When you are operating any business, there are some things you should keep track of beyond your financial recordkeeping. Spreadsheets are used to manage this. To determine what spreadsheets you need, here are the suggestions:

  1. If your employees purchase goods/items on their own personal account and are then reimbursed, you need a spreadsheet for them to document what was purchased, what expense it is associated with, and the receipts for proof of purchase.
  2. If your business pre-pays for goods before they are manufactured, you will need a spreadsheet for the vendors with open purchase orders listed with the total amount of the purchase orders. When the order is originally pre-paid for, the vendor purchase order should be reflected as the amount prepaid.  As portions of the purchase order are received, the spreadsheet should be updated (reduced) to reflect the amount of the order the vendor shipped, thus reducing the balance of the purchase order amount.
  3. In the event you ore your employees travel, you should prepare a travel reimbursement spreadsheet showing all travel related expenses with receipts.
  4. All businesses should have a budget. You can easily set up a budget by forecasting monthly expenses and income, and have a separate column for actual.

There are many more types of spreadsheets you can or may be required to use in your business. These are the main spreadsheets all businesses should consider.

Copyright Jeanine Pfeiffer