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Small Business Spreadsheet for Income and Expenses 2024
August 11, 2023 - 2 min read

Small Business Spreadsheet for Income and Expenses 2024 [Free]

Recording your business income and expenses is vital for every small business. But remembering to do so on a daily when you have multiple other things to take care of and run your business may be hard.

Making this process easier will save you time and headaches, and the simplest way to do that is by using an already set-up template.

Get the free small business spreadsheet for income and expenses

If you use an Excel spreadsheet or a Google Sheet, you will be able to log your small business income and expenses on the go, from your phone or computer. Prefer the analogue way? Print your template and you can keep it on your person, or fill it out at home each day.

How to use the income and expenses small business spreadsheet

An income and expense sheet is a monthly or yearly record of your business-related expenses that you will need in order to keep track of your small business expenses and income. It will come in handy at tax time when you can easily look over your money in and out for the year back. It is also helpful for your own benefit, for a simple overview of your business’ financial situation.

Don’t forget to keep receipts and invoices of all business expenses, in order to claim them and lower your taxable income at tax time.

The Google Sheets and Excel spreadsheet versions of the small business income and expenses template contain a few examples of income and expenses. The formula in the Balance column is set to calculate the balance after each indicated transaction. Simply delete the examples in area B10:G14 and start adding in your transactions.

You can copy the sheet for each month, or continue adding rows for expenses throughout the quarter or year.

You can print the PDF template for income and expenses if you wish to have a paper log for your small business transactions and fill it out manually.

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How to fill out the spreadsheet for income and expenses

The spreadsheet template in this article allows you to add the date, type of count money when in or out from, a description of the transaction, and its amount (income or expense) The Balance column will automatically calculate the current balance for your small business.

Simplify other small business tasks

Small businesses require a lot of dedication and determination to become successful. Oftentimes tedious tasks take up precious time you could instead spend on actually working or developing your business.

Thankfully, there are many tools that allow you to simplify, or fully automate record-keeping and tax-related work.

Driving for work? Record all your mileage automatically with the Driversnote mileage tracker for an IRS-compliant mileage logbook. You will free up time for more important things and make sure to maximize your mileage deductions at tax time! Find out more about claiming mileage from the IRS as a self-employed individual or a small business owner in our dedicated guide.

FAQ

Simply copy our free spreadsheet template and open it with Excel. You will be able to track all income and expenses for your small business. Just remember to regularly update it and keep all receipts of your expenses!
You can deduct all allowable expenses related to your small business at tax time. Keep in mind they must be 100% related to you generating income and you must have receipts to back these expenses up. In case an expense was partly personal and partly business-related, you can deduct only the business portion of it.

How to automate your mileage logbook

Manually filling out your logbook can get tedious - see how to automatically track trips for your mileage reimbursement or deductions.

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