post your project to our platform
• Begin receiving proposals from licensed and vetted attorneys

That is it. From one single location, you can receive numerous proposals and prices for your pro forma template project. Not only is the process convenient, but it also satisfies the need to draft your templates correctly and adequately for your jurisdiction while keeping your financial statements more uniform.

Working With A Lawyer For Business Formation

When starting a business, you will need to file Articles of Incorporation with your secretary of state’s office to receive a Certificate of Incorporation . However, there may be other entities that are better suited for your situation, and other legal requirements may apply, including the drafting of an operating agreement .

Working with a lawyer for a business formation is smart since you will effectively and efficiently avoid making legal mistakes, negatively impacting your company’s future. Corporate lawyers also have the experience and capacity to determine which documents you may need to stay compliant and prevent future disputes with clients, contractors, partners, and other third-parties you serve.

Get Pro Forma Template Help with ContractsCounsel

Instead of leaving your pro forma templates to basic internet searches and best guesses, get the right document that you need the first time around. Sign up for ContractsCounsel today with no upfront cost to you and start receiving proposals today.

ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

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Business Plan Templates

Business plan templates and pro forma financial projections.

Quality Business Plan has numerous industry-specific business plan templates and financial projection templates ready for small business owners to customize in minutes!  Before starting a business, entrepreneurs should have, at the very least, a basic business plan with easy-to-understand proforma financial projections.  The important sections of a business plan would include the executive summary, company description, industry research, marketing section, funding section, and always, pro forma financial projections. 

Unfortunately, most business owners have no idea how to structure, let alone write, a well-prepared business plan.  From this, a business plan template and industry-specific financial model are critical.  Below are a few business plan templates we offer for downloading.

A Complete List of ALL of our Business Plan Templates is Below!!

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Benefits of our Business Plan Templates

"free" business plan templates.

• Pretty Cool - Business Plan Structure
• Excellent - Industry-Related Research
• Awesome - Customized Financial Projections for your Industry
• Even MORE Awesome -Template Written by Paul Borosky, MBA.
• - Fill-in-the-highlighted-areas Format
• - Completed Pricing Strategy
• - SWOT Analysis Completed
• - Organizational Chart
• - Funding Request Section
• - Step-by-Step Tutorial for Business Plan Doc.
• - Step-by-Step Tutorial for Financial Projections Model

Quality Business Plan Templates

• Excellent - Industry-Related Research ($100 value)
• Awesome - Customized Financial Projections for your Industry ($100 value)
• Even MORE Awesome - Template Written by Paul Borosky, MBA.
• Plus... - Fill-in-the-highlighted-areas Format
• Plus... - Completed Pricing Strategy
• Plus... - SWOT Analysis Completed
• Plus... - Organizational Chart... Done!
• Plus... - Funding Request Section... Yes!
• Plus... - Step-by-Step Tutorial for Business Plan Doc.
• Plus... - Step-by-Step Tutorial for Financial Projections Model

More Benefits: Free Business Plan Template Tutorials!!

All of our business plans come with FREE business plan writing tutorials.  Business plan writing tutorials range from customizing your executive summary section to using our proprietary financial model!!

Still More.... Benefits:  WE can COMPLETE the Business Plan Template for YOU!

Want us to complete your business plan template for you ( additional charges and restrictions apply*** )?  Not a problem!  Just complete our questionnaire, email it to us, and once approved AND final payment is made, your completed business plan template will be ready in as little as 2 business days (depending on availability) !

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Turbocharge Your Success: Unleashing the Power of Business Plan Templates with Pro Forma Financial Projections!

Benefit 1: time savings abound with a business plan template..

Our business plan templates with pro forma financial projections are a time-saving tool that entrepreneurs swear by. Instead of starting from a blank page, the template provides a structured framework, eliminating the need to reinvent the wheel. By simply filling in the relevant information in our editable Word doc and Excel financial model, you can save countless hours of brainstorming and organizing your thoughts. The template streamlines the planning process, guiding you through each section and ensuring you cover all the components of a comprehensive business plan. Whether it's the executive summary, industry analysis, or financial projections, the template acts as a roadmap, helping you stay focused and efficient. With time, you can devote more energy to refining your strategies and taking your business to new heights.

The time-saving benefit of having business plans cannot be overstated. Investing time upfront in creating comprehensive plans saves valuable time in the long run. Well-crafted plans provide roadmaps, eliminating the need to make hasty decisions or constantly react to unforeseen circumstances. They help prioritize tasks, allocate resources efficiently, and focus on business objectives. With plans in place, informed decisions can be made more quickly, as various scenarios and potential challenges have already been considered. Ultimately, the time saved allows for more energy dedicated to executing strategies, growing businesses, and achieving success.

Benefit 2: Organization Clarity

A business plan template with industry-specific pro forma financial projections brings organizational clarity to the forefront of your business planning process. By leveraging your business's structure, goals, and strategies, you can better understand its structure. The template prompts you to articulate your thoughts and ideas, enabling you to craft a coherent and logical plan. As you work through each section, you'll uncover valuable insights and connections, ensuring a cohesive narrative for your business's future. The template's framework acts as a guide, providing a clear pathway to outline your business's vision, mission, and objectives. With organizational clarity, you can confidently navigate the complexities of your business and communicate your plans effectively to stakeholders.

Benefit 3: Comprehensive Analysis Structure

A good business plan template catalyzes comprehensive analysis. It encourages you to delve deep into critical aspects of your business, such as industry research, competitive analysis, and pro forma financial projections. By following the template's prompts, you embark on a journey of exploration and discovery, gaining valuable insights into your target market, industry trends, and customer preferences. The business plan template's structure ensures you cover all the necessary elements, allowing you to identify potential opportunities, challenges, and risks. Through this thorough analysis, you equip yourself with the knowledge to make informed decisions and develop strategies aligning with your business goals. Ultimately, the comprehensive analysis facilitated by the template strengthens the foundation of your business plan and enhances your chances of success.

One of the benefits of comprehensive analysis structures in business plans is that they provide businesses with the tools to conduct in-depth analyses across multiple areas. By incorporating comprehensive analysis structures into their business plans, businesses can thoroughly examine various aspects of their operations, industries, markets, and competitors. These structures enable businesses to delve into multiple business plan components, such as market analyses, financial forecasts, competitive research, and risk assessments, across all their business plans. By conducting comprehensive analyses, businesses gain valuable insights that inform their decision-making, enhance their strategic planning, and increase their chances of success in their respective markets.

Benefit 4: Business Plan Templates Offer a Professional Presentation Format.

A professional presentation can make all the difference in impressing potential investors, partners, or lenders. Business plan templates with pro forma financial projections offer a valuable advantage by providing pre-designed layouts and formatting options. These elements give your plan a polished and professional appearance, elevating its visual appeal and overall impact. With a template, you can ensure consistency in fonts, colors, and styles, presenting a cohesive and visually appealing document. This professional presentation enhances your plan's credibility and captures vital stakeholders' attention. By leveraging the template's design features, you create a compelling first impression and increase your chances of securing support and investment for your business.

Benefit 5: Standardized Content

Business plan templates with pro forma financial projections provide standardized content that covers essential elements necessary for a comprehensive business plan. A business plan template typically includes an executive summary, company description, marketing strategy, and financial forecasts. By following the template's structure, you can ensure that you address all the crucial components required for a well-rounded plan. The standardized content is a checklist, ensuring you don't overlook vital information. It helps you present a complete and coherent picture of your business, making it easier for readers to understand and evaluate your ideas. Utilizing a template saves you time and effort by providing a reliable framework for creating a thorough and professional business plan.

Benefit 6: Collaboration Facilitation

A business plan template with pro forma financial projections is an effective collaboration facilitator, mainly when working with a team or seeking stakeholder input. Using a business plan template provides a common starting point that unifies everyone's efforts. Team members can easily contribute ideas and insights within the template framework, ensuring a cohesive and coordinated approach. The template is a shared reference point, promoting alignment and streamlining collaboration. It enables individuals to focus on specific sections while maintaining a holistic view of the overall plan. With a business plan template, collaboration becomes more efficient, enabling effective teamwork and harnessing the collective expertise of all involved parties.

Benefit 7: Learning Tool.

A business plan template serves as an invaluable learning tool, particularly for those new to entrepreneurship or unfamiliar with the structure of a business plan. Using a business plan template with pro forma financial projections, you embark on a guided educational journey that helps you grasp the critical components of a successful plan. As you fill in the template, you gain practical knowledge about sections such as market analysis, competitive research, financial projections, and more. The template provides step-by-step guidance, teaching you how to develop a comprehensive and well-structured plan. Through this process, you acquire knowledge about business planning and build the skills necessary for future endeavors. The template becomes a trusted mentor, fostering your understanding and confidence in navigating the world of entrepreneurship.

Benefit 8: Adaptability

Business plan templates with pro forma financial projections offer a balance between structure and adaptability, allowing you to customize them to meet the unique needs of your business. While templates provide a solid framework, they often have the flexibility to be tailored to your specific industry, target market, and business model. You can modify the business plan template sections, add or remove elements, and adjust the content to align with your vision and goals. This adaptability ensures that your business plan is relevant and meaningful, accurately representing your business and its unique value proposition. By customizing the template, you create a personalized plan that showcases your business's distinct strengths and advantages, setting you up for success in your chosen market.

One of the benefits of having business plans is their adaptability. Business plans, being flexible documents, can be customized to meet the specific needs of different businesses. Whether you're operating in various industries, targeting diverse markets, or adopting unique business models, the adaptability of business plans allows you to tailor them accordingly. By modifying the templates and content to align with your specific circumstances, you ensure that your business plans accurately reflect your goals and strategies. This adaptability enables businesses to stay relevant and responsive to changing market dynamics, seize new opportunities, and adjust their approaches as needed. With adaptable business plans, you can navigate the ever-evolving business landscape with confidence and agility.

Benefit 9: Benchmarking Tool

A business plan template is a valuable benchmarking tool, allowing you to monitor and assess your progress over time using the business plan format. Setting key performance indicators (KPIs) and milestones within the template and its pro forma financial statements establishes measurable goals that serve as benchmarks for success. As you regularly revisit and update your plan, you can track your achievements against these benchmarks, gaining insights into areas of strength and identifying potential areas for improvement. The template acts as a guide, helping you evaluate the effectiveness of your strategies and make necessary adjustments to stay on track toward your business objectives. This iterative process allows you to refine your approach, maximize performance, and strive for continuous growth and success.

Benefit 10: Confidence Booster

Developing a business plan, especially the pro forma financial projections, can be intimidating. Still, a template is a confidence booster throughout the process, just as long as you follow the business plan format. It provides a clear roadmap, guiding you through each step and ensuring you cover all the necessary aspects of your business. With a template as your guide, you gain reassurance that you're addressing critical elements such as market analysis, competitive positioning, financial projections, and more. This boosts your confidence in the planning process, reinforcing your belief in your business idea and its potential for success. The template's structure and prompts alleviate uncertainties, empowering you to articulate your vision and strategies with conviction. With a well-crafted plan, you confidently approach investors, partners, and stakeholders, increasing the likelihood of achieving your business goals.

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Ultimate pro forma template for Excel

We’re living in some pretty uncertain times.

Over the past couple of years, supply chains have been totally redrawn, and businesses have been forced to evolve how and where they do business. In some cases, that’s created tremendous new opportunities organizations can leverage to chalk up some growth.

But to seize those opportunities, it’s essential to constantly look ahead. That’s where pro forma templates come in handy.

Pro forma projections are all about looking ahead to try and predict where finances are headed and how hypothetical scenarios could affect the bottom line. Fortunately, there are Excel templates that can help you achieve that — or even smarter solutions (more on this later).

This article will explain what a pro forma template is, share our custom pro forma template for Excel, and how monday.com can be used to boost sales forecasting abilities.

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What is a pro forma statement template for Excel?

When doing the books for a business, one of the most powerful tools is the “pro forma” statement. Pro forma — sometimes written as “proforma” — is a fancy Latin way to say “for form.” But how does that super ancient phrase in a dying (dead?) language relate to businesses in the 21st century?

In accounting, pro forma statements are a way to test out various business situations that might happen in the future. Looking at how those scenarios could play out makes it easier to prepare if they happen in real life.

A pro forma template helps teams understand what data is needed to model different scenarios based on pre-built questions. It’s as easy as “fill in the blanks,” … but this can still be pretty labor-intensive. There are plenty of pro forma statement templates in tools like Excel, Google Sheets, or even a Work OS like monday.com.

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Why use pro forma statement templates?

Pro forma financial statements look a lot like regular financial statements . The critical difference is that pro forma statements are based on “what-if” scenarios, not actual financial results .

Example: What may happen if a business receives a $150,000 loan? Run a pro forma! Produce a statement to look at how that debt would impact cash flow over a certain period.

Pro forma statements demonstrate to investors and lenders that a company is worth investing in. In addition, it’s easier to prove sustainability by presenting well-researched pro forma statements to a would-be stakeholder.

Likewise, pro forma statements make it easier to anticipate changes that could affect the business — for example, if the tax liability went up due to entering a higher tax rate.

That’s why pro forma statements are important. But why are pro forma templates important?

Simply put: they save a whole lot of time. Unless there is a full-time team of accounts with a lot of time on their hands, developing all of these pro forma templates can be time-consuming. It’s also challenging to know where to start.

A pro forma template means the job is already halfway done. The scenarios are already plotted out in spreadsheet form. All that’s left is to fill in the blanks to make the template unique to the situation.

What are some examples of pro forma statements?

There are 3 significant types of pro forma statements: pro forma income statements, pro forma balance sheets, and pro forma cash flow statements.

1. Pro forma income statements

An income statement is one of the most critical financial statements in every accountant’s toolbox . It’s often referred to as a profit and loss (P&L) statement, and it summarizes all net income, net sales, and expenses over a given period.

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A pro forma income statement starts like an ordinary income statement based on actual financials. But let’s say it’s important to see the impact of a 30% rise in costs (like energy price, rent, or property price). A pro forma means it’s possible to run this hypothetical scenario by inflating all of the items in the expense columns by 30%.

The resulting calculations would show how a rise would impact the company’s net profit.

2. Pro forma balance sheets

A balance sheet is a financial statement showing how much a company is worth according to its “book value.” It does this by listing out all of a company’s assets, liabilities, and owner’s equity for a given date. This date is referred to as a “reporting date.”

Like a pro forma income statement, a pro forma balance sheet would be created by building a balance sheet for a given date based on projected values. For example, create a pro forma balance sheet for 12 months in the future and populate the fields with projected asset values, liabilities, and equity in a year.

3. Pro forma cash statements

It’s used to show the company’s ability to operate in the long term and short term based on existing cash inflows.

A pro forma cash statement makes it easy to see how operating activities would be affected if your cash flows were to increase (or dry up).

Want to create a pro forma template in Excel? The process is straightforward. Start with one of Excel’s pre-built templates and enter all hypothetical numbers.

The trouble with this method is that it’s super manual — which is where monday.com’s Pro Forma Template comes to the rescue.

The monday.com pro forma template for Excel

The monday.com pro forma template is all about helping shake the habit of reactive financial management. With the help of our easy-to-create automations and custom rules, proactively setting up all sorts of hypothetical scenarios will run all day, every day.

Simply import financials and then use the dashboard on the Pro Forma Template to choose various custom scenarios.

This template allows for the following:

• Create pro forma income statements, pro forma balance sheets, and pro forma cash flow statements.
• Easily edit each model; easily change the data to make new predictions. Then, make pro forma adjustments based on new information.
• Generate financial ratios.
• Compare multiple pro forma statements and hypothetical ratios side-by-side to help find opportunities, reduce risk, and increase profits.

Want a more interactive experience than using an Excel spreadsheet , something you can easily update in real-time across multiple team members? Consider using the template for monday.com. Then, benefit from all the other supercharged features a Work OS (operating system) brings. 

Get access to advanced real-time analytics into the cost, project, and task management processes, custom reports, and detailed real-time charts to help the team and other stakeholders visualize budget and project progress.

With permission controls, external stakeholders only can view the template, letting the accounting team change any numbers to avoid accidents.

Related templates

Budget tracking template.

The Budget Tracking Template is another way to get a clear picture of the organization’s spending and forecast how those expenses will impact the bottom line.

Like the Expense Tracking Template, the Budget Tracking Template is fully customizable — add action items, reorder based on priority, and create a tailored plan.

CRM Template

monday.com’s CRM Template isn’t just about pro forma financial projections. It’s an all-in-one solution that helps effectively capture leads, look at future sales and financial ratios, and manage contacts.

It can also easily forecast revenue, generate sales insights, and help determine where to focus finances and goals. Create projections around operating expenses and net sales, effectively manage resources, assign tasks to team members, and communicate with multiple teams in real-time.

FAQs about the pro forma statements

Q: how is a proforma in excel created.

A: Excel comes built-in with several pro forma templates to simply fill in the blanks to streamline the pro forma modeling process.

Creating a pro forma statement in Excel from scratch is pretty straightforward. First, make a typical financial statement, such as a cash flow statement. Then, choose one column to amend with hypothetical figures to match various scenarios.

Q: What is a pro forma Excel sheet?

A: A pro forma Excel sheet is a hypothetical financial statement created in Microsoft Excel. These sheets are essentially ordinary financial statements populated with actual and hypothetical financial figures.

Use these sheets to predict how certain events will impact the business.

Q: Does Google Sheets have a pro forma template?

A: There are several built-in financial statement templates on Google Sheets. Although these statements aren’t labeled “pro forma,” they can be utilized as standard financial statement templates on Google Sheets and then populated with projected figures to run various scenarios.

Several third-party sites offer links to pre-built pro forma templates they’ve designed.

Q: Does Excel have financial templates?

A: Yes. Excel has a range of financial templates, including income statements, cash flow statements, and balance sheets.

Q: Why are pro forma statements important?

A: Pro forma statements help you show investors and lenders how the business would fare in specific financial scenarios.

They also help make better-informed business decisions and prepare for worst-case scenarios by understanding how certain variables impact the company’s operations.

Q: What are the 3 benefits of creating a pro forma?

A: Creating a pro forma leads to 3 key benefits:

• Better understand how various scenarios would impact the business.
• Plan for adverse scenarios so they don’t disrupt operations.
• Attract investors and lenders by demonstrating how sustainable the business model is.

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A Triumph! Your Guide to Mastering Proforma Templates

July 24, 2023 - 7 min read

Proforma templates are invaluable tools for businesses of all sizes. These templates allow you to create professional and comprehensive documents that outline the financial aspects of a transaction or project . With their versatility and functionality, Proforma templates have become a staple in various industries, aiding in financial planning, budgeting, and forecasting.

Understanding Proforma Templates

A Proforma template is a pre-designed document that serves as a blueprint for creating financial projections, estimates, or invoices. It provides a structured format for presenting financial information in a clear and concise manner, and typically include sections for revenue projections, expense forecasts, cash flow statements, and other relevant financial information.

Unlike formal financial statements, Proforma templates are not legally binding documents. However, they play a crucial role in decision-making processes by providing stakeholders with valuable insights into the financial implications of a particular transaction or project.

Importance of Proforma Templates in Business

Proforma templates are essential tools for businesses for several reasons:

• Financial Planning: Forecast revenue, expenses, and cash flow, enabling you to make informed decisions about resource allocation and budgeting.
• Due Diligence: Demonstrate your thoroughness and professionalism to potential investors or collaborators.
• Accuracy and Efficiency: Verify that financial information is presented consistently and accurately, saving time and minimizing errors.
• Communication: Communicate clearly to your organization and with external stakeholders.
• Scenario Analysis: Explore different financial scenarios and assess the potential impact on your business.
• Budgeting: Create projects for future periods by inputting historical financial data and making assumptions about future trends

The Anatomy of a Good Proforma Template

A well-designed Proforma template encompasses key elements that make it comprehensive and useful. Let's take a closer look at these elements.

• Header: Clearly state the purpose of the Proforma, including the company name, date, and contact information.
• Summary: Provide a concise overview of the financial projections, highlighting key figures, such as sales revenue, expenses, and net income. 
• Assumptions: Outline the underlying assumptions and methodologies used to derive the financial projections, for transparency and credibility. 
• Revenue Forecast: Present a detailed breakdown of revenue sources, including sales forecasts, pricing information, and anticipated growth. 
• Expense Breakdown: Itemize and categorize all relevant expenses, such as production costs, overhead expenses, and marketing expenditures. 
• Profitability Analysis: Include metrics like gross margin, operating margin, and net profit margin to assess the profitability of the projected financials.
• Cash Flow Projection: Detail the expected inflows and outflows of cash over a specified period, enabling you to anticipate and plan for potential cash flow challenges. 

Common Mistakes to Avoid

While creating a Proforma template, it is important to be aware of common pitfalls and avoid them. Here are a few mistakes to watch out for:

• Overly Optimistic Projections: Be realistic when making revenue and growth assumptions to avoid setting unrealistic expectations. Overestimating sales or underestimating expenses can lead to inaccurate projections and misguided decision-making.
• Ignoring Variable Costs: Verify that all costs, including variable expenses, are accurately accounted for to provide a comprehensive financial picture. Neglecting variable costs, such as raw materials or direct labor, can skew the projections and result in misleading financial forecasts.
• Omitting Sensitivity Analysis : Incorporate sensitivity analysis to assess the impact of various scenarios on your financial projections, enhancing decision-making capabilities. By considering different market conditions or unexpected events, businesses can better understand the potential risks and opportunities associated with their projections.
• Misaligned Formatting: Maintain consistency in fonts, colors, and layout throughout the proforma template for a polished and professional appearance. Inconsistencies in formatting can make the template appear unprofessional and undermine its credibility.

Step-by-Step Guide to Mastering Proforma Templates

Now that we understand the importance and composition of Proforma templates, it's time to explore how to create and utilize them effectively.

• Select a Template: Choose a Proforma template that aligns with your industry and specific requirements. You can find a variety of templates online or create one from scratch using spreadsheet software.
• Customize the Header: Modify the header of the template to include your company name, logo, and contact information. This customization adds a professional touch so that the template represents your brand accurately.
• Organize the Sections: Structure the template by incorporating the essential elements discussed earlier. These elements typically include revenue forecasts, expense projections, cash flow analysis, and profitability assessments. Arrange them in a logical order that suits your needs, so that the template provides a comprehensive overview of your financial outlook.
• Input Relevant Data: Populate the template with accurate and up-to-date financial information, so that all calculations and formulas are correct. Be careful, as any errors or inaccuracies can compromise the reliability of your Proforma projections.
• Review and Verify: Double-check all figures, formulas, and assumptions to ensure the accuracy and integrity of the Proforma template. This review process is crucial for identifying any discrepancies or inconsistencies that may affect the validity of your financial projections. It is also advisable to seek feedback from colleagues or financial experts to gain additional perspectives and insights.

Adapting Proforma Templates to Different Business Needs

Proforma templates are flexible and customizable, making them adaptable to various business needs:

• Startups and New Ventures: Proforma templates can help startups project their financial performance, estimate funding requirements, and persuade investors. Include key financial metrics, such as projected revenue, expenses, and cash flow.
• Project Planning: Use Proforma templates to estimate costs, assess financial feasibility, and plan for contingencies when undertaking new projects. The goal is to be able to make informed decisions and allocate resources properly.
• Financial Reporting: Present financial information in a concise and standardized format for internal reporting or external purposes, such as loan applications or regulatory compliance. This makes it easier for stakeholders to understand and evaluate the company's financial performance.

Tips and Tricks for Optimizing Your Proforma Templates

To maximize the value of your Proforma templates, consider implementing the following tips and tricks:

Streamlining Your Proforma Process

• Establishing Standardized Procedures: Develop guidelines and templates that adhere to industry best practices, for consistency and efficiency.
• Training and Education: Train employees on how to create and interpret Proforma templates.
• Continuous Improvement: Regularly review and update Proforma templates to reflect changing market conditions, new products or services, and evolving business strategies.

Leveraging Technology for Proforma Templates

• Utilize Spreadsheet Software: Leverage the functionalities of spreadsheet software, such as Excel, to automate calculations, improve accuracy, and enhance visualization.
• Consider Cloud-Based Solutions: Explore cloud-based platforms that offer collaborative features, data integration, and accessibility from multiple devices.
• Integrate with Accounting Systems: Integrate your Proforma templates with accounting software to ensure accurate and up-to-date financial information.

Overall, mastering Proforma templates can be a game-changer for your business. By understanding their purpose, components, and best practices, you can effectively utilize Proforma templates to enhance financial planning, communicate your vision, and make informed decisions. Embrace the power of Proforma templates, and embark on a triumphant journey towards financial success!

Master Proforma templates with Wrike's expert guide. Start a free trial today and accurately forecast your financials for strategic business planning.

Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.

Occasionally we write blog posts where multiple people contribute. Since our idea of having a gladiator arena where contributors would fight to the death to win total authorship wasn’t approved by HR, this was the compromise.

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The Comprehensive Guide to Creating a Time Blocking Template

Time blocking can help you manage your time more effectively and increase productivity. By allocating specific time periods for different tasks and activities, you can focus your energy and attention on one thing at a time, leading to greater efficiency and better results. Let's explore the concept of time blocking, the benefits it offers, the basics of creating a time blocking template, and provide you with a step-by-step guide to creating your own personalized time blocking template. Additionally, we will share some tips for maximizing the effectiveness of your time blocking system. So let's dive in and learn how to make the most of your time! Understanding the Concept of Time Blocking Time blocking is a method of scheduling your day by dividing it into focused blocks of time dedicated to specific tasks or activities. Rather than attempting to multitask or juggle multiple priorities simultaneously, you allocate uninterrupted time for each task, allowing you to give your full attention and energy to it. Imagine starting your day with a clear plan of action, knowing exactly what you need to accomplish and when. With time blocking, you can create a roadmap for your day, outlining the tasks and activities that need your attention. With time slots, you can eliminate the guesswork and uncertainty that often comes with managing your time.Imagine starting your day with a clear plan of action, knowing exactly what you need to accomplish and when. With time blocking, you can create a roadmap for your day, outlining the tasks and activities that need your attention. By assigning specific time slots, you can eliminate the guesswork and uncertainty that often comes with managing your time. This approach helps you prioritize your activities, manage your workload more efficiently, and reduce the likelihood of feeling overwhelmed by countless demands on your time. Whether you're a student, a professional, or someone looking to improve their time management skills, time blocking can be a game-changer in helping you achieve your goals. The Benefits of Time Blocking The benefits of time blocking are numerous and far-reaching. Here are some of the key advantages you can expect to experience by incorporating this technique into your daily routine: Enhanced Productivity: Time blocking helps you make the most efficient use of your time by concentrating on one task at a time. This focused approach eliminates multitasking and allows you to complete tasks more quickly and with better quality. Improved Time Management: By allocating specific time slots for each activity, you gain a clear understanding of how you spend your time and can make better decisions about how to prioritize your tasks. Reduced Stress: With a well-structured time blocking system, you'll experience less stress and feelings of being overwhelmed as you have a clear plan in place, so that you have enough time for all your responsibilities. Increased Accountability: Time blocking creates a sense of accountability as you commit to dedicating specific time slots to each task. This makes it easier to track your progress and stay focused on your goals. Eliminate Time-wasting Habits: By consciously allocating time for each task, you become more aware of how you spend your time and can make adjustments to ensure that you're investing it in activities that align with your priorities and goals. The Concept of Deep Work According to Cal Newport, author of Deep Work: Rules for Focused Success in a Distracted World, time blocking is effective because it promotes deep work. When you intentionally schedule a chunk of time to work on a single task or problem, you bring all of your mental resources to the table for that singular activity. You are not spreading yourself thin by attempting to multitask and solve more than one issue at a time. By "single-tasking," you are able to retain your focus and engage in a state of deep work.  Common Misconceptions About Time Blocking Time blocking is a technique that has gained popularity in recent years, but like any productivity method, there are some misconceptions associated with it. Let's debunk a few common myths: Time blocking is rigid and inflexible: While time blocking does involve planning and structure, it can be adapted to fit your needs. You can allocate flexible time slots or incorporate buffer periods to allow for unexpected tasks or circumstances. Time blocking limits creativity and spontaneity: On the contrary, time blocking can actually enhance creativity. By allocating dedicated time for brainstorming or creative activities, you create a supportive environment for innovative thinking. Time blocking requires a complex system or tool: While there are various time tracking apps and tools available, all you need to get started with time blocking is a pen, paper, and a calendar or planner. Don't let these misconceptions hold you back from exploring the benefits of time blocking. With a little experimentation and customization, you can find a time blocking system that works best for you and helps you optimize your productivity and time management! The Basics of a Time Blocking Template Now that we have a solid understanding of what time blocking is and the benefits it offers, let's explore the essential elements of a time blocking template. Your time blocking template serves as your roadmap for the day, guiding you through your tasks and activities. Here's what you need to keep in mind when creating your template: Essential Elements of a Time Blocking Template A well-designed time blocking template should include the following key elements: Time Slots: Divide your day into specific time slots, typically in hourly increments, depending on your preferences and the nature of your work. Consider your natural energy levels and peak productivity times. Task List: Create a list of tasks you need to accomplish during each time block. Prioritize your tasks based on importance and urgency. Breaks and Downtime: Remember to include breaks and downtime in your template. Taking regular breaks helps to refresh your mind and maintain your focus. You can take a short walk outside, meditate, or enjoy a cup of tea. Flexibility: Allow for flexibility in your time blocking template. Some tasks may take longer than anticipated, and unexpected interruptions or emergencies may arise. Create time blocking templates efficiently with Wrike's comprehensive guide. Begin your free trial today and maximize your time management skills. Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.

Spending Wisely: Overcoming Difficulties in Using Business Expense Templates

Running a business involves various financial responsibilities, from managing expenses to ensuring profitability. One essential tool that can help streamline the process is using business expense templates. These templates provide a structured system for recording and tracking expenses, making financial management more efficient and organized. In this article, we will explore the importance of business expense templates and discuss the common challenges that arise when using them. We will also provide practical tips and strategies to overcome these difficulties and effectively implement expense management practices. Understanding the Importance of Business Expense Templates Expense templates play a crucial role in financial management by providing a standardized format for documenting and analyzing expenses. They serve as a foundation for maintaining accurate records and generating insightful reports, which are vital for making informed business decisions. By using expense templates, businesses can gain better control over their finances and reduce the risk of errors and oversights.  Benefits of Using Business Expense Templates Using business expense templates offers several advantages. Reduce the time and effort required to record expenses manually. With predefined categories and fields, employees can quickly enter relevant information, such as transaction details, dates, and amounts.  Promote consistency and accuracy in expense reporting. Following a standardized format allows companies to avoid inconsistencies in recording, so that all necessary details are captured for each expense. Improve the efficiency of financial reporting. Utilizing a standardized format lets businesses easily generate reports that provide comprehensive insights into their spending patterns.  Common Challenges in Using Business Expense Templates Despite the advantages, using business expense templates can present some challenges. Understanding and addressing these difficulties is crucial for efficient expense management.  Identifying the Difficulties Poorly designed templates or excessive fields can confuse employees, leading to errors in recording and reporting. It is essential to assess the template's usability and make necessary adjustments to ensure ease of use and accuracy. Imagine a company that provides its employees with an expense template that contains numerous categories and subcategories for different types of expenses. While the intention behind this extensive categorization is to provide detailed insights into spending patterns, it can overwhelm staff and make it difficult for them to accurately categorize their expenses.  In addition, some employees may be resistant to adopting new tools or processes, preferring their familiar methods. Overcoming this resistance requires effective communication and training to educate employees on the benefits of using expense templates and alleviate any concerns they may have. Consider a scenario where a company introduces an expense template to replace the traditional paper-based expense reporting system. Some employees may be hesitant to switch to the new digital process due to concerns about the learning curve or the perceived inconvenience of entering expenses electronically. Case Studies: Real-life Problems and Solutions Real-life case studies can provide valuable insights into the difficulties businesses face when using expense templates and how they address these problems. By sharing practical examples, businesses can learn from others' experiences and find solutions that align with their specific needs.  For example, a multinational corporation faced challenges in using a generic expense template that did not cater to the unique requirements of different departments. This resulted in confusion and inefficiency during the expense reporting process. To overcome this, the company implemented template customization, allowing each department to have a tailored expense template that aligned with their specific needs. Ultimately, this customization significantly improved accuracy and streamlined the reporting process. In another case, a small startup struggled with manual data entry and the time-consuming nature of expense tracking. To address this, the company integrated an expense management software with their existing template. This integration enabled employees to easily capture receipts, automatically extract relevant data, and generate accurate expense reports with minimal effort. As a result, the company saved valuable time and reduced the risk of errors. Overcoming Difficulties in Using Business Expense Templates Now that we have identified the challenges, it's time to explore practical tips and strategies to overcome them and ensure efficient use of business expense templates. Focus on the design and improve usability by using clear instructions and including an intuitive labeling of categories.  Provide training and support resources to cover the basics of how to use the template.  Utilize expense management software or mobile apps that automate various aspects of tracking and recording expenses for improved accuracy. Incorporate real-time expense tracking, automated approval workflows, and integration with corporate credit cards.  Implementing Effective Expense Management Strategies In addition to overcoming difficulties, implementing effective expense management strategies is crucial for long-term success. Here are some best practices to consider. Best Practices for Expense Management Create clear expense policies and guidelines for consistency and compliance across the board. Regularly communicate policies to staff to keep them informed and accountable. Establish a robust control process to audit and review expense reports, in order to detect any anomalies or potential fraud.  Conduct periodic audits to detect potential irregularities and demonstrate the organization's commitment to financial transparency and accountability.  Training Staff on Expense Template Usage Continued education and training are essential for maintaining proficiency and driving efficiency in expense management. Organizations should regularly train employees on using expense templates effectively. During training sessions, employees should be updated on any changes or improvements made to the expense templates. This ensures that they are always working with the most up-to-date tools and are aware of any new features or functionalities. Moreover, training sessions can also serve as an opportunity to educate employees about the importance of expense management and the impact it has on the organization's overall financial health.  Evaluating the Success of Your Expense Management To ensure ongoing improvement, it is essential to evaluate the success of your expense management practices. Key Performance Indicators (KPIs) can help measure the effectiveness of expense management and identify areas for improvement. Some relevant KPIs include average expense approval time, expense accuracy rate, and adherence to budgeted expenses. Remember that expense templates should not be static. Regularly review and update them to align with changing business needs and evolving regulatory requirements. Gathering feedback from employees and incorporating their suggestions can further enhance usability and streamline the expense management process. Overall, using business expense templates is a valuable practice for efficient financial management. By understanding the importance of these templates, addressing common challenges, and implementing effective strategies, businesses can overcome difficulties and streamline their expense management processes. Remember, spending wisely starts with proper expense management, and using the right templates can make a significant difference. So, embrace the power of business expense templates and take control of your expenses today! Learn to spend wisely with Wrike by overcoming difficulties in using business expense templates. Sign up for a free trial and manage your business finances for optimal performance. Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.

The Ultimate Guide to Designing and Utilizing Excel KPI Templates

Having a clear understanding of your company's performance is very important, and this is where Key Performance Indicators (KPIs) come into play. KPIs are measurable values that demonstrate how effectively a company is achieving its key business objectives. By tracking and analyzing these indicators, organizations can make informed decisions to drive growth and success. Understanding Key Performance Indicators (KPIs) Key Performance Indicators (KPIs) are quantifiable metrics that enable businesses to assess their progress and success. They provide a framework for measuring performance and help organizations gauge their performance against set targets and objectives. KPIs can vary based on the industry and the specific goals of a company. Benefits of KPIs Standardized way of measuring performance across different departments and functions within an organization.  Stay focused on their goals and objectives for better productivity and efficiency. Handy communication tool within an organization, via a common language for discussing performance. Introduction to Excel KPI Templates With its powerful features and functionalities, Excel serves as an excellent tool for tracking and analyzing Key Performance Indicators (KPIs). Let's explore its numerous advantages when it comes to monitoring KPIs. Benefits of Using Excel for KPI Tracking Widely accessible, as most businesses already have Microsoft Excel installed on their computers.  Intuitive interface and familiar spreadsheet format, wih its simple navigation and familiar functions. Customization capabilities, such as defining the metrics to choosing the layout and design. Ability to integrate data from databases, spreadsheets, or external sources. Reporting and visualization capabilities, such as conditional formatting and interactive charts and graphs. Basic Features of Excel KPI Templates Excel KPI templates come equipped with various features to enhance your KPI tracking experience. These templates typically consist of predefined formulas that automatically calculate KPI values based on the input data. The formulas are significant because they eliminate the need for manual calculations, saving time and reducing the chances of errors. Moreover, Excel KPI templates often include conditional formatting, which allows users to apply formatting rules based on specific conditions. This feature enables visual cues, such as color changes or icon displays, to indicate KPI performance against predefined thresholds. Additionally, Excel KPI templates provide interactive charts and graphs to represent data visually. These visualizations make it easier to understand trends, patterns, and correlations in the KPI data. Lastly, Excel's capacity to handle large amounts of data is another huge advantage. Businesses deal with vast volumes of data, and Excel's robust capabilities allow users to efficiently manage and analyze large datasets. Step-by-Step Guide to Designing Your Own Excel KPI Template Now that we understand the significance of Key Performance Indicators (KPIs) and the benefits of Excel KPI templates, let's dive deeper into the step-by-step process of creating your own template for effective performance tracking. Identifying Your Key Performance Indicators Identify the KPIs that matter most to your business. These indicators should align with your company's objectives and reflect the critical areas that impact your overall performance. Take your time to carefully analyze your business goals and determine the key metrics that will help you measure success. If you run an e-commerce business, some relevant KPIs might include conversion rate, average order value, customer acquisition cost, and customer lifetime value. These metrics can provide valuable insights into the effectiveness of your marketing campaigns, sales performance, and overall profitability. Setting Up Your Excel Spreadsheet Once you have identified your KPIs, it's time to set up your Excel spreadsheet. This step is crucial for organizing your data and creating a framework that allows for easy analysis and interpretation. Start by opening a new Excel workbook and creating a separate sheet for your KPI template. This will help keep your data organized and prevent any confusion or clutter. Name the sheet according to the purpose of your template, such as "Sales KPIs" or "Marketing KPIs." Next, organize your data into relevant columns and rows. Each column should represent a specific KPI, while each row should contain the corresponding data for that KPI. For example, if you have chosen conversion rate, average order value, and customer acquisition cost as your KPIs, you would create three columns with appropriate headers. Consider adding additional columns for dates or time periods to track the progress of your KPIs over time. Also, format your spreadsheet in a way that is visually appealing and easy to navigate. Use bold headings, color coding, and borders to differentiate between different sections and make the information more digestible. Incorporating KPIs into Your Template Next, it's time to incorporate your identified KPIs into your Excel template. This step involves adding formulas and conditional formatting to automatically calculate and display the KPI values based on the input data. For each KPI, select the cell where you want the calculated value to appear. Then, use the appropriate formula to calculate the KPI based on the data in the corresponding column. For example, if you want to calculate the conversion rate, you would divide the number of conversions by the total number of visitors and multiply it by 100. Conditional formatting can also be applied to highlight specific values or trends. For instance, you can set up conditional formatting to color cells green if the KPI value exceeds a certain target, or red if it falls below a specific threshold.  Customizing your template to suit your business requirements is key. You can add additional features such as charts, graphs, or pivot tables to provide a visual representation of your KPIs and make it easier to interpret the data. Remember to regularly update your template with new data to keep track of your progress and ensure the accuracy of your KPI calculations. This will allow you to monitor your performance over time and make informed decisions to drive continuous improvement. Utilizing Excel KPI Templates Effectively A well-designed Excel KPI template is only effective if you know how to use it efficiently. For instance, the accuracy and relevance of the data you input into your KPI template are critical. Remember to regularly update your template with the latest data to accurately track your performance. Consistent and accurate data input is vital for obtaining reliable insights. Also, recall that an Excel KPI template provides a wealth of data, but its true value lies in the insights it can reveal. Take the time to analyze the data and identify patterns, trends, and outliers. This will help you gain a deeper understanding of your company's performance and make informed decisions. As your business evolves, it is crucial to regularly update and maintain your Excel KPI template. This includes revisiting your KPIs, modifying formulae and formatting as required, and ensuring the template remains relevant to your changing business needs. Advanced Excel KPI Template Techniques Excel offers advanced features and functions that can take your KPI tracking to the next level.  For instance, Excel functions like IF, SUMIF, and VLOOKUP can significantly enhance your KPI tracking. These functions allow you to manipulate and analyze data more efficiently, automate calculations, and generate dynamic reports based on specific conditions. In addition, visual representations of data can often convey information more effectively than tables or numbers alone. Excel provides a range of charting options, from bar graphs to line charts, that can help you visualize KPI trends, comparisons, and progress over time. Overall, designing and utilizing Excel KPI templates is an essential step in measuring and improving performance in today's competitive business landscape. By understanding the fundamentals of KPIs, harnessing the power of Excel, and adopting effective techniques, businesses can gain valuable insights that drive growth and success. So, start leveraging Excel KPI templates today and take your company's performance to new heights. Design and utilize Excel KPI templates effectively with Wrike's intelligent work management platform. Start your free trial today and harness the power of data for successful decision making. Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.

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Pro Forma Balance Sheet Template - Excel and Google Sheets

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Simplify day-to-day data collection with easy and quick inputs. Perfect for startups or small businesses, this user-friendly template is compatible with Excel and Google Sheets. Download it today and manage your pro forma balance sheet effortlessly!

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Introducing our versatile Pro Forma Balance Sheet Template, compatible with both Excel and Google Sheets. This easy-to-use tool collects your data through simple questions and automatically generates your balance sheet. It even provides feedback on whether it balances or not. To ensure a seamless experience, we've prepared a step-by-step video guide, eliminating any confusion in creating your balance sheet.

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Learn how to create a pro forma balance sheet in minutes

Compatible with both Excel and Google Sheets this template allows you to generate a ready-to-use balance sheet effortlessly. Just input your data as answers to the questions on the input tab.

It's perfect for small businesses seeking a loan or conducting financial reviews.

How to Create your own Pro Forma Balance Sheet Without a Template

Step 1: Format Your Pro Forma Balance Sheet - The initial task involves formatting your balance sheet. Remember, in its simplest form, the equation is Assets = Liabilities + Owner's Equity. The image below shows the fundamental line items comprising a balance sheet.

Step 2: Enter Starting Balances - Start by entering the initial balances. For instance, consider a fictitious business named Adam's Lawn Care. At the beginning, the balance sheet might appear relatively empty, as shown below. It may consist of cash in the bank, a lawnmower, and "Paid in Capital," representing the owner's initial investment into the company to purchase the lawnmower.

Note that the $4,500 in cash also appears in the Paid in Capital section as the owner's investment into the company.

Step 3: How Sales Impact the Balance Sheet - As the business generates sales, it impacts the balance sheet. For instance, assume Adam's Lawn Care secures contracts with five local businesses to mow their grounds, invoicing them for payment in 30 days. If each company is charged $1,000 for the first month of work, the sales amount to $5,000. However, the day after invoicing, this amount won't appear as cash on the balance sheet but rather as Accounts Receivable.

Step 4: Impact of Expenses on the Balance Sheet - As I generate sales, there will be associated expenses like fuel, oil, meals, etc. Let's assume these expenses amount to $1,000, with half paid in cash and the other half using a credit card. Let's examine how this affects my balance sheet.

Additionally, you'll notice that Retained Earnings increased to $4,000. Retained earnings represent the cumulative net profit or net loss. At present, my income is $5,000, and expenses amount to only $1,000, resulting in a net income of $4,000, which is reflected in the retained earnings on the balance sheet.

Step 5: How a New Loan Impacts the Balance Sheet - To illustrate, let's consider Adam's Lawn Care purchasing a small office for the business. To finance the purchase, a loan of $75,000 is obtained from the bank. Consequently, liabilities increase by the loan amount, and assets increase by the building's price, both amounting to $75,000.

In summary, understanding how different transactions impact the balance sheet is crucial when creating your own financial model. Always ensure that each transaction impacting an asset is balanced by a corresponding impact on a liability or equity account, maintaining balance in your balance sheet.

Pro Forma Balance Sheet FAQs

What is a pro forma balance sheet  .

A pro forma balance sheet is a financial statement that presents a company's assets, liabilities, and equity at a specific point in time.

Does this pro forma balance sheet template work with Google Sheets?

Yes, you can easily convert this Excel template into a Google Sheets-based balance sheet template.

How to read a pro forma balance sheet?

A pro forma balance sheet displays a company's assets at the top, followed by its liabilities, and finally, the equity section at the bottom. The total assets should equal the total liabilities plus equity.

How to calculate retained earnings on a pro forma balance sheet?

Retained earnings represent the cumulative net income over the company's lifetime. For example, if the company has been in business for 10 years with a net income of $100,000 per year, the retained earnings would be $1,000,000 (10 x $100,000).

What is goodwill on a pro forma balance sheet?  

Goodwill on the balance sheet is the result of acquiring another company for more than its net asset value. For instance, if a company is acquired for $1 million, but its net asset value is $700,000, the difference of $300,000 represents goodwill. Watch our video on how to calculate goodwill for an acquisition .

What is an opening balance sheet?

An opening balance sheet is the balance sheet at the start of a specific period. For instance, if you are required to present an opening balance sheet for the beginning of the year, simply provide the historical balance sheet as of the first day of that year. However, if you are asked for an opening balance sheet for a future date, you will need to create a projected balance sheet to reflect the anticipated financial position.

What is a projected balance sheet?  

A projected balance sheet is a balance sheet created for a specific future date. If you are requested to provide a projected balance sheet for a business that you haven't started yet, our startup balance sheet template can help you generate one for day 1 of your startup. On the other hand, if you need to provide a projected balance sheet for an existing business, you will need to develop a comprehensive set of financial projections. A projected balance sheet works together with a projected income statement and cash flow projection, so you will likely need one of our 70+ projected financial models which will include up to 5 years of a projected balance sheet. Read our balance sheet forecasting guide for more details.

What is a pro forma balance sheet?

A pro forma balance sheet is essentially the same as a projected balance sheet. It involves presenting a balance sheet that reflects the financial condition of a business on a particular future date.

What is a balance sheet forecast?

A balance sheet forecast is another term used for a projected balance sheet. It entails presenting a balance sheet that represents the financial status of a business on a specific future date. To create a forecasted balance sheet, you will also need to develop projections for your income statement and cash flow statement.

What is a common size balance sheet? 

A common size balance sheet displays the relative percentage of each asset, liability, and equity line item compared to the total assets, liabilities, and equity.

How to calculate a common size balance sheet? 

To compute a common size balance sheet, follow these steps:

• Fill out a balance sheet template with all the asset, liability, and equity line items.
• Divide each asset line item by the total assets to determine the relative percentage that each asset represents of the total assets.
• Similarly, divide each liability and equity line item by the total liabilities and equity, respectively, to obtain the relative percentage for each line item.

By performing these calculations, you can create a common size balance sheet that provides a clearer picture of the proportionate significance of each component in relation to the total values of assets, liabilities, and equity.

Common size balance sheet example

You can see an example of a common size balance sheet below. Notice the column with the relative percentages for each line item.

How to analyze a common size balance sheet?

The significance of a common size balance sheet lies in its comparability to other companies, regardless of their size. For instance, when examining Apple's balance sheet, despite its significantly larger figures, converting it into percentages enables a meaningful comparison to assess the similarity of relative current liabilities with your own. This approach allows for meaningful financial benchmarking and insights into how your company stacks up against industry leaders, regardless of their scale.

How should I fill out a pro forma balance sheet if I am self-employed?

Fortunately, there is no substantial difference between a self-employed balance sheet and a balance sheet for a larger business. You will still need to input your assets, liabilities, and equity investments into our balance sheet template. However, a challenge for a self-employed balance sheet is that you must only include assets and liabilities directly related to the business. This highlights the importance of maintaining a separate bank account for your business, allowing you to identify the cash that belongs to the business and should be added to the self-employed balance sheet. Additionally, using a separate credit card for business expenses, rather than a personal one, enables clear tracking of business-related debt, which can be accurately reflected on your balance sheet.

What goes on a pro forma balance sheet?  

Here is a list of common categories on the balance sheet:

Current Assets

• Cash in Bank
• Accounts receivable
• Prepaid Expenses
• Other Current Assets

Fixed Assets

• Machinery & equipment
• Furniture & fixtures
• Leasehold improvements
• Land & buildings
• Other fixed assets
• Accumulated depreciation

Other Assets

• Intangibles

Liabilities and Equity

Current Liabilities

• Accounts payable
• Taxes payable
• Notes, short-term (due within 12 months) 
• Current part, long-term debt
• Other current liabilities

Long-term debt

• Bank loans payable
• Notes payable to stockholders
• LESS: short-term portion
• Other long term debt

Owner’s Equity

• Invested Capital
• Retained earnings - beginning
• Retained earnings - current
• Total Owners’ Equity

What are assets on a pro forma balance sheet? 

‍ The most common asset categories to be listed on a balance sheet are:

What are liabilities on a pro forma balance sheet? 

‍ The most common liabilities on a balance sheet are:

How to fill out a pro forma balance sheet? 

To complete a balance sheet, you need to input all your current assets, liabilities, and owner's equity into a balance sheet template.

What does a pro forma balance sheet look like?

‍ Below you will find an example of a pro forma balance sheet:

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Developing a pro forma financial statement

A pro forma is a projected financial statement that helps a practice make important decisions such as bringing on a new provider, a new service line, expanding current services or opening a new location. It models the anticipated results of potential transactions and should encompass the goals of the clinical and operations team.   The purpose of the pro forma is not to predict how much money you will make or the number of patients you will see. Rather, the pro forma is a guide to help you decide if what you are proposing will be financially viable; to help set expectations on estimated cash flow and volumes; and to determine the impact on your current operations. The format of a pro forma financial statement is similar if not exactly like your monthly or annual financial statements that record financial activity in your practice. The difference is that a pro forma statement looks to the future; whereas, your monthly or annual financial statements record historical data. The steps to creating a pro forma can be both linear and circular. As you follow the steps below and gather more information, you may have to circle back to your original assumptions and modify them as needed.

Member Exclusive: Pro Forma Template

Gather information

Meet with all clinical, operational and financial staff involved with the new transaction and gather as much information as possible. This is crucial to developing a sound pro forma that can be measured against actual results. Depending on the type of pro forma, the following questions should be asked:

• What is the practice trying to accomplish with this decision?
• Has a candidate or location been identified? Does the candidate have a license in your state?
• What are the expectations of all parties involved?
• Can the needs be met in any other way?
• What is the competition?
• What is the market share?
• What are the historical volumes and revenue for existing providers? Be sure to include the number of new patients seen per day, follow-up patients seen per day, average procedures performed per day or week, half days in clinic, half days in OR, on-call days, average collections per clinic, procedures, inpatient versus outpatient.
• What are expectations for on-call and impact on seeing patients in the clinic?
• Is rounding before or after clinic hours?
• Is there a volume of patients in the community to meet the need?
• What is current room utilization?
• Is there enough square footage to accommodate a new provider or service line?
• For surgical or procedural providers, is there enough dedicated OR time?
• Where are patients coming from? Has a ZIP code analysis been completed?
• What are the expected hours of work per day, days per week and weeks per year in the clinic, rounding in the hospital, or operating room time?
• Are there any ancillary services provided or offered in the clinic?
• How is physician compensation determined? Is there a compensation plan in place?
• What are the expected terms of the contract with the new provider or new location?
• Will another billing provider be included in the pro forma (for example, a nurse practitioner or a physician’s assistance?
• How long will it take for the physician, service line, clinic, etc., to be at full capacity (i.e., what is the ramp time)?

Develop assumptions

In developing assumptions, using historical data from your practice helps determine future expectations. The historical data should be augmented with benchmark data such as that provided by MGMA or other survey reports. Understanding what the pro forma is trying to accomplish will assist you in determining how much information you will need to gather.

Volume and revenue assumptions

Expense assumptions

Other expense assumptions including startup costs

Physician compensation

Putting it all together

After gathering information and developing assumptions, a pro forma can be created.  Appendix A is an example of a pro forma based on the assumptions in the tables above. The pro forma needs to be reviewed for reasonableness in relation to volume, productivity, physician hours, clinic hours and clinic rooms.  Analyze the utilization of existing rooms and proposed rooms separately to ensure there are enough available to handle the pro forma projections. When bringing on a new provider or opening a new space, revenue or physician compensation for existing physicians may change due to a shift in the type of patients seen (new versus established). The new provider will most likely be adding new patients to his panel who would have been seen by existing physicians. Depending on the specialty, the new to established ratio will even out over time, as well as existing physicians’ revenue and compensation.

Once the pro forma has been approved and the physician or new service has been employed for more than a year, compare the pro forma to the actual financial results to determine if assumptions were accurate, if the physician or new service is meeting expected volumes and to make corrective action plans if needed.  

Laurie M. East , CPA, MBA, FACMPE

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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.

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. 🗓️

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. ✨

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’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.

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. 🤝

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.

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.

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’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.

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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Ultimate Startup Pro Forma

Download and customize this and 500+ other business templates

Start here ⬇️

Voila! You can now download this Spreadsheet

Do you need to present the investment and reward opportunities of a new venture or project? Our Ultimate Startup Pro Forma collection is intended to help corporate individuals and entrepreneurs ready to propose a venture, display how much it will cost, how much revenue it will generate and at what point will cash flow become positive and the venture will reach its break-even point.

51 questions and answers

How can a startup pro forma be used to compare different venture opportunities?

A startup pro forma can be used to compare different venture opportunities by providing a detailed financial projection of each venture. It includes the cost, expected revenue, and the point at which the venture will break even. By comparing these factors, one can assess the profitability and feasibility of different ventures.

What are some ways to present a startup pro forma to non-financial stakeholders?

There are several ways to present a startup pro forma to non-financial stakeholders. One way is to use visual aids such as graphs and charts to illustrate the financial data. This can make it easier for non-financial stakeholders to understand the information. Another way is to provide a narrative explanation of the financial data. This can help non-financial stakeholders understand the context and implications of the financial data. It's also important to highlight key points and takeaways, and to be prepared to answer questions and provide additional information as needed.

How can a startup pro forma be used to identify potential challenges in a new venture?

A startup pro forma can be used to identify potential challenges in a new venture by providing a detailed financial forecast. This includes projected costs, revenue, and the point at which the venture will break even. By analyzing these projections, potential challenges such as insufficient funding, unrealistic revenue expectations, or a longer than expected timeline to profitability can be identified and addressed.

Sheets highlights

This slide will allow you to itemize and calculate your Sales Revenue – the initial profit figure listed on a company's income statement. It marks the starting point for arriving at net income and is used to calculate the gross profit margin.

With this sheet, take care of your Operating Expenses, which are extremely important. Their importance comes from the fact that Operating Expenses help to measure a company's cost and stock management efficiency.

Use this sheet to itemize and calculate your company's Gross Margin to share with your stakeholders. [Gross Margin is especially crucial because it demonstrates whether or not your sales are sufficient to cover your costs.

This Ultimate Startup Pro Forma spreadsheet collection includes Sales Revenue, Operating Expense, and Salary Expense input tabs. These tabs allow you to insert your own data to be automatically reflected by the Proforma Summary tab. The final tab shows graphs and break-even charts that give a visual representation of the proforma results. All user inputs are displayed in blue font, calculations in green, and results in black. The Sales Revenue tab lists the Units Sold, Revenue, and Cost of Goods Sold (COGS) for each product per quarter over multiple years. The Operating Expense tab lists expenses by each department per quarter over the years. The Total Expense and Grand Total Expense lines automatically update based on your input. The Salary Expense tab displays data by Department Salary as well as Department Position. The Proforma Summary tab takes inputs from the previous tabs and summarizes them in a proforma model, including Gross Revenue, COGS, Gross Margin, Expenses, and Net Profit.

48 questions and answers

How many years should a pro forma cover?

A pro forma should typically cover a period of three to five years. This time frame is generally considered sufficient to provide investors with a comprehensive view of how the business is expected to perform in the near to mid-term. However, the exact period can vary depending on the nature of the business and the specific requirements of the investors or lenders. For instance, a startup in a rapidly evolving industry might need to provide a pro forma for a shorter period, while a business in a more stable industry might be asked for a longer-term projection.

How does the Pro Forma model help in financial planning for a new venture?

The Pro Forma model helps in financial planning for a new venture by providing a structured way to forecast the financial performance of the business. It takes into account various factors such as sales revenue, operating expenses, and salary expenses. The model allows you to input your own data, which is then automatically reflected in the Proforma Summary. This summary includes key financial metrics such as Gross Revenue, Cost of Goods Sold (COGS), Gross Margin, Expenses, and Net Profit. The model also provides visual representations of the results, which can aid in understanding and decision-making.

What is the importance of the Pro Forma model in a startup?

The Pro Forma model is crucial for a startup as it provides a financial projection of the business. It includes various aspects such as sales revenue, operating expenses, and salary expenses. This model helps in understanding the financial health of the startup, its profitability, and break-even point. It aids in decision-making and planning for the future.

There are four main types of proforma statements:

• Full-year proforma projection;
• Financing or investment proforma projection;
• Historical with acquisition proforma projection;
• Risk Management and analysis proforma projection.

Application

Experts from Financially Simple recommend the following steps to create proforma financial statements that will impress investors. For more on this, check out our The Startup Way book summary.

• Create a spreadsheet – where you list past and future years across the top columns, and income and expenses down the side rows.
• Total all income sources – create rows for every income source. After what you've made from each income source is itemized, total them up to determine your gross historical revenue. Lastly, make predictions of your income growth rate for future years by multiplying actual revenue by 2.5 or whatever percent makes the most sense based on your historical numbers.
• Total all income sources – add rows for every expense your company incurs. Next, total them up to determine your gross historical expenses. Then, predict your future expenses.
• Determine your profit margin – here, you'll subtract your total expenses from your total income to determine your profit margin. It is important to make allowances for major one-time purchases or gross expenses if necessary.

49 questions and answers

How can the Pro Forma model help in identifying potential financial risks in a startup?

The Pro Forma model can help in identifying potential financial risks in a startup by providing a detailed overview of the company's financial situation. It allows the company to make predictions about future income and expenses, and determine the profit margin. By analyzing these predictions, the company can identify potential risks such as a decrease in income or an increase in expenses. It also allows the company to make allowances for major one-time purchases or gross expenses if necessary.

What are some strategies to manage expenses in a startup?

Some strategies to manage expenses in a startup include creating a detailed spreadsheet to track income and expenses, totaling all income sources and expenses to determine gross historical revenue and expenses, and determining the profit margin by subtracting total expenses from total income. It's also important to make allowances for major one-time purchases or unexpected expenses.

How can the Pro Forma model help in attracting investors for a startup?

The Pro Forma model can help attract investors for a startup by providing a clear and detailed financial projection. It shows the potential profitability of the business by outlining the expected income and expenses. This gives investors a clear idea of the financial health and future prospects of the startup, which can increase their confidence in the investment. It also allows them to assess the risk and return of the investment.

Expert advice

In his article for Harvard Business Review , Baruch Lev – the Philip Bardes Professor of Accounting and Finance at the Stern School of Business in NYU, talks about proforma as one of the ways in which managers can impart useful information to investors. (For more like this, check out our Straight Talk for Startups book summary). Lev stresses that "research shows that proforma earnings statements prominently displayed in the headline or first paragraph of a company's news release have a much stronger impact on stock prices than proforma earnings reported elsewhere in the document."

45 questions and answers

What are some common misconceptions about proforma in business?

Some common misconceptions about proforma in business include the belief that it is not a legitimate or useful tool for financial forecasting. In reality, proforma can provide valuable insights into a company's financial future. Another misconception is that proforma is only used to manipulate financial results to present a more favorable picture to investors. While it can be misused in this way, it is not its primary purpose. Proforma is meant to provide a clear picture of a company's financial situation by excluding non-recurring events.

How can investors benefit from understanding proforma?

Investors can benefit from understanding proforma as it provides useful information about a company's financial performance. Proforma earnings statements, when prominently displayed in the headline or first paragraph of a company's news release, have a much stronger impact on stock prices. Therefore, understanding proforma can help investors make informed decisions about their investments.

What is the relevance of proforma in today's business environment?

Proforma is highly relevant in today's business environment as it is a way for managers to impart useful information to investors. Research shows that proforma earnings statements prominently displayed in the headline or first paragraph of a company's news release have a much stronger impact on stock prices than proforma earnings reported elsewhere in the document.

Investors, he says, suffer from something called "limited attention –" a restricted ability to process and analyze vast amounts of information, in this case, information relevant to companies' values. The upshot is that investors are somewhere between naive and all-knowing. They care a lot about what drives a company's long-term growth and often need help understanding what those drivers really are. "That's where guidance, proforma earnings statements, and the narrative and tone of managers' communications come in," Lev writes.

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What Is Pro Forma?

• Types of Financial Statements
• Pro Forma FAQs
• Corporate Finance

Pro Forma: What It Means and How to Create Pro Forma Financial Statements

Pro forma means “for the sake of form” or “as a matter of form." When it appears in financial statements, it indicates that a method of calculating financial results using certain projections or presumptions has been used.

Pro forma financials are not computed using generally accepted accounting principles  (GAAP) and usually leave out one-time expenses that are not part of normal company operations, such as restructuring costs following a  merger .

Essentially, a pro forma financial statement can exclude anything a company believes obscures the accuracy of its financial outlook and can be a useful piece of information to help assess a company's future prospects .

Key Takeaways

• Pro forma, Latin for “as a matter of form” or “for the sake of form”, is a method of calculating financial results using certain projections or presumptions.
• Pro forma financials may not be GAAP compliant but can be issued to the public to highlight certain items for potential investors.
• They can also be used internally by management for aiding in business decisions.
• It's illegal for publicly traded companies to mislead investors with pro forma financial results that do not use the most conservative possible estimates of revenue and expense.

Investopedia / Matthew Collins

What Are the Types of Pro Forma Financial Statements?

Pro forma financial statements are projections of future expenses and revenues, based on a company's past experience and future plans.

Some standard pro format statements include the following:

Pro Forma Budget Documents

A budget anticipates the inflow of projected revenues and the outflow of funds for a defined future period, usually a  fiscal year .

A budget is based on certain assumptions about future expenses and revenues. It takes into account past expenses and revenues and factors in the costs of the company's plans for the fiscal year.

Pro Forma Company Income Statements

A pro forma income statement uses the pro forma calculation method, mainly to draw the attention of potential investors to specific numbers when a company issues its quarterly earnings announcement .

For example, a company will report its actual sales and expenses for the quarter that just passed and, in the same chart, will list its projections of these numbers for the current quarter.

In this case, the company is projecting the future, based on its knowledge of past sales and expenses and factoring in expected changes.

Pro Forma Earnings Projections

A company may present a pro forma statement to inform investors about their internal assessment of the financial outcome of a proposed change in the business.

For example, if a company is considering an acquisition or a merger, it may publish a pro format statement of the expected impact of the move on its future earnings and expenses.

Pro Forma Financial Accounting

In  financial accounting , a pro forma earnings report excludes unusual or nonrecurring transactions.

These excluded expenses could include declining investment values, restructuring costs, and adjustments made on the company’s balance sheet that fix accounting errors from prior years.

Pro Forma Managerial Accounting

Accountants prepare financial statements in the pro forma method ahead of a proposed transaction such as an acquisition, merger, a change in a company's capital structure , or new capital investment.

These are models that forecast the expected result of the proposed transaction. They focus on estimated net revenues, cash flows, and taxes.

The statements are presented to the company's management to help it make a decision on a proposed action based on its potential benefits and costs.

Limitations of Pro Forma Statements

Investors should be aware that a company’s pro forma financial statements can hold figures or calculations that do not comply with generally accepted accounting principles (GAAP), the set of standards followed by public companies for their financial statements.

In fact, they can differ vastly. Pro forma results may contain adjustments to GAAP numbers in order to highlight important aspects of the company's operating performance.

Pro forma financials in the United States boomed in the late 1990s when dot-com companies used the method to make losses appear like profits or, at a minimum, to reveal much greater gains than indicated through U.S. GAAP accounting methods.

The U.S. Securities and Exchange Commission  (SEC) responded by  cautioning that publicly traded companies  report and make public U.S. GAAP-based financial results as well. The SEC also clarified that it would deem using pro forma results to grossly misconstrue GAAP-based results and mislead investors fraudulent and punishable by law.

Using pro forma results to grossly misconstrue GAAP-based results and mislead investors is deemed by the U.S. Securities and Exchange Commission (SEC) to be fraudulent and punishable by law.

How to Create a Pro Forma Statement

Basic templates for creating pro forma statements can be found online, or they can be created using a Microsoft Excel spreadsheet to automatically populate and calculate the correct entries based on your inputs.

You can also create a pro format financial statement by hand. The steps are:

• Calculate the estimated revenue projections for your business. This process is called pro forma forecasting. Use realistic market assumptions. Do your research and speak with experts and accountants to determine what a normal annual revenue stream is, as well as asset accumulation assumptions. Your estimates should be on the conservative side.
• Estimate your total liabilities and costs. Liabilities include loans and  lines of credit . Costs include lease payments, utilities, employee pay, insurance, licenses, permits, materials, and taxes. Keep your estimates realistic.
• Use the revenue projections from Step 1 and the total costs found in Step 2 to create the first part of your pro format, This part will project your future  net income  (NI).
• Estimate cash flows . This part of the pro forma statement will identify the net effect on cash if the proposed business change is implemented. Cash flow differs from NI because, under  accrual accounting , certain revenues and expenses are recognized prior to or after cash changes hands.

Here’s a historical example of a pro forma income statement, courtesy of Tesla Inc.'s (TSLA) unaudited pro forma condensed and consolidated income statement for the year ended Dec. 31, 2016.

What Is a Pro Forma Financial Statement?

Pro forma financial statements incorporate hypothetical numbers or estimates. They are built into the data to give a picture of a company's profits if certain nonrecurring items are excluded.

These are often intended to be preliminary or illustrative financials that do not follow standard accounting practices. Companies use their own discretion in calculating pro forma earnings, including or excluding items depending on what they feel reflects the company's true performance or future performance.

As pro forma forecasts are hypothetical in nature, they can deviate from actual results, sometimes significantly.

What's the Difference Between Pro Forma and GAAP Financials?

There are no universal rules that companies must follow when reporting pro forma earnings. This is why it is important for investors to distinguish between pro forma earnings and those reported using generally accepted accounting principles (GAAP).

GAAP enforces strict guidelines when companies report earnings, while pro forma figures are better thought of as hypothetical earnings.

For this reason, investors must examine not only the pro forma earnings, but also GAAP earnings, and never mistake one for the other.

What Is a Pro Forma Invoice?

A pro forma invoice is a preliminary  bill of sale  sent to a buyer in advance of a shipment or delivery of goods. The invoice will typically describe the purchased items and other important information, such as the shipping weight and transport charges.

A pro forma invoice requires only enough information to allow customs officials to determine the duties needed from a general examination of the included goods.

Can You Compare Pro Forma Statements From Different Companies?

Maybe, but it is not advised. Companies' definitions of pro forma vary along with their internal methods for forecasting and making assumptions.

If you don't know how each of the companies defines its pro forma figures, you may be comparing apples to oranges. 

U.S. Securities and Exchange Commission. " ACTION: Cautionary Advice Regarding the Use of "Pro Forma" Financial Information in Earnings Releases ."

U.S. Securities and Exchange Commission. " Tesla, Inc. Form 10-K ."

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Original text

Download this comprehensive guide for completing a business plan narrative. Sections included:

• Executive Summary : Summarize the business, including its name, address, legal form, owners, market need, products/services, financial projections, and financing requirements.
• Company Summary : Detail startup costs, facility descriptions, equipment needed, and operational details, including location advantages and disadvantages.
• Products & Services : Describe the offerings, pricing strategy, cost margins, and any packaging or shipping concerns.
• Market Analysis : Analyze market characteristics, target market demographics, customer profiles, and buying criteria, supported by research.
• Competitive Assessment : Identify competitors, their market share, strengths and weaknesses, and compare their pricing and services to yours.
• Marketing/Sales Strategy : Develop a value proposition, pricing, distribution, sales strategy, and marketing plan to capture market share.
• Management Plan : Outline the roles, responsibilities, and qualifications of owners and key managers, including projected salaries and employee positions.
• Financial Plan : Provide a summary of financial projections for the first three years, with detailed assumptions and sensitivity analysis.
• Appendix : Include pro forma financials, resumes, leases, contracts, and personal financial statements for lenders.

Copyright © 2024 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.