Top Picks: Business Financial Management Tools

19 Oct
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Finding the best advice for your business takes time, but the business advisory team at EGF has you covered! Our advisors have scoured the web and assembled a list of go-to resources for business and personal credit. Have additional questions? Contact us to schedule a free one-on-one business consultation today.  

To grow your business you'll need a full understanding of its financials. Learn how to set up your own financial documents to increase the likelihood of receiving a loan. These resources will help you show lenders your business is financially responsible.     

Balance sheet

The balance sheet is a snapshot of your business financials at a given point in time. When you are looking to grow your business, an updated balance sheet will help you compare two different points in time to see changes in your retained earnings, accounts receivable, accounts payable, inventory, cash, and equity.

Understanding Balance Sheets - Cleverism

How a Balance Sheet Can Help You Track Business Growth – EGF

Preparing a Balance Sheet – BB&T

Debt Coverage Ratio (DCR)

What is DCR? Short for debt coverage ratio, DCR is a formula that shows how much cash flow you have available to pay your existing and future business debt obligations. To evaluate your business operation it is important to analyze all financial ratios. Growing sales aren’t always enough to grow your business, pay close attention to DCR to avoid defaulting on debt.

Tools for calculating DSR ratio – Exit Promise

Tips on improving/maintaining a strong DCR  – FitSmallBusiness.com

 DCR and what it means -  EGF

Cash Flow

Cash flow involves keeping record of the inflows and outflows of capital for your business. Learn how to improve receivables and manage payables for a stronger cash flow. When applying for business financing, strong cash flow can significantly improve your application.

Cash Flow FAQ – SBA

How to Manage Cash Flow –Inc.

20 Ways to Manage and Increase Small Business Cash Flow – Money Crashers

Projections

Before receiving a business loan, lenders will need to see where your business is headed. Projections are a crucial aspect of your loan report and also help you plan for growth.

Small Business Encyclopedia: Projections – Entrepreneur

Financial Statement Templates - SCORE

Projecting financials for your business plan - Chronicle

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About Excelsior Growth Fund

Excelsior Growth Fund (EGF) helps businesses in New Jersey, New York and Pennsylvania grow by providing streamlined access to business loans and advisory services. EGF’s signature product, the EGF SmartLoan™, provides up to $100,000 in fast, transparent, and affordable financing through a secure online platform. Larger loans up to $500,000 are also available. EGF is a nonprofit organization and is certified by U.S. Department of Treasury as a Community Development Financial Institution (CDFI). Learn more atwww.excelsiorgrowthfund.org