QuickBooks has revolutionized the way businesses handle their accounting and financial planning. Regardless of the size or nature of your business, proper planning is essential for growth and success. A solid accounting application like QuickBooks can simplify the process of reviewing past performance, generating financial projections, and tracking financial processes.

QuickBooks Changes the Trend of Working

QuickBooks offers various editions and subscription plans tailored to specific industries and business sizes. The Business Planning Tool, integrated into certain QuickBooks packages, is a user-friendly document-generating wizard that guides business owners through the process of preparing reports from raw data. To access this tool:

  1. Launch the QuickBooks program on your computer
  2. Choose your Company
  3. Select the Planning & Budgeting functionality
  4. Click on Use Business Plan Tool

The setup wizard in QuickBooks is designed to be simple and intuitive, guiding you through each step while asking questions about your enterprise. Your answers are automatically saved in the QuickBooks template, so be sure to verify the information once you’ve finished.

QuickBooks Service Comprises

QuickBooks software follows the setup of extensive business plans, providing you with a comprehensive overview of your company’s:

  • Current position
  • Products and competitors
  • Operations
  • Financial data and management
  • Plans and projections

The software also includes a questionnaire in an interview format, typically instructed to be completed in two spreadsheets: one for income and another for expenses. These spreadsheets help you justify your current financial status by comparing current figures with previous business data, highlighting operational or management patterns.

QuickBooks offers readily available information through worksheets that can be automatically exported to complete the spreadsheets. This data can be further used to make financial predictions using the Income Projection Wizard and Expenses Projection Wizard, which are based on the past year’s analysis of the cost of goods sold (COGS).

The QuickBooks Forecast Overview provides a concise picture of your estimated income and expenses over a specific time period. For newly established businesses without previous data, there is a manual option to fill in these details.

The final document is presented in text formats and professional formats like tables, graphs, and charts, making it easy to present in meetings. The Business Plan Tool also offers a three-year financial projection of your company, predicting its potential success or losses.

Tips & Tricks to Draft Practical Business Predictions

When extracting business revenue, estimated costs, or planning strategies for further marketing and manufacturing, effective financial management is crucial. Keep the following points in mind:

  • Forecast and prepare for the worst
  • Acknowledge additional cash at hand
  • Recognize the thick and thin of your business finance
  • Conclude with neither profit nor loss
  • Frequently review your projections


Q: What is the Business Planning Tool in QuickBooks?
A: The Business Planning Tool is a document-generating wizard integrated into certain QuickBooks packages that guides users through the process of preparing reports from raw data.

Q: How does QuickBooks help with business planning?
A: QuickBooks simplifies the reviewing process of a company’s past performance, creates & generates financial projections, and smoothens the tracking of financial processes, aiding in effective business planning.

Q: What information does the final business plan document include?
A: The final business plan document includes information about the current position of the company, products and competitors, company operations, financial data and management, and plans and projections related to the business.

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