Bookkeeping Templates

bookkeeping template for small business

If you don’t track your financial reports, you’ll have no way of knowing whether you are doing poorly or well. The choice to integrate bookkeeping apps into your business is a choice that has become practically mandatory for bookkeeping and accounting. Business owners can gain a lot more and learn more about their companies by relying on online software. Bookkeeping involves sorting, recording, and classifying all the financial transactions in your business. Microsoft Word also has invoice templates, but I wouldn’t recommend using them because Word templates can’t do any arithmetic for you. Excel invoice templates automatically sum invoice line items, reducing the risk of human error. You wouldn’t want to be responsible for underbilling a client because of an arithmetic mistake.

This balance sheet template shows a company’s financial position, at a given moment. Use this balance sheet template to summarize your company’s assets, liabilities and owner’s equity. We have included some of the basis financial indicators for your company’s financial health. It’s the easiest way to keep track of receipts 100% automatically, from discovering email and supplier receipts, to entering data and creating expense reports in a glance. If you’re a small business that only needs basic bookkeeping, a free trial of accounting software should be more than enough to manage your needs. The last thing you want is your personal accounts and finances getting confused with your business accounts. The potential for personal financial loss and the risk from tax investigations should be enough to warn you from making this mistake.

Free Small Business Bookkeeping Templates | Smartsheet (

If you wish to use an all-in-one solution we invite you to check out our brand new Excel accounting template. This tool makes accounting processes even easier and saving you a lot of money on accountants fees and bookkeeping software. Though other factors needed consideration to make sure that the business is on the right track, stabilizing financial conditions through bookkeeping lessens the burden of overspending. With bookkeeping, the business will understand where their capital is going. Thus, encouraging bookkeeping is the secret of a successful business. You should use free bookkeeping software to keep track of your business’s financial situation.

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It’s recommended that you make a copy of each income sheet at the end of the month. Your accountant will need to review your income sheets for the year; they’ll also be useful for future projections.

Trial Balance Excel Template

The income statement gives a summary of the company’s revenue, expenses and net income. Use this free income statement template to create your profit & loss statement that shows all revenue and expenses. Resources include petty cash, cash book, business expenses, sales invoice and balance sheet. Business Accounting Basics also offer free bookkeeping software through various free trials, in order to test and see what would suit more complicated needs for your organization. There are several websites – including Office Templates – that offer downloadable spreadsheets for income reports, expense reports and other financial reports. However, for the best results, you will want to choose accounting templates that have been specifically designed for small business owners.

  • Excel templates for accounting and bookkeeping can boost productivity and save time.
  • You basically categorize every transaction as either income/profit or expense/loss .
  • The best advice I’ve received about using Excel for accounting is to avoid “hardcoding” numbers whenever possible.
  • And not surprisingly, revenue is based off of financial maintenance, organization and planning – something reserved almost solely for an individual with extensive accounting expertise.

This lets you reference any asset, liability or equity adjustments that have been made and can help you make knowledgeable decisions regarding your business. As a business owner, you need to keep track of how much money is coming in, how much is going out and whether you are making a profit. Knowing your numbers will only help you when it comes to making important business decisions. With the free Accounting Templates from FreshBook, staying on top of your business accounting is well within reach.

Excel Accounting and Bookkeeping (Template Included)

General ledgers are basically the mastersheets of all of your business’s finances. They include all of your important business numbers–from how much revenue has come in to how much money has gone out.

bookkeeping template for small business

It will also cover down payable along with receivables report which will tell the position of the business in terms of payment and receiving. The reports on one side will help the business in showing the financial position of the business along with creating an effective selling and buying process.

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Companies should also add new products for sale along with creating loyalty programs that will help in generating more revenue for the business indirectly. Monitor the spending expenses – The business owners actually don’t know how much spending they are doing weekly or monthly. If they don’t look at the spending part then, in that case, it may give rise to over spending which indirectly relates to misuse of the funds. This will help the business owners in saving the overdraft fees which is an extra loss for the business. The FreshBooks accounting templates help you organize your income and expense numbers so that you can avoid the most common accounting headaches.

Through bookkeeping, you can properly organize all your income and expenses, including information on invoices. This includes customer name, vendor name, date issued, due bookkeeping for small business date, amount, outstanding accounts receivable, accounts payable etc. One of the most important aspects of small business accounting is managing day-to-day finances.

Excel accounting templates: 10 spreadsheets for small business, self-employed & freelancer

A debit in accounts payable decreases the account value, while a debit increases the account value in an account receivable. You would therefore debit that account and debit your cash account if you paid one of your credit accounts. The total of your asset accounts must equal the total of your liability and equity accounts. Your liabilities and equity should increase if your assets increase. Excel can be used with as little or as much complexity as you prefer. Alongside helpful formatting layouts and customized field options, you can compile your financial documents into an accounting workbook.

Not only will this make bookkeeping easier for you but you’ll also be able to create and send an unlimited amount of invoices to your customers. Not everybody has a bookkeeper or accountant at their disposal. Even though there are many small business expense tracking apps available on the market, many still use traditional templates in the beginning. However, when you’re a small business looking to grow and thrive, it’s essential to invest time and effort into your online presence.

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