In the third part of this small business bookkeeping video tutorial, I will show you how to keep track of your company’s expenditures.
We will create an Excel Spreadsheet which will simply allow us to keep track of all costs in our business – bookkeeping training.
Bookkeeping for Small Business – Excel Tutorial – Part 3 – Expenditure Tracking video tutorial
The Excel expenditure spreadsheet Will track the following information:
- Invoice date
- date paid
- Company name
- Payment Type
- Cost
- other Currencies
- Notes
We will use colour codes and highlight rows in different colours to visually track different types of costs in our business.
Using the spreadsheet should also reduce your business accountant costs as you will be able to provide a comprehensive spreadsheet that is fully documented for your company’s yearly expenditure.
This should save your accountant time and result in lower accountancy fees.
Watch my free video tutorial for small business bookkeeping part 3 – Expenditure Tracking.
Video tutorial - Bookkeeping for Small Business - Excel Tutorial - Part 3
Bookkeeping for Small Business FAQs
What type of costs can I track in Excel?
Using the expenditure tracking spreadsheet in this tutorial should allow you to track any type of expense in your business.
It is also possible to create different cost-tracking spreadsheets for types of expenditure.
For example:
- Petty Cash
- Staff Wages
- Fuel Costs
- General Business Costs
Personally, I prefer to track all business costs in a single spreadsheet.
How often should the expenditure tracking spreadsheet be updated?
I would recommend as often as possible, at a minimum, you should aim to keep track of business costs on a weekly basis.
Also, updating your bookkeeping on a regular basis will help if you need to complete VAT returns.
What are the alternatives to this small business bookkeeping solution?
There are many paid monthly subscription accounting software applications like Xero or Quick Books which you can use to track not only the costs in your business but also other aspects as well.
The goal of this tutorial is to try and help you to keep your costs as low as possible. This is important if you are a small start-up business.
The cost you save can then be used for other marketing solutions like building a professional website design or social media marketing.
It would be a good idea to speak to your accountant and find out if this bookkeeping solution will help you to save on account fees.
If you are running an eCommerce business then it is worth investing in Quick Books or Xero which can directly integrate into your WooCommerce Shop or Shopify websites.
Tip: Make sure you update the expenditure tracker as often as possible to ensure your bookkeeping data is accurate.
- View the other Excel bookkeeping tutorials.
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