A spreadsheet can help you keep track of your personal, company and business income and expenses. While most people think they will need to hire a professional to manage their spreadsheets, most companies offer their own versions. But how do you choose the right one for your small business?
When planning for a small business income and expenses spreadsheet, it is helpful to make a list of what you want the spreadsheet to contain. If you are going to have a master income and expense spreadsheet that you will use to manage your company, then you should choose a spreadsheet that will be used by everyone in the company. Even if you are only concerned with your company, you should select a small business income and expense spreadsheet that can be easily updated by everyone in the company.
If you just want to do a simple edit, you may consider using a simple excel spreadsheet as your free, easy-to-use, basic income and expense tracking system. Many times, a simple spreadsheet will be enough. For example, when your company is just starting out and only a few employees, you may want to simply enter your expenses into the spreadsheet and save them.
As your company grows, you may want to get in the habit of adding expense entries. If you would like to add a business expense or cash advance to your spreadsheet, then you should decide whether or not you want to use a currency converter. Or you may prefer to keep expenses listed in U.S. dollars. If this is the case, then it will be necessary to have both a small business income and expense spreadsheet that are all one currency.
You may also want to use a separate income and expense spreadsheet for each department within your company. If you have many departments, such as accounting, human resources, manufacturing, distribution, etc., then it may be necessary to hire an assistant or in-house accountant.
You may also find that having an expense tracker for each department will help to make budgeting easier. The most important thing to remember is that a spreadsheet should be used to help you, not to control your business. So before you make any decisions, make sure that you are clear on what the spreadsheet is for.
A spreadsheet can be very helpful for anyone who is interested in a small business income and expenses spreadsheet. However, before you invest in one, you should make sure that you know exactly what it is for.
Once you find the right spreadsheet for your small business income and expenses, then you will be able to use it to keep track of your company’s expenses and income. By keeping track of your income and expenses every month, you will be able to better manage your company.