How do small businesses keep track of profit?
Asked 3 years ago
What would be the best way to keep track? Should I find an app or learn how to use an excel spreadsheet?
Maurice Mullen
Monday, January 24, 2022
Small businesses can keep track of their profits by following these steps:
- Open Business bank accounts and make all your commercial transactions through this account to comprehend your financial gain or loss.
- Store your receipts and invoices appropriately for future reference. A pro-tip is to scan your receipts/invoices and store them digitally.
- Make a spreadsheet on Microsoft Excel or Google Sheets to organize your income and profits. It helps in making calculations easier.
- Use accounting apps like QuickBooks and Xero to automate the tracking process of your finances.
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