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Want to keep your business finances organized? This income tracker spreadsheet will help you keep track of all of your blogging revenue.
It is extremely important to keep your finances organized when it comes to running a business.
In fact, I'd venture to say that staying organized is the MOST important thing when it comes to being successful.
Financial tracking will keep you and your business aligned when it comes to goals.
Due to this reason (and my love of excel spreadsheets), I kept my blogging business perfectly organized from day one.
In today's post, you'll download a free copy of my blog income tracker spreadsheet, learn how to track your revenue, and better understand why keeping good financial organization is important for running a business.
Today's post is all about how to track your business revenue via an income tracker spreadsheet.
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- Review of Bluehost: Beginner’s Guide for New Bloggers
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Importance of Financial Organization in a Small Business
There are many reasons to stay financially organized when running a small business.
It is so extremely important for tax reasons and to determine your profitability, but let's dive into exactly why you should track your revenue to a T.
1. To Determine if Your Business is Profitable
The first reason is that you'll want to track your finances as closely as you can so that you can determine whether or not your business is driving a profit.
Everything I do here at The Financial Cookbook is about ROI (return on investment). I want to make sure that every second of my time, everything I buy, and everything I do is driving ROI in some way.
Therefore, being very organized when it comes to revenue and expenses allows me to see just how profitable my website is, and adjust the time I'm putting into it.
2. For Tax Purposes
The second reason to remain organized is so that you can have an accurate representation of your earnings for Uncle Sam.
What I mean by this is that typically in a small business, you are responsible for reporting your earnings to the IRS. This means, you still have taxes you will need to pay.
Due to this, I like to keep a very close eye on my revenue so that I know exactly how much to save in a bank account for tax day. The government will always want its fair share.
3. Analyze Expenses
The third reason to remain organized is to be able to accurately see all of your business expenses for the year. This will allow you to notice trends and analyze whether or not certain purchases will be worth it in the future.
This practice will also allow you to write off any business expenses against the taxable income we mentioned above.
4. Monitor Payments
The fourth reason is so that you can monitor where all of your income streams are coming from and MAKE SURE you get paid.
I keep a VERY close eye on what income I should be seeing. If there's a discrepancy between my spreadsheet and what was actually paid, I'm able to call the vendor and get it resolved.
I would never know about a discrepancy unless I kept good books on my income sources.
As you can see, these first 4 reasons only touch the surface of why it is truly so IMPORTANT to keep your small business finances organized. The list can go on and on.
Download the Income Tracker Spreadsheet
This is the exact blog income tracker I use to log all of my income for my website, The Financial Cookbook.
I have MANY different income sources for this website and over time, it's become so many that it's difficult to keep up with!
The ONLY way I'd be able to stay organized is by tracking everything in an excel document. It is my HOLY GRAIL!! That's for sure!
I've been using this income tracker spreadsheet for about a year now, and it has been a habit I've stayed consistent with….meaning IT WORKS!
This income spreadsheet is created for bloggers and is what I used for this blog. However, this spreadsheet could be used for any small business and can be edited freely.
I'll break down exactly how to use it in the steps to follow, but go ahead and download it below to follow along!
*Must open in Microsoft Excel*
How to Use an Income Tracker Spreadsheet
Go ahead and open up the blogging tracker spreadsheet. As I mentioned, I will speak to it as it relates to blogging businesses, but it can work for any small business.
The entire template can freely be edited, but it is already set up with formulas so that the numbers automatically populate.
I set a money date with myself (usually the 1st) where I order pizza (to make it fun), pour a glass of wine, and go through all of my blogging revenue in this spreadsheet.
This way, I can track each month as I go and am always aware of all of my numbers.
Let's walk through how to use the income template.
Revenue Tracker Categories
After you open up the income tracker spreadsheet, you'll see that it has several revenue categories:
- Affiliate Revenue
- Ad Revenue
- Sponsored Revenue
- Product Revenue
- Other Revenue
Now, you may change out the titles of these with your own revenue categories, but these will be the most popular for bloggers.
If you have a non-blogging business, just change out the names of each!
How to Use the Blog Revenue Spreadsheet
I've created the spreadsheet so that it can be used year after year and arranged by month. When I get to the next year, I just make another tab in the excel document so that I can see every year of income in one spreadsheet.
You'll notice that all of the months of the year are at the top.
How to Enter Revenue:
Now, under each month, you'll write the revenue amount that you earned from that income source.
Take your time here and verify each number so that you know you are seeing accurate data.
At the bottom, you'll notice the spreadsheet will total the amounts for you.
Totals:
- In Column U, you'll notice the totals for the income source will sum everything up as well.
- Column V is optional, but I like to include it because it allows me to quickly see what percentage of revenue each income source is in comparison to my total revenue. This allows you to determine which income sources are most valuable to you, which is very important to know. You'll easily be able to see that affiliate income makes up 26%, products make up 15%, ads make up 46%, etc. You get the idea.
The spreadsheet should be pretty straightforward, but if you're having any issues or need any help, feel free to email me at lisa@thefinancialcookbook.com.
Blog Income Report Summary
I hope this blog income tracker helps you manage your blogging finances in an easy-to-understand way!
This has been a life changer when it comes to running my small business so I'm hoping it will help you as well!
If you haven't downloaded the blog income report yet, feel free to do so by clicking the button below!
Good luck! You got this! =)
Related Articles about Blogging:
- How I Made $6,836 from Blogging as a Side Hustle in January 2022: Blog Income Report
- Blogging Tools
- How to Launch a Blog with No Experience (in Under a Week)
- Review of Bluehost: Beginner’s Guide for New Bloggers
- How to Start a Blog from Scratch in 2022: Ultimate Beginner’s Guide
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