Effective bookkeeping is critical for any business owner. At the very least, it allows you manage cash flow and file your taxes. At best, you can extract a wealth of information about your business to improve efficiencies and profitability.
QuickBooks provides a superior mechanism for tracking business expenses and revenue, and allows entrepreneurs to run all sorts of reports to better understand their business, growth and cash flow. That said, not all entrepreneurs have the bandwidth to manage QB effectively. It can feel cumbersome and overwhelming. The unfortunate result: the business owner doesn’t bother tracking at all; invoices and receipts pile up in a shoebox only to resurface when it comes time to file taxes. And the tax process becomes so overwhelming that the entrepreneur fears their numbers even more.
Excel is the default tool for business owners who aren’t quite ready for QuickBooks. I designed this Excel Check Register as a tool to get some of the benefits of QuickBooks with the ease of excel. It allows you to track your cash flow and bank balance, just like a regular check register, with the added benefit of categorizing revenue and expenses for business management and tax filings.
I recommend saving the original file in a safe place and then creating a new copy for each year.