Tracking both income and expense in a business is always important. Smaller businesses will find it very important with a little budget allowance to spend on things for the business. It is a part of running a business to know how to track everything and make a report of a lot of things within the business. Making small business income and expense spreadsheet is only one of the few common tasks to do. It is not that difficult to do but at the same time, it is not easy as well.
In making that kind of a report of income and expense, there are few things to do from the beginning till the end of it. Choosing either software or a template for the spreadsheet is the very first thing to do. This will affect the way the report is going to be made. There are several common choices such as Microsoft Excel in which there are so many templates for different purposes to search and download. Many of them are free to download and use so that is convenient, right?
The next step in terms of making small business income and expense spreadsheet is to edit the columns on the template to suit the needs of the business. There are standard columns that will always be there which include the date, client, vendor, project, author, account, notes, and amount. Without those standard columns, the report will not be a good one for it will lack basic information. Just be sure to alter the columns to match the unique needs of the business though.
The next thing to do on this matter is to check on the information filled in the template. Both income and expense will need to be indicated clearly so that it will be easy to read the finished spreadsheet in the end. One crucial thing is to always put the entries in chronological order so that it will be easy to find and track certain entries whenever needed for some purposes in the future. Once it is all checked in terms of the accuracy of the information, the next step is to do the math.
Calculating the expenses and summing the incomes to eventually find the balance statement is the next thing to do. This is the part where things could go wrong in making small business income and expense spreadsheet. That could happen when the initial inputs or entries are not entirely accurate. It is a must to ask an independent party to help to check the result of the report. When everything is done properly, the report will be very useful.
Adding the receipts for both income and expense is a good idea to add the good sides of the report. The receipts will help to track the numbers that are on the report easily. One everything has been put into order in terms of the income and expense report, it is okay to distribute the report and to print it as well. With the small scale of the business, it may not be a difficult task after all. When the business scale grows bigger, it can be more difficult than before.
Looking for a template to help to make small business income and expense spreadsheet is a nice idea to reduce the difficulty in doing it. Template.net and Vertex42 can be considered to be a pair of decent places to look for various templates that include the one for this purpose. Yet, the template may not eventually reduce the difficulty in dealing with a lot of details and numbers within the spreadsheet. So, it is recommended to always checking on the report even after it is finished.