When creating a tracking spreadsheet for your business, there are a few things that you should keep in mind. These are not difficult to follow, but it is important to take the time to get it right. If you do not you may find that the spreadsheet gets out of control and gets costly for you as the business grows.
Start by adding cell references with the correct number of decimal places. You will want to avoid including fractions, especially if you are using a fractional dollar amount in the financial calculations. There is nothing more confusing than having a year’s financial data listed with the values in odd numbers and you will want to avoid that.
Make sure that the cell references are entered with the correct business expenses. In some instances, you may need to change these expenses. There are some exceptions to this rule. If you do not need to do this and the expenses are just business items then stick with the last digit, if it ends with zero or one it should be moved.
Add the expenses into columns and subcategories. This will give you a better overview. You can identify categories and subcategories of financials. These help in organizing your data. You can then select the subcategories to create a list of the current expense details that you need to look at.
As you are adding the expenses keep in mind that not all financials are equal. Keep track of expenses of different types. Try to add the item for your business products as well as for other items such as office supplies, advertising, tolls, etc. Doing this will help you see where the bulk of your expense is coming from.
You can also put tracking a certain date, time, or specific event on your spreadsheet. Use the event time when tracking meetings and when adding a new event to your spreadsheet. This can help you track information on just how long meetings take. You can also use this as a way to track expenses when employees go over their allotted time.
The other day I saw an expense listed that did not belong to the company. It was not a physical expense but a clerical one. When I compared it to the actual cost of the book, it was close enough to be a typo.
Tracking business expenses is important for any business. It can be tricky and you may want to consult a professional or hire a professional to track expenses for you. If you choose to go with this option, it is always a good idea to have all expenses organized in a spreadsheet format so that you can see the difference between the actual expense and the spreadsheet version.