You’re a small business owner, building from the ground up. At this stage, you probably have few resources and a small budget. Every dollar counts, and you do everything that you can do for free by yourself. You are wearing all the hats in this role. You can’t spare the cash for a subscription here and an app fee there. That’s why I formatted a spreadsheet to calculate your profit and loss from your simple entry lines, and I’m giving it to you for free. I strongly believe small businesses can support each other so that big businesses can’t take advantage of our entrepreneur drive. The files are available as both a Microsoft Excel template and a Google Sheet template.
How to Download
Head over to the product page, and add the free download to your cart. “Checkout” with your email; there will be no need for payment information. After completing that, you will have access to download both versions of the files (Excel and Sheets). The My Downloads page is where you’ll find the download links. If you wish to have your account removed from this website, email me at hello@candidcommoner.com. The advantage of having an account here is that you’ll maintain access to the downloads you purchase/get for free.
Add Your Income and Expenses Like a Checkbook Register
The Checkbook Tab is where you’ll enter your income and expenses as line items. The formula in the top row will keep a running total for you, including the starting balance you place into the Setup Tab. For each line, you’ll select the Category of the Expense or Income. Using the Category selection feeds the information into the separate tabs for the Expenses, Income, and Summary.
Breakdown of Expenses Tab
The line items for Expenses from the Checkbook Tab will be added up by Category and by Month in the Expenses Tab, no matter what order you put the line items into the Checkbook Tab. As long as you give each line item a Category selection, the math will be done for you. Some of these figures are tax-deductible, but which ones are will be dependent upon whether your are operating as a sole-proprietor or an LLC. I added a Category Total as well as Category Average so that you can see the big picture for where your business money goes. The Summary Tab will further address the big picture with visualizations and charts.
Breakdown of the Income Tab
As you track your income in the Checkbook line items, your totals will feed into the Income Tab by Category and Month, just like with the expenses. The Categories are important here too. The Annual Total and Average for each Category gives you an idea of where your money comes from.
The Summary Tab is the Cool Part
In the Summary Tab, your Monthly Totals and Category Totals are visualized with various charts and graphs. You’ll be able to see which months you profited and which months you overall lost money. You’ll also be able to see how each Category of Expenses takes your business income. This should give you some insight into your budget usage.
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