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How do small businesses keep track of profit?

Asked 2 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:

  1. Open Business bank accounts and make all your commercial transactions through this account to comprehend your financial gain or loss.
  2. Store your receipts and invoices appropriately for future reference. A pro-tip is to scan your receipts/invoices and store them digitally.
  3. Make a spreadsheet on Microsoft Excel or Google Sheets to organize your income and profits. It helps in making calculations easier.
  4. Use accounting apps like QuickBooks and Xero to automate the tracking process of your finances.

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