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Smart business owners keep track of the financial data and business scenarios that can affect their bottom lines. Taking out loans to start up or run your small business means you have outstanding debts that can quickly tank your profitability, if you don’t track how regular payments and interest on the loans can affect your monthly cash flow. Fortunately, it’s easy to track a loan with a simple spreadsheet template, so that you'll have the information you need to manage payments and make good business decisions. Spreadsheet Templates There’s no reason to start from scratch when you want to use a spreadsheet to track a business loan. Whether you use Microsoft Excel, Google Sheets, Apple Numbers or any other spreadsheet program, there’s a loan calculator template that’s specifically designed to track a loan.
For example, Microsoft Office provides three free, easy-to-use loan templates, as of 2018: a basic loan calculator template, a loan calculator template that lets you track the results if you make extra payments, and a loan amortization schedule template, which shows how the loan is retired over time. Starting From Scratch If you prefer to create your own spreadsheet to track your equipment loan or line of credit, it’s easy to do. Spreadsheets have an automatic calculation tool for loans called the Payment (PMT) function, and it works the same across the most popular spreadsheet programs. Simply enter into a worksheet three pieces of information in the cells under one column: • Initial amount of the loan (Present Value or PV) • Payback term (Periods, such as 60 months) • Interest rate Use the corresponding cells in the next column to enter the data.
Use a cell in a separate row to generate the PMT calculation to figure out the loan payment. The way the PMT function works is by assigning these parameters to the formula bar tied to the cells where this data resides: =PMT(rate, periods, pv) If you use a template, this formula is baked into the setup, so all you have to do is add the data to the cells and the Payment cell populates automatically. Making Informed Decisions Play with the loan rate, and see exactly how much your monthly payment changes, as the rate increases or decreases. Use the template that factors in extra payments to see how much your business saves if it allocates a portion of profits to paying off the loan earlier.
Tie the PMT calculation to your monthly expense budget spreadsheet to indicate how much you’re paying for this expense over time. You can track more than one loan in a single spreadsheet or workbook, and tie them all to a budget spreadsheet. Microsoft 2010 toolkit and activator.
These manipulations, using a readily accessible tool, give you the information you need to manage your company’s bottom line.