If you are looking for a simple Small Business Bookkeeping Template, you are in the right place. Managing your business finances is a challenging and hard job.
The new startup ventures and small businesses can’t afford expensive ERP and accounting systems to manage business accounts. Thus, the small business bookkeeping templates help the business to efficiently record, track, reconcile, and present the business accounts.
As businesses have to deal with a lot of financial transactions on a daily basis. Thus, the day to day management of business accounts is very important for each growing and developing business. It includes keeping track of business expenditures, revenue, liabilities, payables, and receivables.
Small Business Bookkeeping
Further, the bookkeeper is considered vital for managing, organizing, and adapting company financial tasks. So, the bookkeeping itself is not a single document.
It contains several documents on different types of financial transactions. It may include credit transactions or debit transactions in the form of cash or digital payment.
Thus, the major bookkeeping template for small businesses includes petty cash daybooks, general ledger, general cash book, cash book with balance sheet, expense form, accounting receivables template, and accounting payables template.
Are you handling your business bookmaking at this time? As a small business owner, you need to consider various facts, including using tools, which are actually cost-effective.
In the same way, you can now reduce human errors and issues in the calculation using these bookkeeping templates!
Small Business Bookkeeping Template Format
With the following templates, you can now manage your bookkeeping easily and efficiently. Here are the pros of using them as well:
You may need it to avoid any financial trouble later:
- By the same token, a bookkeeping worksheet enables you to track each of the means of the bookkeeping procedure. (i.e you are efficient at managing all procedures).
- The fact that, are you receiving goods and supplies from multiple companies or people? How do you keep records for this one? Are all the transactions are made in cash?
- Specifically, you may receive them on different dates and in different quantities. You remain well aware of the payable balance on your company along with the amounts with this sheet!
Types of Bookkeeping for Small Businesses
There are two major types of bookkeeping. The single-entry bookkeeping and double-entry bookkeeping. Most of the small businesses use the simple and common type that is single-entry bookkeeping.
This type of bookkeeping method works based on making single entries of each financial transaction for cash outflows and inflows. So, the single entries sheet is further used to develop income statements, balance sheets, and other financial sheets for business.
The double-entry booking is a bit complex to create with excel. Also, it consumes a lot of time and difficult to manage for unprofessional. It requires making two entries of a financial transaction in different contexts and assumptions. However, the small developing business can fully analyze the business accounts based on a single entry method.
Accounts Receivable Business Excel Template
It’s not the same as the above: Get More Accounting Templates
- In the same manner, each organization ought to have a procedure set up to deal with the remarkable adjusts owed to them. (What are your methods?)
- Supplying your products to different vendors and retail stores? Are you collecting the entire amount on a cash basis? How are you actually recording down all this?
- In all honesty, losing a single record may result in a loss to your business. That’s why these excel worksheets are excellent.
- They show the amount payable by your customers, clients, and vendors, along with the payment terms!
Cash Flow Statement Template Business Excel Template
Do you know about cash flow in the period for your business?
- By way of example, doing your own particular accounting doesn’t need to mean marking every spreadsheet starting with no outside help. (get help from this free template).
- Indeed you can now save down your time and effort with this cash flow statement business excel template. It shows incoming cash flow and outgoing cash flow from your business as well.
- Additionally, track the sums and gain more profitability**.
How to make Single Entry in Small Business Bookkeeping Template?
It is a simple and easy task to create a single entry bookkeeping template for a small business. A bookkeeping template developed using excel can have all the features of an efficient bookkeeping logbook.
However, it is important to understand what information needs to include in each bookkeeping template.
A simple cash book bookkeeping template includes three main heads with names of details, money-in, and money out. The details section includes the date, payment type, name, description, and reference number.
While the money-in section has income and other funds entries.
However, the money-out section varies from business to business. So, any random business money-out section may include details of the cost of goods sold like stock purchases and freight.
While the expenses are categories in the form of bank charges, vehicle expenses, phone expenses, stationary expenses, and employee’s salaries & wages.
Similarly, the accounts receivable bookkeeping template keeps records of money customers have to pay to the company. So, it must include information about customers, orders, and value.
Therefore, such a sheet includes elements of date, invoice number, customer name, total amount, due date, balance due, and payments breakup.
A similar sheet for accounts payables is managed by the bookkeeper. It includes a similar type of information about the company that owns to pay suppliers. Thus, it must include date, supplier name, contract number, total amount, due date, and payments breakup.
Finally, the most common bookkeeping template for any small business is receipt or invoice. The receipt book is used by almost all the small businesses to keep records of their income.
Whenever customers buy something from the business. The company issues an invoice or receipt including customer details along with order details.
So, keeping a proper record of receipt logbook is very important for small businesses for multiple reasons. Some small businesses track inventory depletion using receipt books while the most common use is to calculate daily sales revenue of the business using invoices.
Also, the business keeps track of customer data for promotion. For this reason, the receipt must include elements of customer name, address, gender, type of payment, date, address, phone number, email address, and order details.
Some businesses may require further information depending on the type of product or service they are offering. So, the company must include all the elements that are beneficial for the company to take leads into the business by focusing on product target groups.
Finally, it was all about bookkeeping for small businesses. Lastly, it is important to mention that the use of MS Excel for bookkeeping is preferred by small businesses for many reasons.
These sheets are easy to use, update, and customize. Also, it requires no professional skill of the tool to manage all the company accounts.