Or, think about hiring a bookkeeper (like Bench).Ĭustomizing the Income Statement Template for your business If you’re at the point where you believe your business needs double-entry bookkeeping, it’s time to use accounting software.
However, it’s also more work to maintain-and difficult to set up in Excel. It’s more effective than single-entry for tracking cash flow and protecting against errors and fraud. The double-entry method of bookkeeping is standard for larger, more complex businesses. Every time money enters or leaves your business, it’s recorded once, as a positive (income) or negative (expense) value.Ī quick heads up about double-entry bookkeeping. Single-entry bookkeeping is a good choice if you run a small, simple business with a low volume of transactions. And it has everything you need to get a grasp of single-entry bookkeeping in Excel. But when you’re getting started, the Income Statement Template is tidy and approachable. Later, you may prefer to use a different template, or even create your own. Before we get started on DIY bookkeeping, download a copy of Bench’s Income Statement Template.
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