As a Financial Consultant, my responsibilities include producing a financial planning spreadsheet. A financial planning spreadsheet is used to help entrepreneurs and home-based business owners create, organize, and track their financial information. In this article, I will share how I have created financial planning spreadsheets for over 20 years.
The first step was to come up with a spreadsheet format that could be easily understood by the average person. The best way to do this was to use Microsoft excel. If you are not using an excel platform, get one. You can use many different platforms, but I strongly recommend Microsoft excel. It’s easy to read, store, update, and customize, and also great for sending to other people.
Next, I created a spreadsheet to track everything that was financial related. One example is that you can track whether you are selling goods or services and if you are making money. Another example is that you can track expenses.
After tracking all of this information, I needed to create a financial planning spreadsheet that would be used by both entrepreneurs and home-based business owners. This financial planning spreadsheet was also useful for those who needed to know how much they had paid in taxes, and how much they were saving. It would also be useful for tracking debts. For instance, if you’re planning on going into a mortgage business, you would want to make sure that you’re able to pay your mortgage on time and make enough money each month to pay off your debt.
Before creating a financial planning spreadsheet, you need to take your time and really think about what you are trying to accomplish. What type of financial plan would you like to follow? How much money do you have to invest?
After you have your answer to these questions, you need to research to see what the options are out there. For instance, there are planners that you can buy. However, the problem with these planners is that they only have to be used once. The expense of buying one is large and after you purchase it, you’ll be back to square one and start from scratch. Most investors prefer to use an online planner.
There are many benefits to using an online financial planner. First, they are customizable and you can easily make changes and modify them as needed. In addition, because they are downloadable, you can use them on multiple platforms such as smart phones, laptops, and even tablets. Finally, online planners are free.
When choosing an online financial planner, make sure that you select a reputable company. You can research companies and reviews to see what others have to say about them. Once you have selected a planner, use their spreadsheet to help you manage your finances.