Getting a good idea of your business expenses will help you when making decisions about your business’ finances. Here are the key benefits: Better financial decision making Benefits of using an Excel spreadsheet for business expenses Still not convinced? The next section gives you a list of advantages and benefits of using an Excel spreadsheet to manage your business expenses. Free Excel templates provide you with a simple outline to stick to, as well as flexibility to modify them to fit your business. Using a business expense spreadsheet on Excel is the ideal middle ground between these two options, since the software is relatively simple to use, and inexpensive as well. That doesn’t mean you have to rely on outdated traditional methods like manually maintaining ledgers and books. But that doesn’t mean your business won’t have expenses to report and manage. Sometimes, your business may not have the requisite size or number of employees to warrant getting a subscription. They could also end up being quite inaccessible to first-time business owners who need to learn how to use them properly. Some popular applications are Zoho Books, Quickbooks, Mint, Expensify, and more.īut the problem with expense tracker apps is that they are often way out of the price range that small and midsize companies can afford. These automate many functions, such as having to manually input the expense data every time, and reports give you better insights to make decisions. These include sync with bank accounts, credit cards for your business, and expense report generation, among others. There are several reputed bookkeeping and expense tracker apps in the market, and they are usually the most convenient option for businesses as they come with several useful features. Get Excel Template Why do you need an Excel spreadsheet for business expenses?īusinesses now have a variety of tools to choose from to track and record business expenses. Excel formulas that automatically calculate total expenses, average, etc.Rows to fill in the data about each expense item.Columns to fill in headings about the data like the date, vendor name, unit cost, total spent, payment method, expense description, etc.While there may be numerous kinds of business expense tracking spreadsheets, they share some common features like: This will help you when reimbursing employees for travel out of their own pockets, and keeping separate spreadsheets offers you more flexibility over tracking expenses as well.Ī monthly or annual expenditure spreadsheet will record all travel expenses incurred during the time period under one heading, without showing specifics.īoth kinds are important for a business owner to maintain, as you need to have visibility of both the nitty-gritties as well as the overall financial picture. For example, you could have an expense spreadsheet that only tracks and records travel expenses incurred during business operations, like money spent on transport, stay, and meals. Rent and utilities if you use a physical office spaceĪ specific spreadsheet will give you a detailed look at one aspect of your expenses, while others could give you more general information on overall spending.Here are some common expenses that businesses across industries incur: There are a variety of business expenses your company could incur, and corresponding business expense spreadsheets as well. It answers the five important questions about the money that goes out of your business: exactly what is going out, who is spending it, where or to whom it’s going, why it’s being spent, and how, or which payment method is being used. It is an Excel spreadsheet that enables you to track, record, and easily view your business expenses. Get template What is a business expenses spreadsheet on Excel? This is where Stackby comes in handy with free Excel Spreadsheet templates to track business expenses. The next step is to figure out how to leverage Excel’s features to do that. When you’re looking to cut down on superfluous costs, even hiring an accountant or bookkeeper might seem like an unnecessary expense.Īt the same time, what other options do you have as a business owner if you want to maintain your books with ease? Spreadsheet software like Microsoft Excel are great for storing and managing numeric data about your business, particularly when tracking business expenses. Of course, small and midsize businesses might find this to be a tall order, especially when just starting out. So much so that companies that can afford it set up a dedicated accounting department and employ experts trained in the art of managing finances and keeping books. Keeping finances in order is vital for any business, large or small. An excel spreadsheet for tracking business expenses, can keep your finances in budget.
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