Here is a comprehensive Business Indebtedness Template that can help anyone in organizing their business loans and debits to make way for new loan from bank. Often this document is required to be submitted along with the application while applying for a business loan in a credited financial institute. This document can also be used to present company’s credit history in line with the up coming applications for new loan and or financial assistance from banks or financial institutes. Running a business successfully is not an easy task because lots of crucial activities are required to carry on. Usually businesses required lots of finances and they borrow money from different financial industries and it is necessary to have a proper record of business debts to maintain your business expenses. You have to prepare proper record to maintain your debts properly because a business debt can be a huge problem for your business. It can be problematic for you to payback the debt amount and in this case you can talk to lender to cancel some portion of debt. It will help you to carry on your business operations accurately. In order to manage all issues related to business debt a document is used that is known as business indebtedness document. This document is designed to organize all business debts in a format in the favor of your business according to the line of credit.
Here is preview of this Business Indebtedness Template,
Here is download link,
Important Parts of Business Indebtedness Document
Business indebted document is often used as a part of business plan or business loan application. This type of document is necessary to deal with different business activities and it will be good to consider this while taking a financial decision. Following are some important parts of business indebtedness document:
- Document is started with the title such as “Business Indebtedness” followed by name and contact addresses as well as logo of the company.
- The document is designed in tabular form with different rows and columns to state all important details related to business debt.
- You can divide your document into different rows and columns such as “name of debtor, original amount, original date, present balance, rate of interest, maturity date, monthly payment, collateral, current or past due etc.”
- This will help you to keep a proper track of your business debts and pay them on time without having a burden on your business finances. Through this document you can plan easy installments for the payment of loans within require period of time.
- It is necessary to maintain an indebtedness document because it helps you to decide about investment in current projects. It should be considered while designing your cash flows statements and income statements in order to get true picture of your income and expenses.
- In the presence of business indebtedness document, you can negotiate with your clients, financier or legal attorney in better way with written proof. It makes it easy for you to settle your all loans on right time without any hurdle.
Business indebtedness document is often design in Microsoft Excel because it is user friendly software program and you can apply different formulas on MS Excel work sheet for automatic calculations.