How To Setup Your Business Accounting & Taxes In a Spreadsheet--Business Spreadsheet Template

welcome to how to set up your business in a spreadsheet template if you're new here you may not know that I have a free business spreadsheet template as I've named it that helps you keep track of accounting quarterly taxes and end of your tax totals and that's a great spreadsheet template I give it away for free with a free training but for many people they may have a bigger business but you still may not be to the point where it really makes sense to hire a bookkeeper especially if you've had a bad experience with bookkeepers or you just don't have systems set up to get the information to the bookkeeper so while it certainly makes sense eventually to have a business you know using accounting software and an accountant when you're getting started when you're growing sometimes you just need to get things set up yourself to really understand everything that has to happen to have all of your accounting and taxes in a business spreadsheet so that's what we'll be looking at in this video I'm gonna show you an automated template and that now is a part of my course small business school so you can get access to this and training and I'll tell you more about that at the end of the video for now let's jump into the spreadsheet but before we do that really quick my name is Amanda you're watching the business finance coach where I simplify business to help you succeed because I honestly believe that the world will be better the more all of us bring our dreams and our expertise and our passions of what we want to see change to life so I hope that by helping you with these technicalities that empowers you to bring your dreams further faster now into the spreadsheet you know my free template what I give away is essentially one of the primary reports of business the income statement and this is what you really really really need for taxes right you need to know your total income and your total business expenses you know if you don't have that anywhere else you do need to get it all together in one place but you'll be able to see kind of a more what I call automated version in this video so this is something I've used for a long time a variation of this it have developed it a lot recently in the past few months through my the courses I've been doing but the way this spreadsheet works is you set up accounts okay so in accounting we have five types of accounts income expenses and then assets liabilities and owner's equity income and expenses is the accounting report or business report income statement it shows you how profitable you are assets liabilities owner's equity those are show your current financial status as of any given day and those are for the balance sheet report so that's what this is we do the same thing now these are just the terms you use to describe the different things that you own o or that you spend money on and the money you earn like the categories that you use that's how I recommend setting up your records so that when you're looking at these summary reports they have some sort of meaning to you what's really cool about the automated version is that it also lets you track other lists for like the companies you paid clients you receive money from as well as an additional categorization so this can be really cool to help you track profitability within categories maybe if you're in a contract or trade type industry you could do individual jobs multiple products and so forth it gives you a lot of flexibility when you're using this type of setup then what happens is we have entry sheets for each type of bank or credit card that you have and this is where you actually enter your transactions each transaction has a row and this is where you can select those different types of accounts from the drop-down list then the reason it's an auto business spreadsheet template is because all of our reports are linking back summing based on the accounts and categories you select they're summing the total transaction amounts to look at in different ways on the report so for example first we have reconciliation screens so these reconciliation screams would let you basically look at your statement for the month and it should match up if not you need to look at things right pulls over beginning balance they go month by month and there's a section for bank increases and Bank decreases and of course all of the accounts that you added could be selected as a reason for bank increases and Bank decreases so that's why they're all here they're just we hide them because you could have a lot of them so we hide them up and you just see the total by the type of account so income is a big one that you would expect for bank increases but another reason that you could have banking increases would be if you returned stuff that was expenses right that could increase your bank account if you personally transfer money from one account to another that's gonna be affected under your accounts which are assets things you own so you would see that up here so this is just a check and a really good thing to have in your records moving on we have the same thing for credit cards we also have a special reconciliation on our credit card sheets just because that's just the nature of credit cards is that we have to reconcile because credit cards don't use the month right and our accounting records we want to look at totals by month and set goals by month but our credit card is going to be based on some other dates so we just want to know that we've entered everything in our accounting records then we have an income statement just like on the worksheet I showed you on the free spreadsheet the difference is this one's automated because it's summing everything based on your entry sheets versus just entering the numbers in here directly so you can see that's great if you only have a few things and you want to kind of see as you go and be as fast as possible but if you have more stuff going on you have multiple bank accounts then obviously something like this is going to be great especially because you can copy and paste your transactions in here really quickly of course the goal is to is to maintain your records regularly because that's required for taxes and for legality purposes and that's how you actually get it right and get value out of your accounting so that you really know it intimately and can use it to make decisions so moving on though that's our income statement report and just to show you that was just like on our self-employed like that was the only report so you can get that for free like I said okay so now we also have a job profit report and so this was that column that I said you can add a category and then just be able to look at your profitability by category so that's what this worksheet is for and all of these things hide and tighten up so you can just see your totals really quickly we then have an actual versus estimate sheet so this is based on our job profit by category but if you have the type of business where you're doing an estimate and then doing the job that's what this worksheet allows you to compare your estimated numbers versus your actual numbers the balance sheet is assets equals liabilities plus owner's equity so this is a basically the report that represents your business sales taxes so this often affects people these are accounts right because we collect sales tax it's a liability we have to pay it to the state typically or any other type of tax that you're paying you know outside of your income taxes you still want to keep track of that with your records especially if you're collecting it regularly and then we get to the quarterly tax estimate so this is something that is part of my free spreadsheet you can definitely grab that for free and same with the end of year this is a partnership so it's pulling 1065 tax categories that's a partnership form and you can select those as applicable over there so that's the gist of the worksheet that was for a multi-member LLC so I didn't have the self-employed write-offs but I do have worksheets for mileage the home office the travel deduction and I'll be doing some more in-depth videos on each of these because I know quite a few people have asked how do I track my mileage in a spreadsheet so I'm gonna be going over those in the next videos but just to show you you know you can keep track of anything right in the spreadsheet that's one thing that's so convenient about spreadsheets is are so customizable and what you can even do with this type of setup is set up your business and your personal together just by having two different sets of accounts now we end up with a lot more worksheets as well but it's a great way to keep track of everything so that's the benefit with using a spreadsheet like this one so that's really what makes it automated is just having separate entry sheets to enter your transactions and then totals to sum them up on the worksheets and the reports so I'd love to hear from you in the comments below if you have a business spreadsheet if you've been tracking things in a spreadsheet how it's going what you've been looking at for options for going forward if you're growing your business I know it's New Year's right now so everyone is probably making New Year's commitments so I'd love to hear if you made any about your business and where you stand for accounting in Texas and before I go I'll just tell you in case you do want to get your hands on this spreadsheet my small business school has opened up which includes all of these templates right now and I'm adding more all the time it also includes us setting up your spreadsheet for you based on the number of credit cards and all that you actually go through the training and will update your accounts based using a template for your type of business there's one of these for every type of business and it includes step-by-step eCourse training the Small Business School includes these five classes choosing the best type of business step by step to form your LLC this spreadsheet and all the spreadsheet templates which is part of 18 steps to set up your accounting and taxes in a spreadsheet there's also pain owners and workers so everything to do with payroll pain yourself in each type of business and contractors and the fifth course is basis so you may have heard a basis if you are a LLC partnership or S corp you need to be doing basis so if you have any questions I'd love to hear from you and just as a quick reminder if you head over to the sales page which is linked here to where you can learn more for the small business program support all year there's way more stuff I haven't even mentioned it's really amazing but anyways the price is going up it was supposed to go up on the first but it hasn't because we haven't finished switching to the new platform so as long as the price is still up you can still register at the current price it is going to increase by 40% so I'd love to hear from you in the comments below otherwise I hope to see you in the next video if you're new here don't forget to be so don't forget to be subscribed you can subscribe by clicking in the bottom right corner and I hope to see you next time bye

Channel: Business Finance Coach

Views: 93,936

Keywords: business spreadsheet template income expenses, accounting in excel for small business, bookkeeping google sheets, financial statements google sheets, small business spreadsheet for income and expenses, how to track business expenses and income, bookkeeping for small business excel

Id: cfDGOl3ps-c

Length: 12min 21sec (741 seconds)

Published: Fri Jan 03 2020