Post: #1

So I'm starting a little side-business. It's highly unlikely to make much money but I need the challenge.

So I'm looking for a spreadsheet or program/app that can keep track of business expenses and sales. It needs to be dumb enough that even a doctor like myself can use it. Maybe something I can just plug into exel.

Anyone got any recommendations? There are a few free templates on the net but I thought if anyone here is already using one and happy with it then maybe he can recommend it.

Post: #2

Try Google Drive. Has many useful apps within it. Finance, spreadsheets, Books, Wallet, Blogger, Translate,Contacts, Mail.

Post: #3

I like https://www.mint.com

Reviews:
http://www.pcmag.com/article2/0,2817,2344432,00.asp

https://investorjunkie.com/54/mint-com-review/

Post: #4

I second mint. I use it for my personal finances, but I don't see how it wouldn't apply to business either given the categories it has.

I'm a huge stats guy so I'm able to get info on my all spending in well presented data visuals.

It's also dead simple to set up.

Post: #5

Learning a bit of simple Excel code will mean that you can make it exactly how you want it, and 100% relevant to your situation. Plus you can also develop it as your busines developes.

I'd download a basic template and go from there. You'll soon figure it out.

Post: #6

Thanks for the suggestions guys.

I didn't want to use mint.com simply because I am generally opposed to sharing personal data online. However, searching for alternatives to mint.com made me discover GnuCash.

I used it to start a simple chequebook style account for my microbusiness, and it's doing the job just fine and I mastered it after about 30 minutes of experimenting. It has more advanced stuff too for when I get more familiar with bookkeeping/accounting and if the business gets too big for the simplest account type.

As a backup, I'm also writing down everything using single entry bookkeeping in a book.

Post: #7

Thomas, it would take you two seconds to set up a legitimate spreadsheet on excel. It's not even being computer literate, it's essentially knowing a few shortcuts which I learned in a college excel course. Honestly one of the few classes worth my bullshit loan amount. PM me and I'll mail you my excel textbook. Excel is easy as hell and you can learn to do everything on it with an hour of spare time.

Post: #8

Is there a recommended online Excel tutorial? A youtube video or a simple website?

Don't want to get all in depth, but a solid review of the basics.

Post: #9

Use Excel. It's simple, easy to use, does everything you want it to do and you can use formulas to add up the contents of cells automatically so when you write down five different prices, you can add them automatically to make a total and when you edit any of the five cells the total updates, and more types of formulas.

Post: #10

Not sure if you are on LinkedIn, but follow the Westpac Business Insights as they have a free cashflow forecast template to use - which I recommend.

Do you have any CA's that you can talk with or get them to create a basic spreadsheet on your behalf?

Post: #11

Assuming the laws are similar to that of the United States...

For Expenses
My accountant gave me a great tip to track expenses for a new, small business. Get a credit card that you will only use for business purposes. At the end of the year, hand off the credit card statement to the accountant and he'll write it off on your tax return. If the accountant is fine with this, so am I. The red flags will be raised if you have several consecutive years of loses... As long as you're not running this card at your local strip joint you have nothing to worry about.

For Revenue
Highly dependent on what you're selling and what stage you're in. Are you incorporated? Do you have a bank account? Who are you billing, i.e. are you B2B or B2C?
If it's a services business, there are a ton of invoice excel templates you can grab online. Have a separate spreadsheet with invoice line items. I'd start there, when the time is right (probably when you need employees), incorporate and get a bank account for the business. You can hook up quickbooks or some other equivalent.

Post: #12

(10-22-2015 05:03 AM)Numbers Man Wrote:  Not sure if you are on LinkedIn, but follow the Westpac Business Insights as they have a free cashflow forecast template to use - which I recommend.

Do you have any CA's that you can talk with or get them to create a basic spreadsheet on your behalf?

It's such a barebones operation on this stage I really don't want to get an accountant involved. Besides, I want to get used to the whole concept of running the numbers.

This weekend I'm going to do some tutorials on excel, hopefully by the end of it I'll have a basic template set up.

Post: #13

I've used Freshbooks (http://www.freshbooks.com/) in the past, though it is perhaps more made for easy billing, it can also be used for accounting and has a lot of nice reports. Free trial.

Post: #14

If you need to construct a basic Excel spreadsheet to track cashflow, work with this:

Current Cash at Bank

Plus Receipts (Inflows)

Income / Billings
Interest income

Less Expenses (Outflows)
Rent
Electricity
Phone
License fees (if using any software)
Tax

Net Receipts / (Loss)

Salient Points

Calculate your cashflow on a weekly basis over a 13 week period = 1 business quarter
Reconcile your cashflow at the end of the quarter and compare with the actuals
As you are charting your inflows / outflows on a weekly basis this can reveal any periods of funding gap, i.e. just outlays until you receive inflows of cash.
This allows you to develop strategies to deal with the cash flow shortages and can reveal additional information i.e. how long does it take you to convert WIP / Debtors into the all important cash.

Post: #15

(10-23-2015 10:09 PM)Numbers Man Wrote:  If you need to construct a basic Excel spreadsheet to track cashflow, work with this:

Current Cash at Bank

Plus Receipts (Inflows)

Income / Billings
Interest income

Less Expenses (Outflows)
Rent
Electricity
Phone
License fees (if using any software)
Tax

Net Receipts / (Loss)

Forgot to include this in my last post, then add the net receipts or loss to the opening cash at bank to get your closing cash at bank for the week.

This figure then becomes your new opening cash at bank figure for the following week.

Then rinse & repeat.