Simple Google Sheet for Tracking Business Finances
Managing your business finances doesn’t have to be complicated. If you're not ready for accounting software, a simple Google Sheet can help you track income and expenses with ease. This easy-to-use template allows you to stay organized and see your financial health at a glance.
How This Template Helps You
Tracks Income & Expenses – One tab for income and one tab for expenses where you manually record the amounts.
Calculates Profit – The simple summary tab shows your net income or loss by subtracting total expenses from total income.
What’s Inside the Template?
1. Income Tracker
Date
Client/Customer
Service/Product
Payment Method
Amount Received
2. Expense Tracker
Date
Vendor
Category (e.g., rent, supplies, marketing)
Payment Type (cash, credit, bank transfer)
Amount Spent
3. Summary
Total Income – Sum of all revenue
Total Expenses – Sum of all business costs
Net Profit – Automatically calculated as Income minus Expenses
Other Things to Take into Consideration
While an income and expense tracker is helpful for managing day-to-day finances, there are more complex aspects of running a business that require attention:
Employee and Contractor Requirements - Ensure you're meeting deadlines for issuing W-2 forms to employees and 1099 forms to contractors, and stay on top of payroll taxes.
Compliance Issues - Different industries have unique regulations to follow. This includes sales tax collection, obtaining necessary business licenses, and meeting insurance requirements.
While some businesses may be able to manage with a simple income and expense tracker, others may need more advanced tools, like specialized software. A bookkeeper can also help ensure you're staying on top of important areas like payroll, compliance, and tax preparation. Staying mindful of these areas can save you money and help your business thrive. Many of these tasks, like keeping your books updated and preparing for taxes, can be handed over to a professional, ensuring everything is handled correctly. Tackling these challenges early can make all the difference!
Disclaimer: This tracker provides a basic overview of income and expenses but does not account for Cost of Goods Sold (COGS) or other financial factors that impact true profitability. If your business involves selling products, be sure to track COGS separately to determine your actual gross profit. For a more accurate financial picture, consider using accounting software or working with a bookkeeper.
