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Your plan shows how you will get from here to there.
This is helpful for budgeting quarterly expenses and other business expenses that occur at specific times of the year.
The Goods worksheet lets you record sales and cost of goods sold for multiple products.
A separate section under business expenses calculates the Net Income Before Taxes by subtracting the Total Expenses from Total Income.
This helps you make a simple estimate of the income taxes, assuming all the Expenses are tax deductible.
In other words, a red value means you ought to take a closer look at it.
The costs associated with producing and purchasing goods are variable costs that increase or decrease with the volume of production and sales, such as wages for direct labor required to produce the goods, packaging, inventory purchases, shipping, and commissions.
The Goods spreadsheet is set up initially to record total net sales for each quarter.
If you want to perform a more detailed analysis for multiple products, you can insert additional rows and separate the sales and costs according to product, or you can use the bonus spreadsheet that is designed for performing a detailed analysis for multiple products.
It's possible to modify a personal budget spreadsheet to apply to a business, but if you are using our Income Statement Template, you'll want to use the business budget spreadsheet so that you can create a budget that is parallel to your income statement.
For those who are just starting a business, or thinking of starting a business, you might be interested in the free Business Start Up Costs template.