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MS Excel is one of the most important business tools for anyone in a business of any size.

Quite frankly P&L's and Balance sheets are useless... they are historic documents (mainly designed for the tax department) not forcasting documents.

8 out of 9 businesses fail within the first 5 years because the business manager or owner have no idea on how to manage money or more specifically... cashflow. Only forcasting documents can tell you the health of your business and any point in time.. current, in one month or in 3 years time (if your assumptions are correct).

Remember with all financial documents or working papers... garbage in equals garbage out. Always be honest with your projections!

Feasibility Studies and Cashflows are the key to business success.