Alongside accounting basics, understanding the different financial forecasting models and how to implement the model that’s right for your startup’s business plan is absolutely essential.

Neither is particularly exciting—yet to grow and scale, you’ll need capital. In fact, 36% of people who plan to start a business in the next year identified “getting funding” as one of their top financial priorities, according to a recent QuickBooks survey.

For external funding, financial projections help convince lenders and investors that your business will not only be profitable but will also offer them a return on investment. For internal purposes, accurate forecasting enables you to budget for your new business as well as benchmark your milestones.

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