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Basic Financial Package
Almost all investors and lenders want to see similar financial
documents. By preparing a basic financial package, and ideally,
keeping it up-to-date, you'll be in a better position to act quickly
on financing opportunities. There are two levels of financial documents
to prepare, the basic documents needed for most financial activities,
and additional documents needed, especially for large loans or investments.
What Needs to be in Your "Basic Financial
Basic Company Financial Documents: (needed for virtually all financing opportunities, whether a
loan or investment)
Balance sheet. Financial report that shows the status
of a company's assets, liabilities and owners' equity; this gives
a complete picture of the worth of a company.
Income Statement, also called Profit-and-Loss Statement.
Summary of a company's revenues, costs and expenses during one
accounting period. This shows how profitable a company is. If
a company is new, these can be projected income statements.
Cash flow projections. Estimates of the schedule on
which money will actually move into and out of your company. Cash
flow can be very different than income statements, especially
for companies that operate on an accrual basis accounting.
Additional Financial Information Certain financial activities will require greater information.
Such information may include:
Audited financial statements. Financial documents like
those listed above, but prepared by an accounting firm that audits
the documents to make certain they are correct.
Last two-three years' business tax returns.
Last two-three years' partners' and owners' personal tax
List of current accounts.
Current business plan.
Appraisals of assets that secure loans. Appraisals are
estimates of the value of property, made by an expert.
List of other personal assets and liabilities of the partners/owners.
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