Trying to manage your personal finances is an incredibly difficult task for anyone, but small business owners have even more challenges than the rest of the population. Along with needing to keep track of their own expenses and income, they also have to keep track of the same things for an entire business. Keeping track of every one of these transactions can be incredibly tedious, but Microsoft has recently introduced a new program that could help make this process exponentially easier.
Money in Excel is a new addition to Microsoft Office that allows you to manage money right in Microsoft Excel. The new add-on lets you connect to bank, credit card, investment, and loan accounts, linking them all into Excel to enable you to view all of your finances in one place. This can work wonders for small business owners, who might have multiple company credit cards, bank accounts, etc. to keep track of. Money in Excel allows you to put all of those different accounts in one place.
Money in Excel also makes it extremely easy to keep track of exactly where your money is going. It will generate graphs, charts, and tables that give you detailed information on what you are spending your money on. For individuals, this could include things like groceries, rent, or car expenses, while for small business owners these categories would be more likely to cover items such as payroll, rent, and utility cost. The nice thing is you are able to set up the categories for yourself, allowing you to keep track of exactly what you need to keep track of over any period of time. And if you end up adding an expense that does not already have a category to fit into, you can always add a new spending category.
Though this feature was really designed and marketed for individuals, it is absolutely applicable for small business owners who are looking to save time, and therefore money, when keeping track of finances. It is fully customizable, meaning you can keep track of anything you need to keep track of, from product cost to building repairs. And it’s simple to use. If you have used Excel in the past, it is as easy as adding the new plug-in, linking the program to any accounts you want to be added, and creating the categories you want Money to track.
Above all, using Money in Excel can save you valuable time. Whether you’ve been running your business for years or you’re just starting a new company, you know how valuable your time is. It is important to maximize the amount of time spent on the important parts of your business and minimize the amount dedicated to things like keeping track of expenses. This program can help you do exactly that, helping you organize and track your finances in a way that is easy to understand.