ContractsCounsel Logo
Home Blog Pro Forma Template: What Are They? How To Use Them

Pro Forma Template: What Are They? How To Use Them

Jump to Section

What Is A Pro Forma Template?

A pro forma template, also known as a pro forma financial statement, is a document used to project future financial performance based on hypothetical scenarios. In the context of accounting, pro forma templates will help you make decisions based on hypothetical scenarios as well.

They can also help you formulate a business plan, obtain investor funding, and more. By having a pro forma template ready, you can create your financial documents faster and more uniformly every time you need them.

Understanding A Pro Forma Statement

There are numerous types of pro forma documents. They may be required in certain situations, such as for public companies or during mergers and acquisitions. More or less, pro forma templates exist to give you a jumpstart on understanding your company’s financial health at a glance or when presenting to board members and stockholders.

You can use a template to create the following types of financial documents:

  • Income statements
  • Balance sheets
  • Cash flow statements
  • Owner’s equity statements
  • Notes to financial statements
  • Annual pro forma projections
  • Investment projections
  • Risk analysis
  • And more

While pro forma templates are relatively straightforward to use, ensure that you seek legal advice from corporate lawyers to help you develop the right set of templates the first time you draft them. For some pro forma templates, ensure that they meet all applicable accounting rules, including GAAP principles and state laws.

Meet some lawyers on our platform

Jeremiah C.

108 projects on CC
CC verified
View Profile

Damien B.

19 projects on CC
CC verified
View Profile

Forest H.

239 projects on CC
CC verified
View Profile

Steven S.

21 projects on CC
CC verified
View Profile

Using A Pro Forma Template

The first step you should take with a pro forma template is to save a master copy of it in a safe, accessible location. There is always a chance for deletion across numerous duplications and file changes, which means that you should save it on a flash driver, external hard drive, or in the cloud. In case it gets deleted, you always have the original to back you up.

After saving your pro forma template, you will then take the following steps when using it:

  • Use a form to help you automatically collect information entered into the template
  • Enter financial data to help forecast income and cash flow
  • Create different scenarios to map out how cash flow is affected as variables change
  • Share it with an expert to make sure you are using it properly
  • Make a copy of the original to avoid an accidental deletion
  • Consider naming conventions for your files by statement type

The use of a pro forma template depends upon the type you are using. Some provide you with blank space to enter specific values, while others are just a set of guidelines. By inputting these variables, you can calculate your profit and loss under the template’s author’s guidelines.

As you can see, pro forma templates are simply financial documents that you can use for everyday business needs. It is imperative that you hire incorporation lawyers for specialized projects or one-time needs. Not addressing the critical details of business documents can negatively impact you.

ContractsCounsel Pro Forma Template Image

Image via Pexels by Lukas

Pro Forma Template Samples

There are numerous resources available online regarding the development of pro forma templates that you case use to report on your business’s financial health. Spend some time looking for the right sample since several do not always address specific business needs.

Here are three templates that you can view online:

When using these templates, you can generally input the data you need to populate complete financial statements. However, you will not own the software that stores the templates, which means you need to download updates every time. There are several ways and methods available to make your own pro forma template to consider.

You should also be able to easily edit your pro forma template since you will need to update your associates, employees, and investors on-the-fly occasionally. The most straightforward way to make your pro forma is by ensuring that you have your business objectives in mind first.

How Do You Make Your Own Pro Forma?

The best way to make your own pro forma statement template is by starting with the right type of document in the first place. You can find samples online or hire corporate lawyers to draft the templates you use to create financial statements.

However, here are the next steps forward that you can take to make your own pro forma templates:

  • Review pro forma template samples to establish what should go into your financial documents
  • Consider the elements that should be included in every statement
  • Set a goal for sales over certain period of time
  • Figure out how much the cost of production will be to support those sales
  • Consider all other costs associated with running the business
  • Add all of these financial data points to the model to predict net cash flow
  • Set-up periodic reviews of your pro forma templates to ensure that they are still up-to-date

If you decide to find a pro forma template online, seek advice from a trusted colleague or attorney. Online templates tend to miss some critical notes when it comes to personalization and customization of your needs. However, some can be customized to your needs. The process of finding the right pro forma template can be frustrating, especially when there are question marks in your mind.

Simply put, it is more cost-effective to hire corporation lawyers the first time around you are drafting pro forma templates. Doing so will save you money, time, and stress over the long-run. You can even use planning with pro formas to start your business by hiring corporate lawyers to draft your documents instead of relying on templates created for hypothetical organizations or those serving other industries.

Planning With Pro Formas To Start Your Business

In the previous section, we addressed the importance of legal advice. However, the cost of hiring an attorney or vetting one can turn many business owners away from engaging in this critical part of the process. Keep in mind that legal mistakes can come back to haunt you later, which means that it is essential to get your pro forma templates right from the first day you use them.

ContractsCounsel has made this process as easy as possible on business owners:

  • Sign up for our service at no cost
  • Post your project to our platform
  • Begin receiving proposals from licensed and vetted attorneys

That is it. From one single location, you can receive numerous proposals and prices for your pro forma template project. Not only is the process convenient, but it also satisfies the need to draft your templates correctly and adequately for your jurisdiction while keeping your financial statements more uniform.

Working With A Lawyer For Business Formation

When starting a business, you will need to file Articles of Incorporation with your secretary of state’s office to receive a Certificate of Incorporation. However, there may be other entities that are better suited for your situation, and other legal requirements may apply, including the drafting of an operating agreement.

Working with a lawyer for a business formation is smart since you will effectively and efficiently avoid making legal mistakes, negatively impacting your company’s future. Corporate lawyers also have the experience and capacity to determine which documents you may need to stay compliant and prevent future disputes with clients, contractors, partners, and other third-parties you serve.

Get Pro Forma Template Help with ContractsCounsel

Instead of leaving your pro forma templates to basic internet searches and best guesses, get the right document that you need the first time around. Sign up for ContractsCounsel today with no upfront cost to you and start receiving proposals today.


ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Lawyers

Ada A. on ContractsCounsel
View Ada
5.0 (1)
Member Since:
December 17, 2023

Ada A.

Attorney
Free Consultation
Kennesaw, GA
5 Yrs Experience
Licensed in GA
Atlanta John Marshall Law School

Litigation and Discovery Management; Drafting and Filing of Pleadings, Motions and Briefs In Support; Preparation and Closing of Residential and Commercial Real Estate Sales and Purchase Transactions; Handling of Quiet Title Actions; Preparation and Filing of Probate Letters of Administration and Caveat Emptors; Review of Real Estate Documents and Settlement Negotiation.

Nicole C. on ContractsCounsel
View Nicole
5.0 (2)
Member Since:
December 21, 2023

Nicole C.

Business Lawyer
Free Consultation
Dix Hills, New York
23 Yrs Experience
Licensed in NY
Columbia Law School

Nicole expertly and creatively works with businesses and individuals in all types of employment and business relations issues. She investigates workplace disputes as a neutral third party, drafts/reviews severance and hiring agreements, advises on day-to-day workplace issues, and reviews all kinds of business contracts. Nicole represents individuals, small businesses, non-profit organizations, labor unions, and benefits funds in various industries including public sector, entertainment, health care, education, transportation, construction, and communications. She has represented clients in federal and New York State courts, administrative proceedings, and arbitration hearings. Nicole is admitted to practice in New York.

J.R. S. on ContractsCounsel
View J.R.
5.0 (4)
Member Since:
December 29, 2023

J.R. S.

Business Lawyer
Free Consultation
Flower Mound, Texas
5 Yrs Experience
Licensed in TX
Touro Law, New York

Experienced Attorney with an MBA in Finance who provides a business-oriented mindset and thrives in a collaborative environment with a-typical challenges. Possesses exceptional skills in legal research, drafting and enforcing contracts, skillful in negotiations and mediations, drafts extremely persuasive pleadings, attacks depositions with zeal for my clients. Experience includes Business Management and IT Consulting with a successful track record managing outside relationships, associated costs, and optimizing outcomes for client(s). Effectively restructures antiquated business processes and incorporates technology and best practices to effectuate progressive outcomes for business clients. Partners collaboratively with business leaders to advance company objectives while minimizing risk to ensure internal and external compliance, increased profitability, and diverse practices. Dynamic communicator with the interpersonal skills to build trusting relationships with executives, management, and employees of various backgrounds, expertise, and styles.

Tiffany O. on ContractsCounsel
View Tiffany
5.0 (6)
Member Since:
January 3, 2024

Tiffany O.

Attorney
Free Consultation
Washington, Utah
8 Yrs Experience
Licensed in NM, UT
J. Reuben Clark Law School

Tiffany received her Juris Doctorate from the J. Reuben Clark Law School, Magna Cum Laude. She is admitted to the Utah State Bar and the New Mexico State Bar. She practices in the areas of real estate, general business, business formation, employment agreements, and civil litigation.

Moshe G. on ContractsCounsel
View Moshe
Member Since:
December 11, 2023

Moshe G.

Director corporate and M&A
Free Consultation
Miami
12 Yrs Experience
Licensed in NY
Ono Academic College (Israel)

Motivated and self-starting Corporate and Commercial Counsel with over 12 years of experience in providing strategic legal solutions. Exceptional analytical and negotiation skills, focusing on Cyber Security, Finance, and Software. Proven track record of success in handling complex M&A matters. Expertly led negotiations and full five M&A transactions from start to finish (over $100M), resulting in successful integration including raising capital on Reg. A and Reg. D exemptions. Drafted, reviewed and negotiated commercial agreements including, Restructure Agreements Partnership Agreements, Asset Purchase Agreements, Stock Purchase Agreements, Restructure Agreements, Loan conversion Agreements, Debt Conversion Agreements. Provided business and capital strategy, such as restructuring of companies, due diligence, and SEC filings. Proven expertise in M&A and equity debt finance, with a track record of handling diverse clients. Provided strategic guidance on corporate governance, compliance, fiduciary duties, and ethical issues

Alexis L. on ContractsCounsel
View Alexis
Member Since:
December 12, 2023

Alexis L.

Attorney at Law
Free Consultation
Sault Ste. Marie, Michigan
22 Yrs Experience
Licensed in MA, MI
Suffolk University Law School

I am an attorney in Michigan. I attended Boston College for my undergraduate degree and Suffolk University Law School for my law degree. I have been practicing law for over 20 years.

James S. on ContractsCounsel
View James
Member Since:
December 13, 2023
Brian S. on ContractsCounsel
View Brian
Member Since:
December 15, 2023

Brian S.

Corporate Attorney
Free Consultation
Arizona, United States
23 Yrs Experience
Licensed in AZ, CA, DC, TX
South Texas College of Law Houston

I am a corporate lawyer with over 15 years of experience in litigation and in advising companies on a variety of legal issues, including mergers and acquisitions, securities regulations, and contract negotiations. I have a deep understanding of the technology industry and have represented numerous tech companies in my career.

Misi A. on ContractsCounsel
View Misi
Member Since:
December 20, 2023

Misi A.

Senior Counsel
Free Consultation
Inver Grove Heights
17 Yrs Experience
Licensed in MN
Mitchell Hamline College of Law

As a Senior Legal Professional, I have 16+ years experience with extensive background in commercial transactions and as a corporate generalist. I am well versed in contracts lifecycle, risk assessment, compliance, and healthcare regulations. My competencies extend to contract management and detailed project management skills. I have leveraged my legal contracts expertise to mitigate organizational risk, reduce costs, and drive multi-million-dollar revenue increases.

Zenaida R. on ContractsCounsel
View Zenaida
Member Since:
January 3, 2024

Zenaida R.

Associate Attorney
Free Consultation
Miami, Florida
1 Yr Experience
Licensed in FL
St. Thomas University

I proudly hold an active membership with The Florida Bar, I successfully passed the Florida Bar examination in September 2023. My journey into the legal realm began over 5 years ago with dedicated service as a law clerk, where I provided indispensable support at previous law firms. I have distinguished legal expertise in the realm of transational matters. I am highly experienced in entity formations, commercial transactions, mergers & acquisitions, corporate governance & compliance, and business immigration services. I have prepared many independent contractor agreements, employment agreements, purchase and sale agreements, EB-1 and 2 visas, to name a few. I am an adept learner, professional, and committed to high quality legal work.

Find the best lawyer for your project

Browse Lawyers Now

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Need help with a legal contract?

Post Your Project

Get Free Bids to Compare

Hire Your Lawyer

CONTRACT LAWYERS BY TOP CITIES
See All Business Lawyers

Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

View Trustpilot Review

I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.

View Trustpilot Review

I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

View Trustpilot Review

How It Works

Post Your Project

Get Free Bids to Compare

Hire Your Lawyer

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city