This handy glossary will explain the terms LivePlan uses throughout the app.
Active Company/License: Any company in your account that is currently available to edit or share with others. Your LivePlan account comes with a limited number of active companies/licenses, but you can have an unlimited number of archived companies (see below). And you can always upgrade the account to include more active companies for an additional fee.
Active Company Limit: LivePlan limits the number of currently active companies in an account. If you’ve reached your active company limit, it doesn't mean you can't create any more companies! You can easily archive the company that’s currently active in your account. Then, you’ll have an opening in the account to either create a new company or restore one of your archived ones.The standard LivePlan account contains a limit of one active company. You can also upgrade your account to include more active companies for an added fee.
Archived Company: Archiving is basically saving a company in your account. Archived companies can’t be edited or shared unless you restore them first. And in order to restore a company, you may need to archive a currently-active company first.
Benchmarks: Benchmarks are accounting data from companies in a particular industry, averaged and made anonymous. In LivePlan, you can use this data to help you compare your own forecast and actuals to how your industry performs on average. We get the Benchmarks data in LivePlan from a company called Sageworks, and it encompasses U.S. companies.
Company: In LivePlan, a company is a container - it holds one each of the following: a Pitch, a Plan, and a Forecast, plus Benchmarks data, schedule Milestones, and a Dashboard. You can create as many companies in LivePlan as you like, but there may be a limit on how many of these can be active at one time (see above).
Contributor: Someone who has received an invitation from you to edit a company in your LivePlan account. Contributors can make changes in the Pitch, Plan, Forecast, and Schedule tabs. You can optionally give them access to the Benchmarks and Dashboard tabs.
Dashboard: In LivePlan, the Dashboard tab is a business dashboard. You can import your past actuals from your accounting solution into this tab and analyze your past performance. Going forward, you can then compare your recent actuals month by month against the future forecast you’ve built. It’s a great way to monitor the health of your business over time.
Forecast: In LivePlan, the Forecast tab is where you enter the numbers of your business plan - sources of revenue, costs and expenses, financing, and more. The data you enter in the Forecast tab will populate both the Pitch and the Plan.
Guest: Someone who has received an invitation from you to view a company in your LivePlan account. Guests can view everything in the Pitch, Plan, Forecast, and Schedule tabs. They can post comments in the Plan tab, but they can’t many changes anywhere in your account. You can optionally give them access to view the Benchmarks and Dashboard tabs.
License/Active Company: Any company in your account that is currently available to edit or share with others. Your LivePlan account comes with a limited number of active companies/licenses, but you can have an unlimited number of archived companies (see above). And you can always upgrade the account to include more active companies for an additional fee.
Mapping: When you connect your QuickBooks Online, QuickBooks Desktop, or Xero account to your LivePlan account, the Mapping process involves connecting specific accounts from your accounting solution with specific entries in your LivePlan forecast. This allows the LivePlan Dashboard to compare your forecast side-by-side with your actuals, so you can monitor the health of your business.
Milestone: In LivePlan, the Schedule tab is where you establish Milestones, which are major events and tasks along the road to starting your business. Milestones should have a reasonable due date and a measurable result.
Monthly Detail: In any entry in your forecast, monthly detail means entering numbers for each month instead of entering totals for a whole year. LivePlan's default is to include monthly detail for the first year only, but you can add up to three years of monthly detail if you prefer.
Multi-Month Charges: This setting determines how LivePlan will calculate revenue from any subscriptions you've entered into your forecast. You can recognize all the revenue up front, or spread it out over the life of the subscription.
Pitch: In LivePlan, the Pitch tab is where you create a one-page summary of your business idea, suitable for sharing as a web page or a PowerPoint presentation. The Pitch is a separate document from the Plan - depending on your needs, it may not be necessary for you to complete both.
Plan: In LivePlan, the Plan tab is where you write a detailed business plan document, which you can download as either a PDF or a Word document. The Plan is a separate document from the Pitch - depending on your needs, it may not be necessary for you to complete both.
Restored company: Any archived company in your account that you’d like to make active again can be restored so you can edit and share it. Before you can restore a company, you’ll need to archive the company that’s currently active in your account.