The Accountant

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Tracking Cashflow without Spreadsheets

If you track income and expenses on a spreadsheet, you could be losing sight of how your business is performing and wasting a lot of time on data entry. There are low-cost alternatives that allow you to monitor business cashflow really simply. Small business cashflow Money in, money out. Cashflow is one of the most important measures of your business’s health. But how do you monitor it? It sounds simple to track sales on the one hand and expenses on the other – then compare the two. But a massive 65 percent of failed businesses say they closed down because of financial mismanagement, including issues such as lack of cashflow visibility. In other words, they didn’t know if they were making more than they were spending. Why are people losing sight of cashflow? Everyone knows a business needs to stay in the black. It’s not a new idea. So it can be hard to imagine why a business would lose sight of cashflow. Until, that is, you’re in business yourself. It’s then that you realise tracking small business cashflow isn’t as easy as it seems. You have to: keep track of all your expense receipts (which gets really tricky if there are multiple people making purchases) record all your sales revenue (making sure to account for discounts you might have given) enter everything into your cashflow Excel spreadsheet or Google Sheet (including double and triple checks to make sure everything is entered correctly) You may have to rely on employees or business partners to supply a lot of this information. Their paperwork will sometimes have scribbled notes in the...