If you own a small business, it is very important that you have a good understanding of your business income and extra expense. This is especially true if you have employees. For your business to be successful, you need to know what your expenses are. You also need to be able to document those expenses accurately and quickly. A good business income and extra expense worksheet can help you with your business expense records and inventory control. The following are the basic features of a good worksheet for your business.
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One of the most important features of this worksheet is the itemization of expenses. The itemized expense provides detail information about each purchase, service, and in some cases even the payment for these items. It is especially useful when dealing with personnel expenses such as benefits and retirement. The itemized expense will help you see which employee is responsible for which expense.
Your business income and extra expense worksheet will also come with an itemized tax expenditure feature. This worksheet will allow you to itemize your purchases and receipts and then it will allow you to deduct them. This worksheet will also track depreciation expenses and interest. The itemized tax expense worksheet allows you to track and compare the tax deductions and write it on the forms you file.
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Another important feature of the itemized expense worksheet is the inclusion of the cost of supplies. Expenses for computers, office supplies, printers, and other items that you may use frequently should be itemized. Include the cost for all supplies in your calculation of your business income and expenses. To calculate your itemized deduction properly, it is important that you provide the appropriate documentation supporting your itemized deduction. Your tax professional can advise you on whether or not itemized deductions are available to you.
Most businesses have separate expense accounts for their products and services. When you create your business income and expense worksheet, make sure that it includes a product and services expense account. This will enable you to itemize your daily and weekly expenses as well as any special or extraordinary expenses that occur during the year. For special or extraordinary expenses you need to write these itemized items separately. If you do not already have separate expense accounts you should consider opening a standard business expense account so that you can itemize your daily and weekly expenses as well as your special and extraordinary expenses.
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When you create your business income and expense worksheet, be sure that you include an income statement. A good statement will provide information on your gross receipts, sales, cost of goods sold, and your total expenses, including any rent, utilities, and depreciation expenses. You need to include an income statement even if your business is not tax bonded. With a tax-based business you will be required to itemize your expenses. The CPA may require you to itemize if you are self-employed or if you receive grants.
A business income and expense worksheet is not complete without a cash flow statement. This part of the worksheet will detail the cash that you currently have coming in and going out. It will also show your income from interest and dividends paid on stock and property, and cash paid into the business. You need to have at least one positive cash flow during the year if you expect to see profits.
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Finally, when you complete your business income statement you will want to include one more item that is called the gross profit. This will provide you with a nice picture of your profit margin. To calculate your gross profit divide the gross receipts that you have received by the sales that you have made during the year. Divide the difference between the two numbers by the year end sales. This is your gross profit.
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