Bookkeeping on Excel
Every business needs to keep records of sales invoices & purchase invoices, income received & money spent.
Every business needs to provide financial accounts on at least an annual basis, and businesses that are VAT registered will need to produce VAT returns quarterly.
If you are not VAT registered but your sales are close to the VAT threshold then it is your responsibility to ensure you track your sales and register when necessary.
One way of recording and analysing this information is to use spread sheets such as Excel. The most basic method would be to simply make a list of the sales income and a second list of the purchase expenses. To achieve the required analysis of sales and purchases all that is required is to write into the top of each of the spread sheet columns the titles of the analysis headings. Then repeat the value of each transaction in the total column into the analysis columns. Use the spread sheet technology to add up each column and you have an effective bookkeeping spread sheet.
You would have titles such as fuel, stationary, advertising, insurance, rent, electricity, phone and so on.
If your company is VAT registered you will need to ensure there is a separate column for VAT and that you split the gross amount into the VAT column and the analysed column such as fuel or stationary. Preparing such a bookkeeping spread sheet might and often does suffice the needs of some businesses. Small businesses can also benefit from professionally produced bookkeeping spread sheets from Saylavy. We can provide bespoke spread sheets that have been designed to not just to produce a list of income and expenses but also in a way that analyses that information in the way you as an individual business require it.
If you want help setting up a basic spread sheet, or would like someone else to do your bookkeeping for you instead then why not give Saylavy a call?
Remember… just ask Sara Saylavy!