And finally, when you deposit the payment, add that date to your tracker. When the invoice is paid, fill in the payment date. When you send the invoice, note the sent date in your spreadsheet. The solution? Create an invoice tracking spreadsheet! Format your invoicing tracking spreadsheet with the following columns:Įvery time you start an invoice for a customer, add it to your spreadsheet. Or you blow it off altogether and miss out on income. Invoice trackingįiguring out which invoices are paid and which are still open is a nightmare that leads to a lot of late nights matching bank deposits to invoices. At the end of the year, filter the spreadsheet by income or expense category, and get your grand totals for each category to send to your tax preparer.įree small business operating budget template. You just need the following columns:Įvery time you spend or earn money, log the information in your spreadsheet. You can use a spreadsheet for basic income and expense tracking. You’ve probably heard by now that you need to keep track of your business income and expenses, but you may be wondering HOW to do that. Here are my favorite ways to use spreadsheets for financial management: This is especially true for new business owners who don’t have the time or money to invest in professional accounting software. Most people associate spreadsheets with numbers, so it should come as no surprise that spreadsheets are an amazing tool for tracking your finances. Now that you know the basics of making an epic spreadsheet, check out these genius ways to use spreadsheets to manage and grow your business. Related How to Stay Out of Debt Your First Year in Business Finances and Taxes
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