Having well prepared financial statements are crucial for setting your business goals and making sound business decisions, as well as tracking the on-going financial health of your business.
Ideally your business plan should set out the financial objectives for your business including sales and profit targets as well as other financial management goals. It should also set out how much capital you will need upfront, what proportion you will be contributing and how much funding you may be seeking from other sources.
As part of your business plan, your business requirements should be supported by financial forecasts such as profit and cash flow forecasts which should be under-pinned by a sound basis of assumption.
Obtaining professional advice in developing your financial statements from either your accountant or professional business advisor is an important consideration at this stage of your business planning.