The first thing they’ll need to do is create a chart of accounts. They’re using an Excel bookkeeping template to manage the business. Let’s look at an example.Ĭenterfield Sporting Goods opened on January 1, 2020. You’ll need to set up accounts, post transactions, and create financial statements using Excel. In the meantime, you’ll still need to understand the accounting process and how you can complete each task using Excel accounting. And bookkeeping in Excel can lead to errors and inefficiency. As your business grows, you’ll need to post more accounting transactions. But keep in mind that Excel bookkeeping is not a solution for a growing business. Most people are familiar with Excel, and using the application is straightforward. Many small business owners use an Excel accounting template when they start operations. So you may not have automated administrative tasks like bookkeeping and accounting when you open your doors. Your top priorities may be to find customers and deliver a great product or service. When you start your business, time and money may be in short supply.
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