This Free Tool Provides Easy Accounting For Small Business
There are plenty of excellent account software programs available on the market at any given time. Here at Fix-It Accounting we encourage our clients to use Quickbooks. It’s a great tool that has lots of excellent functionality which allows us to do our jobs more efficiently. However, we are well aware that not everyone is ready to invest in a software program.
When you’re first starting out in business it can be tempting to purchase all of the right products in hopes that it will make your business better. But for many people that simply isn't affordable. The one tool we recommend the most to brand new business owners who aren’t ready to invest in a software program like Quickbooks might surprise you: Microsoft Excel.
Excel spreadsheets provide easy accounting for small businesses and are an excellent (totally free) way way to keep track your income and expenses. If you don’t already have a good working knowledge of how to use Excel there are tons of great tutorial videos on youtube. If you don’t already have excel loaded onto your computer, no worries. Your Mac comes with a similar program called Numbers, or you can use Google’s free version and all you need is a gmail.com address. Either way, don’t let money come in between you and a well-maintained bookkeeping system.
The two most critical items that you need to include in your at home accounting spreadsheet: money in and money out. This should be a thorough and exhaustive listing so that you can account for each transaction that you make.
Your income column should include every single dollar that comes into your business in a given month. If you own a boutique that includes sales, as well as additional income from things like renting part of your commercial space to another business, or commissions that you take from sales made by vendors operating out of your store. Include every single dollar that you bring in.
The expense column will be ever so slightly more complicated. Your expenses include money paid to your employees, rent or a mortgage, all of your operating bills, taxes, the cost of ordering inventory, advertising, and of course, paying yourself. Keep good track of all of your data and be sure to save your receipts.
For more detailed information about what information to track on your Excel bookkeeping spreadsheet or if your ready to hire someone to manage your books for your, contact us today. Our team of qualified bookkeepers and accountants are here to help whenever you’re ready.
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