SCORE Financial Projection Model
Please read this entire page before you do anything else
This spreadsheet walks you through the process of developing an integrated set of financial projections.
To use this model, simply complete any information asked for found in the color yellow.
Example: Fill in boxes that look like this
A number found in the color green is optional information that you can complete.
Example: Check these assumptions
Otherwise, any information found in black type is automatically calculated for you.
Although the cells that are calculated are locked (or protected), you can turn off this protection to modify the sheets.
To do this, select "Tools" from the menu bar at the top of the screen. Then select, "Protection."
Finally, select "Unprotect Sheet" and you will be able to edit any labels or formulas.
Before you begin, we need some information about your business to best customize your financial statements.
Please enter the name of your business in the box below:
Enter Your Business Name Here
The first six worksheets in this workbook are steps you will need to complete. They are titled:
1. Required Start-Up Funds
2. Salaries and Wages
3. Fixed Operating Expenses
4. & 5. Projected Sales Forecast (2 sheets)
6. Cash Receipts and Disbursements
Begin by clicking on the tabs below
Enter Your Business Name Here
Required Start-Up Funds for a New Business or
Opening Balance Sheet for an Existing Business
Required Start-Up Funds
Fixed Assets
Real Estate-Land
Buildings
Leasehold Improvements
Equipment
Furniture and Fixtures
Vehicles
Other Fixed Assets
Total Fixed Assets
Operating Capital
Pre-Opening Salaries and Wages
Prepaid Insurance Premiums
Inventory
Legal and Accounting Fees
Rent Deposits
Utility Deposits
Supplies
Advertising and Promotions
Licenses
Other Initial Start-Up Costs
Working Capital (Cash On Hand)
Total Operating Capital
Amount
$
Total Sources of Funding
Depreciation
20.00
7.00
7.00
5.00
5.00
5.00
Notes
years
years
years
years
years
years
For existing businesses = Cash+Ppd Exp+A/R-A/P-Accrd Exp See Note below#
-
Total Required Funds
Sources of Funding
Owner's Equity
Outside Investors
Additional Loans or Debt
Commercial Loan
Commercial Mortgage
Credit Card Debt
Vehicle Loans
Other Bank Debt
Totals
Amount
0.00%
0.00%
Totals
-
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Loan Rate
7.00%
8.00%
7.00%
6.00%
5.00%
Term in Months
84.00
240.00
60.00
48.00
36.00
Monthly Payments
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Note#: For existing businesses, this should be the "bucket" of cash plus recievables that will
be turned into cash or payables paid out in cash in the near term (i.e. in the first month of the plan)
Enter Your Business Name Here
Salaries and Wages
Salaries and Related Expenses
Assumptions
Wage Base
Monthly
Year One
Percent Change
Salaries and Wages
Owner's Compensation
Salaries
Wages
Full-Time Employees
Estimated Hours Per Week
Estimated Rate Per Hour
Part-Time Employees
Estimated Hours Per Week
Estimated Rate Per Hour
Independent Contractors
Total Salaries and Wages
Payroll Taxes and Benefits
Social Security
Medicare
Federal Unemployment Tax (FUTA)
State Unemployment Tax (SUTA)
Employee Pension Programs
Worker's Compensation
Employee Health Insurance
Other Employee Benefit Programs
Total Payroll Taxes and Benefits
Total Salaries and Related Expenses
0
0
0
$
40.00
9.00
20.00
9.00
6.20%
1.45%
0.80%
2.70%
0.00%
0.00%
0.00%
4.00%
102,000
$
$
7,000
7,000
Year Two
Year Three
3.00%
3.00%
Enter Your Business Name Here
Fixed Operating Expenses
Fixed Operating Expenses
Monthly
Year One
Percent Change
Expenses
Advertising
Car and Truck Expenses
Bank & Merchant Fees
Contract Labor
Conferences & Seminars
Customer Discounts and Refunds
Dues and Subscriptions
Miscellaneous
Insurance (Liability and Property)
Licenses/Fees/Permits
Legal and Professional Fees
Office Expenses & Supplies
Postage and Delivery
Rent (on business property)
Rent of Vehicles and Equipment
Sales & Marketing
Taxes-Other
Telephone and Communications
Travel
Utilities
Total Expenses
Other Expenses
Depreciation
Interest
Commercial Loan
Commercial Mortgage
Line of Credit
Credit Card Debt
Vehicle Loans
Other Bank Debt
Total Other Expenses
Total Fixed Operating Expenses
Year Two
Year Three
3.00%
3.00%
Notes
Enter Your Business Name Here
Projected Sales Forecast
Products and Services
Assumptions
Product/Service A
Price Per Unit
$
Variable Cost Per Unit
$
Gross Margin Per Unit
$
Projected Unit Sales
Seasonality Factor
Year One
Year Two Growth
Year Three Growth
Overhead Exp Allocation
Projected Revenue
Variable Costs
Gross Margin
Overhead Expenses
Profit
Breakeven Sales Revenu $
Breakeven Sales Units
Product/Service B
Price Per Unit
$
Variable Cost Per Unit
$
Gross Margin Per Unit
$
Projected Unit Sales
Seasonality Factor
Year One
Year Two Growth
Year Three Growth
Overhead Exp Allocation
Projected Revenue
Variable Costs
Gross Margin
Overhead Expenses
Profit
Breakeven Sales Revenu $
Breakeven Sales Units
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Totals
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
100.00%
0.00%
0.00%
25.00%
25.00%
50.00%
-
Jan
0.00%
100.00%
0.00%
0.00%
10.00%
10.00%
16.67%
-
0.00%
Enter Your Business Name Here
Projected Sales Forecast - Page 2
Products and Services
Assumptions
Product/Service C
Price Per Unit
$
Variable Cost Per Unit
$
Gross Margin Per Unit
$
Projected Unit Sales
Seasonality Factor
Year One
Year Two Growth
Year Three Growth
Overhead Exp Allocation
Projected Revenue
Variable Costs
Gross Margin
Overhead Expenses
Profit
Breakeven Sales Revenu $
Breakeven Sales Units
Product/Service D
Price Per Unit
$
Variable Cost Per Unit
$
Gross Margin Per Unit
$
Projected Unit Sales
Seasonality Factor
Year One
Year Two Growth
Year Three Growth
Overhead Exp Allocation
Projected Revenue
Variable Costs
Gross Margin
Overhead Expenses
Profit
Breakeven Sales Revenu $
Breakeven Sales Units
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Totals
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
0.00%
-
100.00%
0.00%
0.00%
10.00%
10.00%
16.67%
-
Jan
0.00%
100.00%
0.00%
0.00%
10.00%
10.00%
16.67%
-
0.00%
Enter Your Business Name Here
Cash Receipts and Disbursements
Accounts Receivable Collections
Percent of Collections
0 to 30 days
31 to 60 days
More than 60 days
Total Collections Percentage
100.00%
0.00%
0.00%
100.00%
Accounts Payable Disbursements
Number of Days to Pay Suppliers
0 to 30 days
31 to 60 days
More than 60 days
Total Disbursements Percentage
100.00%
0.00%
0.00%
100.00%
Line of Credit Assumptions
Desired Minimum Cash Balance
Line of Credit Interest Rate
Income Tax Assumptions
Effective Income Tax Rate
Amortization of Start-Up Expenses
Amortization Period in Years
8.00%
20.00%
3.00
Enter Your Business Name Here
Projected Income Statement - Year One
Jan
Feb
Mar
Apr
May
Jun
Income
Product/Service A
Product/Service B
Total Income
Cost of Sales
Product/Service A
Product/Service B
Total Cost of Sales
Gross Margin
Total Salary and Wages
Fixed Business Expenses
Advertising
Car and Truck Expenses
Bank & Merchant Fees
Contract Labor
Conferences & Seminars
Customer Discounts and Refund
Dues and Subscriptions
Miscellaneous
Insurance (Liability and Property
Licenses/Fees/Permits
Legal and Professional Fees
Office Expenses & Supplies
Postage and Delivery
Rent (on business property)
Rent of Vehicles and Equipment
Sales & Marketing
Taxes-Other
Telephone and Communications
Travel
Utilities
Total Fixed Business Expenses
Other Expenses
Amortized Start-up Expenses
Jul
Aug
Sep
Oct
Nov
Dec
Totals
Enter Your Business Name Here
Projected Income Statement - Year One
Depreciation
Interest
Commercial Loan
Commercial Mortgage
Line of Credit
Credit Card Debt
Vehicle Loans
Other Bank Debt
Taxes
Total Other Expenses
Net Income
Jan
-
Feb
-
Mar
-
Apr
-
May
-
Jun
-
Jul
-
Aug
-
Sep
-
Oct
-
Nov
-
Dec
-
Totals
-
Enter Your Business Name Here
Projected Cash Flow Statement - Year One
Jan
Feb
Mar
Apr
May
Jun
Beginning Cash Balance
Cash Inflows
Income from Sales
Accounts Receivable
Total Cash Inflows
Aug
Sep
Oct
Nov
Dec
Cash Flow
Operating Cash Balance
Line of Credit Drawdowns
Ending Cash Balance
Line of Credit Balance
Cash Outflows
Investing Activities
New Fixed Assets Purchases
Inventory Addition to Bal.She
Cost of Sales
Operating Activities
Salaries and Wages
Fixed Business Expenses
Taxes
Financing Activities
Loan Payments
Line of Credit Interest
Line of Credit Repayments
Dividends Paid
Total Cash Outflows
Jul
Totals
Enter Your Business Name Here
Balance Sheet - Year One
Base Period
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Other Current
Total Current Assets
End of Year One
Fixed Assets
Real Estate-Land
Buildings
Leasehold Improvements
Equipment
Furniture and Fixtures
Vehicles
Other Fixed Assets
Total Fixed Assets
Less: Accumulated Depreciation
Total Assets
Liabilities and Owner's Equity
Liabilities
Accounts Payable
Loan Payable
Mortgage Payable
Credit Card Debt
Vehicle Loans
Other Bank Debt
Line of Credit Balance
Total Liabilities
Owner's Equity
Common Stock
Retained Earnings
Dividends Dispersed
Total Owner's Equity
Enter Your Business Name Here
Balance Sheet - Year One
Base Period
Total Liabilities and Owner's Equity
Statement Balances
End of Year One
-
Statement Balances
Enter Your Business Name Here
Year End Summary
Year One
Income
Product/Service A
Product/Service B
Year Two
Year Three
100.00%
Total Cost of Sales
0.00%
0.00%
Gross Margin
0.00%
0.00%
0.00%
Total Salary and Wages
0.00%
0.00%
0.00%
Fixed Business Expenses
Advertising
Car and Truck Expenses
Bank & Merchant Fees
Contract Labor
Conferences & Seminars
Customer Discounts and Refunds
Dues and Subscriptions
Miscellaneous
Insurance (Liability and Property)
Licenses/Fees/Permits
Legal and Professional Fees
Office Expenses & Supplies
Postage and Delivery
Rent (on business property)
Rent of Vehicles and Equipment
Sales & Marketing
Taxes-Other
Telephone and Communications
Travel
Utilities
Total Fixed Business Expenses
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Total Income
Cost of Sales
Product/Service A
Product/Service B
Operating Income (before Other Expenses)
[EBITDA]
100.00%
100.00%
0.00%
Enter Your Business Name Here
Year End Summary
Year One
Other Expenses
Amortized Start-up Expenses
Depreciation
Interest
Commercial Loan
Commercial Mortgage
Line of Credit
Credit Card Debt
Vehicle Loans
Other Bank Debt
Taxes
Total Other Expenses
Net Income
Year Two
Year Three
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Enter Your Business Name Here
Projected Income Statement - Year Two
Jan
Feb
Mar
Apr
May
Jun
Income
Product/Service A
Product/Service B
Total Income
Cost of Sales
Product/Service A
Product/Service B
Total Cost of Sales
Gross Margin
Total Salary and Wages
Fixed Business Expenses
Advertising
Car and Truck Expenses
Bank & Merchant Fees
Contract Labor
Conferences & Seminars
Customer Discounts and Refund
Dues and Subscriptions
Miscellaneous
Insurance (Liability and Property
Licenses/Fees/Permits
Legal and Professional Fees
Office Expenses & Supplies
Postage and Delivery
Rent (on business property)
Rent of Vehicles and Equipment
Sales & Marketing
Taxes-Other
Telephone and Communications
Travel
Utilities
Total Fixed Business Expenses
Other Expenses
Amortized Start-up Expenses
Jul
Aug
Sep
Oct
Nov
Dec
Totals
Enter Your Business Name Here
Projected Income Statement - Year Two
Depreciation
Interest
Commercial Loan
Commercial Mortgage
Line of Credit
Credit Card Debt
Vehicle Loans
Other Bank Debt
Taxes
Total Other Expenses
Net Income
Jan
-
Feb
-
Mar
-
Apr
-
May
-
Jun
-
Jul
-
Aug
-
Sep
-
Oct
-
Nov
-
Dec
-
Totals
-
Enter Your Business Name Here
Projected Cash Flow Statement - Year Two
Jan
Feb
Mar
Apr
May
Jun
Beginning Cash Balance
Cash Inflows
Income from Sales
Accounts Receivable
Total Cash Inflows
Aug
Sep
Oct
Nov
Dec
Cash Flow
Operating Cash Balance
Line of Credit Drawdowns
Ending Cash Balance
Line of Credit Balance
Cash Outflows
Investing Activities
New Fixed Assets Purchases
Inventory Addition to Bal. She
Cost of Sales
Operating Activities
Salaries and Wages
Fixed Business Expenses
Taxes
Financing Activities
Loan Payments
Line of Credit Interest
Line of Credit Repayments
Dividends Paid
Total Cash Outflows
Jul
Totals
Enter Your Business Name Here
Balance Sheet - Year Two
End of Year One
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Other Current
Total Current Assets
End of Year Two
Fixed Assets
Real Estate-Land
Buildings
Leasehold Improvements
Equipment
Furniture and Fixtures
Vehicles
Other Fixed Assets
Total Fixed Assets
Less: Accumulated Depreciation
Total Assets
Liabilities and Owner's Equity
Liabilities
Accounts Payable
Notes Payable
Mortgage Payable
Credit Card Debt
Vehicle Loans
Other Bank Debt
Line of Credit Balance
Total Liabilities
Owner's Equity
Common Stock
Retained Earnings
Dividends Dispersed
Total Owner's Equity
Enter Your Business Name Here
Balance Sheet - Year Two
End of Year One
Total Liabilities and Owner's Equity
Statement Balances
End of Year Two
-
Statement Balances
Enter Your Business Name Here
Projected Income Statement - Year Three
Jan
Feb
Mar
Apr
May
Jun
Income
Product/Service A
Product/Service B
Total Income
Cost of Sales
Product/Service A
Product/Service B
Total Cost of Sales
Gross Margin
Total Salary and Wages
Fixed Business Expenses
Advertising
Car and Truck Expenses
Bank & Merchant Fees
Contract Labor
Conferences & Seminars
Customer Discounts and Refund
Dues and Subscriptions
Miscellaneous
Insurance (Liability and Property
Licenses/Fees/Permits
Legal and Professional Fees
Office Expenses & Supplies
Postage and Delivery
Rent (on business property)
Rent of Vehicles and Equipment
Sales & Marketing
Taxes-Other
Telephone and Communications
Travel
Utilities
Total Fixed Business Expenses
Other Expenses
Amortized Start-up Expenses
Jul
Aug
Sep
Oct
Nov
Dec
Totals
Enter Your Business Name Here
Projected Income Statement - Year Three
Depreciation
Interest
Commercial Loan
Commercial Mortgage
Line of Credit
Credit Card Debt
Vehicle Loans
Other Bank Debt
Taxes
Total Other Expenses
Net Income
Jan
-
Feb
-
Mar
-
Apr
-
May
-
Jun
-
Jul
-
Aug
-
Sep
-
Oct
-
Nov
-
Dec
-
Totals
-
Enter Your Business Name Here
Projected Cash Flow Statement - Year Three
Jan
Feb
Mar
Apr
May
Jun
Beginning Cash Balance
Cash Inflows
Income from Sales
Accounts Receivable
Total Cash Inflows
Aug
Sep
Oct
Nov
Dec
Cash Flow
Operating Cash Balance
Line of Credit Drawdowns
Ending Cash Balance
Line of Credit Balance
Cash Outflows
Investing Activities
New Fixed Assets Purchases
Inventory Addition to Bal.She
Cost of Sales
Operating Activities
Salaries and Wages
Fixed Business Expenses
Taxes
Financing Activities
Loan Payments
Line of Credit Interest
Line of Credit Repayments
Dividends Paid
Total Cash Outflows
Jul
Totals
Enter Your Business Name Here
Balance Sheet - Year Three
End of Year Two
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Other Current
Total Current Assets
End of Year Three
Fixed Assets
Real Estate-Land
Buildings
Leasehold Improvements
Equipment
Furniture and Fixtures
Vehicles
Other Fixed Assets
Total Fixed Assets
Less: Accumulated Depreciation
Total Assets
Liabilities and Owner's Equity
Liabilities
Accounts Payable
Notes Payable
Mortgage Payable
Credit Card Debt
Vehicle Loans
Other Bank Debt
Line of Credit Balance
Total Liabilities
Owner's Equity
Common Stock
Retained Earnings
Dividends Dispersed
Total Owner's Equity
Enter Your Business Name Here
Balance Sheet - Year Three
End of Year Two
Total Liabilities and Owner's Equity
Statement Balances
End of Year Three
-
Statement Balances
Enter Your Business Name Here
Financial Ratios
Ratio
Liquidity
Current Ratio
Quick Ratio
Safety
Debt to Equity Ratio
Debt to Coverage Ratio
Profitability
Sales Growth
COGS to Sales
Gross Profit Margin
SG&A to Sales
Net Profit Margin
Return on Equity
Return on Assets
Owner's Compensation to Sales
Efficiency
Days in Receivables
Accounts Receivable Turnover
Days in Inventory
Inventory Turnover
Sales to Total Assets
Year One
Year Two
Year Three
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
RMA Industry Norms
Enter Your Business Name Here
Breakeven Analysis
Breakeven Analysis
Annual Sales Revenue
Cost of Sales
Gross Margin
Salaries and Wages
Fixed Operating Expenses
Total Fixed Business Expenses
Breakeven Sales Calculation
Breakeven Sales in Dollars
Dollars
-
0.00%
$
Percent
100.00%
0.00%
0.00%
Enter Your Business Name Here
Amortization Schedule
Loan Type
Assumptions
Commercial Loan
Principal Amount
$
Interest Rate
Loan Term in Months
Monthly Payment Amou
Year One
Interest
Principal
Loan Balance
Year Two
Interest
Principal
Loan Balance
Year Three
Interest
Principal
Loan Balance
Credit Card Debt
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Totals
7.00%
84.00
$0.00
Year One
Interest
Principal
Loan Balance
Year Two
Interest
Principal
Loan Balance
Year Three
Interest
Principal
Loan Balance
Commercial Mortgage
Principal Amount
$
Interest Rate
Loan Term in Months
Monthly Payment Amou
Jan
8.00%
240.00
$0.00
Principal Amount
$
Interest Rate
Loan Term in Months
Monthly Payment Amou
7.00%
60.00
$0.00
Year One
Interest
Principal
Loan Balance
Year Two
Interest
Principal
Loan Balance
Year Three
Interest
Principal
Loan Balance
Vehicle Loans
Principal Amount
$
Interest Rate
Loan Term in Months
Monthly Payment Amou
Year One
Interest
Principal
Loan Balance
Year Two
Interest
6.00%
48.00
$0.00
Year One
Interest
Principal
Loan Balance
Year Two
Interest
Principal
Loan Balance
Year Three
Interest
Principal
Loan Balance
Other Bank Debt
Principal Amount
$
Interest Rate
Loan Term in Months
Monthly Payment Amou
5.00%
36.00
$0.00
Principal
Loan Balance
Year Three
Interest
Principal
Loan Balance
Enter Your Business Name Here
Financial Diagnostics
This sheet performs a few tests on your numbers to see if they seem within certain reasonable ranges.
Remember, no computer can tell whether your projections are truly well-constructed, only a human can do that.
But these tests can at least look for values that are critically out of range.
Financial Diagnostics
General Financing Assumptions
Owner's Cash Injection into the Business
Cash Request as percent of Total Required Fund
Value
Findings
0.0%
0.0%
Owner's injection might be too low in relation to the amount of money needed
Cash request seems reasonable with respect to total request
7.0%
84
Interest rate seems reasonable
Loan term seems within range for this type of loan
Commercial Mortgage Interest rate
Commercial Mortgage Term in Months
8.0%
240
Interest rate seems reasonable
Loan term seems within range for this type of loan
Loan Payments as a Percent of Projected Sales
0.0%
Calculated loan payments as a percent of sales seem resonable
Income Statement
Gross Margin as a Percent of Sales
Owner's Compensation Lower Limit Check
$
Owner's Compensation Upper Limit Check
Advertising Expense Levels as a Percent of Sale
Profitability Levels
$
Profitability as a Percent of Sales
0.0%
0.0%
0.0%
0.0%
Gross margin percentage seems very low
An owner's compensation amount has not been established
Owner's compensation seems reasonable
Advertising as a percent of sales may be too low
The business is showing a profit
The projection does not seem highly unreasonable
Cash Flow Statement
Desired Operating cash Flow Levels
Line of Credit Drawdowns
Accounts Receivable Ratio to Sales
0.0%
The financial projection provides the desired level of cash flow
The business doesn't seem to require a line of credit
Accounts receivable amount as a percent of sales seems reasonable
0.0%
The balance sheet does balance
The balance sheet does balance
The debt to equity ratio seems reasonable
Loan Assumptions
Commercial Loan Interest rate
Commercial Loan Term in Months
$
$
Balance Sheet
Does the Base Period Balance Sheet Balance?
Does the Final Balance Sheet Balance
Debt to Equity Ratio
Breakeven Analysis
Breakeven Levels
The sales projection is less than the break-even amount
