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Just like any other industry, in the IT and software businesses, profitability is the ultimate goal. Whether you want to create an income statement, cash flow, financial management, or budget spreadsheet, we’ve got it all for you. For any finance-related documents need at your firm, refer to our IT and Software Finance Templates that are available in MS Word file format. All our templates are highly editable to suit your business needs, and they are printable too. They can also be easily shared with different online platforms. Choose any of our templates to get started right away. Subscribe to start downloading!
Consumer Technology Association reports that the IT industry has a record-breaking revenue of $351 billion. This increasing demand for IT and software products and services has prompted the service providers to boost their operations, taking advantage of the growing market. However, every company needs to pay attention to handling their finances to avoid insolvency, or even worse, bankruptcy. Financial matters are carefully being dealt with in all the businesses to ensure that the company will continue its operations in the long run.
To help you create finance-related documents, below are some helpful tips:
Firstly, you need to plan on what finance template you are going to create, may it be an invoice, budget, expense report, budget analysis, financial statement, or receipt template.
Each finance document requires elements that may be different from the other documents. For example, for the invoice, you need to include the company information, invoice number, list of items purchased, and total amount. On the other hand, for the budget, the elements are the company information, revenue items, expense items, and the budget period.
Decide whether you want your document to be in portrait or landscape format. Every company has their own preferences. One company might want to have a portrait-oriented receipt while the other desires for a landscape-oriented one. Open MS Word and set a layout and start categorizing each column for recording the required information.
Every document of your company reflects your business identity. Hence, in all company-related documents, incorporate your branding elements, such as your company logo, company name, etc. For documents such as receipts, purchase orders, and invoices, you can even include your business address and contact information. Boosting your brand is essential to create a lasting impression, leading to an established and credible brand in the IT and software industry.
The company accountant is primarily responsible for preparing the financial statements of the company. The internal auditor ensures that they are presented well, in a complete and correct manner, without material errors.
IT and Software Companies can be categorized as follows:
Service-based companies do not provide any services or products directly to end-users. Instead, they are working and are providing services for other clients. On the other hand, product-based companies develop their own products and deliver them to the end-users. They are also offering services to those customers.