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How it worksVariables
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There are 3 tabs (sheets) at the bottom of this spreedsheet. Here is an explanation of each tab.Business Tax Rate30%
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1. OVERVIEWOwner Distribution Tax24%
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When in doubt, always come back to this overview tab for a refresher. This tab contains the instructions for each of the tabs. Still not sure what to do? Check the "Need help?" section at the bottom of this sheet.Merchant Fees3%
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2. PERSONAL
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In the "Income" section, include salaries for anyone that contributes to the household expenses and include distribution amounts for you and any others in your household that draws from the business. Also include any other relevant income that helps cover your household and personal expenses. If your expenses are not combined with others such as spouse, simply enter your own personal income and expense amounts.

If you invest in after tax accounts such as traditional stocks or modern mobile apps such as Acorns, Robinhood, or any other type of investment that you use your net income to fund, simply enter in those accounts and amounts in the "Invest" section.

As for expenses, simply list out all of your month to month expenses. Any one time annual payments, simply divide those by 12.

With all of these sections, simply enter in the monthly amounts. The annual totals are calculated automatically. Also, feel free to rename the entries and add new rows as needed. When adding new rows, make sure the amounts you enter are reflected in the total sums.
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3. BUSINESS
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FORECAST - This is where you estimate sales for a year in business. Whether its your first year, next year or the remainder of this fiscal year, simply include the following information in this section...
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Offering: List out all of the products and services you plan to sell. If you are a store with hundreds of products, you can simply list the category of products or services instead.

Price: Include the price for the product or services. If a category, simply enter an average price of all the products or services in the category.

# of Sales: Enter in an estimated number of sales in terms of units sold per product or number of paying clients for example. If a category, enter the average number for the category. If you have been in business for several months or years, look back at previous months and get an average number.

Est. Monthly Revenue: This number is auto-calculated based on the price and # of sales you enter.

Est. Annual Revenue: This is simply your estimated monthly revenue multiplied by 12 months and is auto-calculated for you.
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ANNUAL INCOME STATEMENT - This area includes your product and/or service offerings, the cost of goods sold which is basically all of the costs included in your products and/or service offerings. Additionally, the income statement includes your overall operating expenses (aka OPEX) as well as your net profit, owner distributions and relevant tax liabilities.

Key areas here include...
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Offering: This will auto-populate based on the monthly offering forecast. When you have actual sales figures, you can override the auto-populated values with actual values.

COGS: Cost of Goods Sold includes costs like your wholesales cost per tangible product, merchant fees, and contractors for services sold for example.

Gross Profit: This is auto-calculated as Cost of Goods Sold (COGS) subtracted from your Total Sales.

OPEX: Operating Expenses includes your day-to-day operating expenses such as payroll, insurance, utilities, rent, etc.

Net Profit: This is auto-calculated based on your Gross Profit minus your Total Operating Expenses (OPEX).

Owner Distributions: Here, you can enter in the amounts you wish to withdraw from the business aside from your salary. For now, you can leave this is as 0, then based on your "Surplus/Deficit" (see 4. SUMMARY below) value, you can change it from 0 to a value you are comfortable withdrawing that won't put your "Surplus/Deficit" negative.

Taxes: Both corporate/business tax and any owner distribution taxes are auto-calculated here. If you have entered in values in Owner Distribution tax here, you will see how much you will need to pay in taxes on that distribution. The business tax is based on the Net Profit amount mulitplied by the Business Tax Rate value under the variable section above.
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4. SUMMARY
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The summary sheet is auto-calculated based on your entries in the personal and business sheets. The main number to look for there is the "Surplus/Deficit" number. Once you have completely filled out both your personal and business sheets are its all calculating corrrectly, check the "Surplus/Deficit" value to see if it's positive or negative number. Check the PRO TIP on that slide for more details on what to do next.
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Need help?
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We're here to help. Visit https://www.agileplanners.com/contact for all your contact options or simply give us a call at (786) 429-7017.
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Disclaimer
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This spreadsheet is intended to be used as a tool to facilitate the general estimating of personal and self-employed business owner budgets. No liability is assumed for the accuracy of the calculations or data provided herein, either expressed or implied by Agile Planners, LLC, its shareholders, management or staff.
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