Some grants, especially government grants, have strict reporting and detailed accounting requirements. Grants are usually not renewable. Many local businesses are also generous, and will respond quickly. Your turnaround time is one year or less. You need donated goods and services, such as food for an event, office supplies, paint, printing.
All grants require a certain amount of reporting and record keeping.
Funders want to know how their money is being spent and how the community or target audience is benefiting. In many cases, your records are subject to a financial audit. If the answers to any of these questions are fuzzy, hold off on writing a grant until you iron out the administrative details. If your organization is just getting started, grantseeking may not be your first priority. Be aware that few grantmakers provide support until you've established a track record.