Check Out This Small Business Template Before You Buy Quicken, Quickbooks, Peachtree, MYOB, Netsuite, or Business Works

In the real world there are thousands of entrepreneurs who are just too busy and the let their bookkeeping go until tax time. This article explains how to quickly summarize their information.

I find this faster than dealing with a Quickbooks trial balance that was compiled by someone who does not understand basic bookkeeping.

The first step is to make sure that your accountant agrees with me. Make sure they are fluent in spreadsheets.

I am proposing that you enter all the data that flowed through your business bank account on a spread sheet like the one at the end of the article. Your accountant can them sort and total the information. If you are good with spreadsheets you can sort and total it.

If your accountant does not understand my proposal, give him or her a copy of the following blog that goes into more detail.

The only tricky maneuver is entering the formula at column I, line 11. It is the above balance, plus deposits, less disbursements (I10+F11-G11). The formula is replicated all the way down.

Please e-mail me if you want the template sent to you.

In the perfect world, everything flows through the bank account. If petty cash was used to pay for something a check to reimburse the cash fund would have written. If that was not done, use this template so summarize any expenses that were not included in the bank checks.

If all revenue was not deposited, use the template so summarize any that was not recorded. In the future deposit all revenue.

Give you accountant a list of any checks or deposits that were in the current year but did not clear the bank until the following year. Also give him a list of any deposits or checks that were included in the prior year but cleared the bank in the current year.

If you are on the accrual basis your accountant will need figures for: inventory, account receivable, and account payable (by expense account).

Please, believe me, this is fast, simple, and easy to learn.

Note Column A would have the date and Column B the check number; these columns are left off so that the spreadsheet can fit on this blog.