There are a number of free business expense spreadsheets that you can download for your personal or business use. These spreadsheets are great to keep track of expenses for several reasons, including the ability to maintain track of cash flow, budgeting, and inventory levels.
However, using business expense spreadsheets requires careful management to ensure that all the expenses and transactions in the spreadsheet are correct and up to date. The following information will assist you in maintaining a good, efficient spreadsheet program:
This is one of the most important aspects of using any spreadsheet program. It’s very important to make sure that the database is kept up to date so that future transactions can be entered correctly. Many free expense spreadsheets have issues such as old and outdated transactions and information, which make it difficult to enter new data.
At times, new accounts may be added to your business expense spreadsheets and not reflected in the existing data. If a transaction is not properly entered or an entry gets missed, then it will cause a lack of consistency in the results.
Be sure to always manually check the monthly expense sheet for errors and inconsistencies. By doing this, you will ensure that the spreadsheet remains error free and is always in the best working condition.
Another important aspect to managing your business expense spreadsheets is being able to keep track of multiple monthly financial records. Multiple-entry record keeping allows you to keep track of the purchase/sale transactions, the salaries, and overhead expenses as well as balance your checking account.
This type of record keeping allows you to quickly review the financials and quickly enter different sections of the spreadsheet at different pages. This can allow you to quickly identify discrepancies between the financial and other information that you want to keep accurate.
With the correct and proper application, free business expense spreadsheets can be extremely useful for many small businesses. If you’re interested in using this type of software for your own business, it’s very important to make sure that you keep these common software application tips in mind.