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One of the hardest things to keep track of when your first starting a businesses is the finances. Most people are not use to keeping track of every purchase and what is a business expense & what is not. When we first started Cup O Code this was a struggle for us. We tried to keep track of all the purchases, receipts, the money going into the bank account and money coming out. Over time this became quite difficult and we had to figure out a better system to keep track of everything.
Since, we were just starting out we didn’t have the money to hire an accountant to keep track. Therefore, we created a spreadsheet where we could enter all the information and it would do all the calculations for us. As long as the spreadsheet and bank account matched we knew we were on the right track. It was somewhat time consuming if the numbers didn’t match up, because we would have to go through every transaction to figure out where the discrepancy occurred. However, when tax time rolled around it was way easier to just send the taxperson the bank statements and the spreadsheet with each purchase description on it. This way we didn’t waste time trying to remember what each transaction was during the year.
Above is the up to date Google sheets we created for start up businesses to help them keep track of their finances. We have grown enough to afford different software to keep track of ours and it is control by our accountant. However, we never forget where we started and always want to help other by making it easy for them. So, we created this spreadsheet for anyone to use. This way new businesses and entrepreneurs don’t have to go through some of the same struggles we did.
The spreadsheet is broken down into months so you can see how well you do each month. It also automatically calculates each month and shows you the yearly total on the last tab. If anyone would like a free copy of this spreadsheet just email us at firstname.lastname@example.org with the name of your business and stating you would like your own version of the spreadsheet.