![]() ![]() ![]() Once the shift is over and your shop will be closed for the day, check the amount in your drawer and add it to the Closing Time Cash column on the spreadsheet. Every time money is removed from the drawer, keep track of the amount, time and person who deposited it. Ocasional money withdrawal can keep your petty cash to a functional minimum while keeping your profits safe in case of a burglary or employee theft. If you have a cash register or cashiers, keeping track of the bills and coins will help with lack of change so start your shift by counting the amount in the drawer and adding it to the Petty Cash column. Business Expenses Spreadsheetīe your business a physical shop or an e-commerce, a daily cash control will always come in handy. To better understand how to go about keeping this control, we prepared a personalized spreadsheet. They should be checked daily to make sure there are no errors or missing transactions and managed monthly to get a wider view of the ups and downs in your financial history. Let's make this simple! Your business should have an increasing income and decreasing expenses. ![]() Since they are directly connected to your local Internal Revenue Service, a good accountant can help with the proper procedures to register and collect them. Expenses with computers, furniture, property and equipment repairs or replacements are essential to get an idea of how much is being invested to keep the business running smoothly.Įverything that is owned, bought and sold generates interest and taxes. This is an important cost that usually goes unnoticed and needs to be taken into account, especially on businesses with big turnovers. General expenses, depreciation and marketing costs are some examples. They tend to change according to season or specific situations and aren’t so easily predicted because they depend on personnel and how the business is managed. Direct expenses tend to happen repeatedly and can be programmed or organized into your business’ routine. They can be the inventory on-hand, costs of raw materials, expenses with employees, rent, utilities and transportation. These are the ones you put money down for. To better organize your expenses, make a list of all you need to pay and divide them into the categories. Personalized spreadsheets and expense control apps can help with the processing of data but what is important to keep track of?Įxpenses are everything that generates costs to your business, be them expected or not. But in the hectic and demanding world of today, there is not enough time to brush up on accounting and Excel skills. Market research and great recruiting aside, keeping a tight leash on your expenses is essential to a healthy business. No market need for their services or products (42%).Why should you track your business expenses?Īccording to a CBInsights analysis of 101 startups, the three main reasons small businesses fail are: ![]()
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