Version Reviewed: 1.0
Device Reviewed On: iPad Mini Retina
iPad Integration Rating:
User Interface Rating:
Re-use Value Rating:
Entrepreneurs and those keen to start their own business all know one important fact: you really need a business plan to get things going. It’s pretty much impossible to overplan these things with it being wise to take things every step of the way before taking the plunge. All that planning can get confusing, but ModelNote hopes to circumvent that by allowing you to easily plan things out on your iPad.
ModelNote works pretty well too. Starting out, it asks for a few important details such as names, how many months of investment are involved, and when it should calculate up to. You can adjust a lot of the finer settings too, such as picking out a currency, adjusting how long you should expect certain assets to last such as buildings and equipment. Tax rates can also be adjusted here, given that all countries offer different rates.
Once you’ve got past that point, you can start entering data on investments, cash reserves, revenue, finance, and so forth. In each case, you can use graphs and figures to highlight how everything is working out. It’s a fairly detailed process but ModelNote is pretty good at providing tutorials and guidelines as to how to do everything.
As you provide more information, ModelNote becomes more useful. Soon enough, you’ll end up with a list of models for your financial report. At a glance, you can see how things are performing thanks to the app’s graph features. An analysis section then breaks things down and shows you how your equity and debt is working out, along with whether investment has progressed or not. It’s detailed stuff but ModelNote takes out a lot of the effort by calculating it all for you.
A financial report then finishes things off by showing the current projections of subsequent months so you should have a good grasp on how things turn out. You can then choose to export everything to Excel for future analysis.
Arguably, the most impressive thing about ModelNote isn’t that it’ll quickly tell you when you’ll break even or where there’s a flaw in your plan - it’s the price. It’s free to use. You have to pay $8.99 to have more than one business plan, but for many users that single plan will be plenty. For anyone considering starting their own business soon, this is an incredibly obvious app to get.