It is quite common for companies, startup and established ones alike, to monitor the income and expenses that they have as the financial standing of a business can be a means to attract new investors, which will be a great start for expansion. A good means of monitoring your finances is through accounts receivable spreadsheets. It will also be useful for coming up with plans when it comes to investments. But how do you come up with your own accounting spreadsheet? That’s what we are here to discuss with you.
We would also like to share a couple financial spreadsheet samples with you. All of the samples we have in this article can easily be downloaded with just one click, so do not hesitate to download one or all of the samples in order for you to have a ton of references when you start coming up with your own accounting spreadsheet template for your company. Check everything that we have mentioned below. Make sure to scroll down!
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What Is an Accounting Spreadsheet?
Basically, an accounting spreadsheet is a record that shows accounting data in a set of rows and columns. It can either be printed on paper or can also be a soft copy. Soft copies can either come from paid accounting software or spreadsheet application template found in your computer.
Creating Your Own Accounting Spreadsheet
When it comes to running a business, you want to make sure that you also have your financial spreadsheet accounts in check. You can either do this on your own or you can opt to outsource. However, if you are still starting and are a little tight on budget spreadsheet, you may want to do things on your own at first. This will also give you a good opportunity to understand how your money comes in and out of your business. To easily manage your business finances, you can make use of accounting spreadsheets.
Accounting worksheet templates can help manage your business finances through accurate records of financial data and accurate calculations. The great thing about accounting spreadsheets is the fact that you can customize the data (numbers) as currency and even dates. Plus, accounting spreadsheets can perform basic calculations such as addition, subtraction, multiplication and division worksheet, which is basically all that you need for your basic accounting setup. Once you have done all the setting up, you can simply add more data and your calculations will automatically update.
But what is the best thing about using accounting spreadsheets? They do not cost a cent! Yes, you read that right! This is because you can find spreadsheets on your very own computer. There are also a ton of freeware on the Internet that you can use for your accounting spreadsheets as most blank spreadsheet applications have the same concept when it comes to setting up formulas.
Now, you may be wondering how you can come up with your own accounting spreadsheet. Don’t worry, we’ve got you covered. Here are some simple tips on how you can come up with your own accounting spreadsheet.
1. Open Your Spreadsheet Application
Open your Microsoft Excel application or any similar spreadsheet application that you currently have on your computer. Start with a new workbook or worksheet. You may also make use of the Excel spreadsheet templates that we have here to make coming up with your own accounting spreadsheets a whole lot easier and in a shorter span of time.
2. Set Up the Number of Worksheets You Will Use
Decide how many worksheets you will want to use for your financial accounts. To make it easy for you to track your tables or accounting spreadsheets, you may want to use one worksheet per table to make everything more organized. Just make sure that you have worksheets for expenses & income as these are the most important ones.
You can check out the following articles for more information on how you can set up your income and expense spreadsheets:
3. Create Headings
Make sure that you come up with a heading for each item in your sample sheets. You want to make sure that you add a header in every column to ensure that your data is well represented. For example, in your table for the income, you want to make sure that you have columns with headings for the dates, the name or description of the products and/or services sold, customer details, as well as other relevant information such as reference numbers that will be helpful for recording purposes.
You may also choose to customize the cells for the headers. You can play around with the cell colors and you may also choose to have the text in bold in order to distinguish it from the rest of the texts in the worksheet.
4. Input the Data
Now it’s time for you to start entering the date in the correct cells. You can interchange this step with step 3. So you can start by entering all the data first and then add the headings later on. Make sure you enter the data in the correct columns for better accuracy.
5. Start Calculating
You do not need to manually calculate the data that you have calculated. You can assign formulas to specific cells. This way, every single time you enter data, they will be automatically calculated. For example, in your Excel worksheet or spreadsheet application, choose one specific cell and add the equals sign (=). Then enter the word SUM and your spreadsheet will automatically add an open parenthesis. After that, select all the cells that you would like to add and add a close parenthesis. Press Enter and this will automatically calculate the sum for all of the cells that you have chosen. you may also see Sample Savings Account Calculators.
Your formula should look like the following before you press Enter:
This means that this will add all of the data from B3 to B15.
We have here calculator spreadsheet samples and templates that you can use should you have a need.
6: Calculate the Balances
Start calculating the accounting balances that you have. If your tables are located in different worksheets, you need to make sure that you also come up with a different worksheet for the balances to ensure better organization in your accounting spreadsheet. In the simple balance sheet, calculating the balances can be based on the income and expenses tables that you have. It can also come from the income tax calculations as well.
You can calculate the balances by doing the following:
- Select a cell in your balance sheet worksheet.
- Enter an equals sign (=).
- Go to your income sheet and select your cell for Total Income.
- Enter a minus sign (−).
- Go to your expenses sheet and select the Total Expenses cell.
- Press Enter. After pressing Enter, you will now know what the Total Balance.
If you need more information about balance sheets, you can take a look at sample accounting balance sheets.
Double Entry Accounting Spreadsheet
Blank Accounting Worksheet Spreadsheet Template
Basic Accounting Spreadsheet Template
Financial Accounting Spreadsheet in PDF
Accounting Excel Spreadsheet Instructions
Accounting Spreadsheet Registration Form
The Benefits of Using an Accounting Spreadsheet Template
- Accounting spreadsheets are generally easy to use as they are readily equipped with the right formulas and the basic worksheets that you will be needing for your business. you may also see Accounting Forms in Excel.
- Accounting spreadsheets are also easy to edit and customize according to the needs of your business.
- It cuts the accountant’s work shorter and helps them focus more on other accounting matters.
- It helps to reduce errors with computations compared to manual computations and calculations. you may also see Sample Timesheet Calculators
- Accounting spreadsheet templates are not complicated. All you need to do is to enter all the needed data.
Tips for Good Accounting Spreadsheet Practice
- Know what the role of the accounting spreadsheet is to your business. Make sure that you also come up with standards for your spreadsheets and standard processes to follow in order to make everything organized. You want to make sure that before you start making one that you already know that the spreadsheet is the appropriate tool for your business. you may also see Loan Spreadsheet Samples.
- Make sure that everyone in the company is adhering to the standards for uniformity purposes.
- Make sure that everyone is competent enough to know how to work around the accounting spreadsheets in order to avoid any mistakes.
- If you are sharing your spreadsheet with an audience, you want to make sure that you make it easy to understand for your audience to do so.
- In the first sample worksheet, you want to make sure that you include an About section or a quick description about what your accounting spreadsheets are.
- Design your accounting spreadsheet for long-term use.
- Make sure that you are able to identify the inputs and outputs in an easy manner.
- Make sure that your spreadsheet is consistent in structure. you may also see Payroll Spreadsheet Samples
- Be consistent with the use of formula.
- Keep the formulas simple.
- Never include formulas that you will be changing over time.
- Check your formulas at least two times to ensure accuracy.
- Keep everything simple.
- Have backups and keep copies of multiple versions.
- Protect parts of the spreadsheet that should not be changed.
So, there you go! We hope that our article has helped you out in terms of making your life a little bit easier when it comes to making your very own accounting spreadsheets.
Want to record your business’s cash flow? Check out cash flow spreadsheet samples and templates.
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