Affiliate Finances » How to Manage Your Business Finances

How to Manage Your Business Finances - Part 2

12.18.05

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In Part 1 of How to Manage Your Business Finances, I discussed a simple notebook and envelope system for keeping track of income and expenses. I recommend that you read that article first (it will open in a new window), as I’ll touch on issues from that piece here.

For this article, Part 2, I’ll discuss a slightly more complicated, but much more powerful, method of keeping track of these items. This will involve the envelopes from before, but this time we’ll substitute a spreadsheet program for the paper notepads. My personal favorite is Microsoft Excel, and it’s what I used before upgrading to my current system (I’ll explain that in Part 3.) If you don’t use Excel, then some of my instructions below and sample spreadsheet may be different for each respective program.

In an Excel Book titled “2005finances.xls” I created 13 spreadsheets, one for each month of the year and an extra one as a summary.

For each month, there are a few columns for income and a few columns for expenses, along with calculations for monthly and yearly income, expenses, and profit. If you have experience with Excel formulas, than you can switch things around a little bit, but I set everything up pretty straight forward. An input of a single income or expense item will automatically adjust the monthly and yearly totals.

This system is set up just like the notepad one from Part 1, except this time the notepads are being traded in for a spreadsheet on your computer. You’ll still assign ID numbers to each income/expense item, write that number on the back of the receipt/stub, and then file those pieces of documentation in the Income or Expense envelope. But this time your calculations are done automatically and it’s easier to manipulate the data to retrieve reports suiting your needs.

The data I placed in the sample spreadsheet can easily be deleted and substituted with your own. I recommend that if you don’t have a similiar system in place, you start one for 2006.

You can download the sample spreadsheet here: 2005finances.xls (1700 KB)

857 comments so far

[…] For Part 2 of How to Manage Your Business Finances, I’ll discuss a free piece of software that can make your life much easier than the notebook method. […]

By Affiliate Finances » How to Manage Your Business Finances - Part 1 on 12.21.05 4:05 pm | edit

[…] For my third, and final post for the series “How to Manage Your Business Finances” (Part 1 - Part 2), I’ll discuss the current system that I use to manage my affiliate business finances. […]

By Affiliate Finances » How to Manage Your Business Finances - Part 3 on 12.22.05 9:56 pm | edit

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