Whether you are a start-up, a large company, an association, or a business, keeping accounts is a necessary step to have a precise idea of your financial situation, but also to comply with the law. However, keeping accounts is not an easy task, and often, using accounting software makes it easier to manage. Among the many software available on the market is Excel. It is a program that allows you to manage your accounts easily and is very well-known. But how do you manage your accounts on Excel?
Read also : Discover how to enhance your daily well-being with practical tips
Understanding the Basics of Accounting
Excel is indeed a software that allows you to manage your accounts easily, but it is not primarily accounting software. To use it for bookkeeping, it is essential to have a good grasp of the basics of accounting. This mainly involves concepts such as receipts, payments, various taxes, etc. To get well-informed, one must be aware of the legal texts regarding accounting. However, the basics of accounting are not the only elements to know. You also need to understand the basics of Excel software. For this, you can take a course on the platform https://apprendreexcel.com/. Once all the basics are mastered, it’s time to get started.
Creating a Cash Flow Plan with Excel
Creating a cash flow plan is an essential criterion for good bookkeeping. The first practical step to managing your accounts on Excel is to create a cash flow plan. It takes the form of a spreadsheet. This spreadsheet contains dates, descriptions of payments and receipts, as well as those of taxes applied to products. The cash flow plan is often established over a year, but it is important to manage your accounts as the month progresses.
See also : Discover how to boost your online visibility through media news
Inserting a Calculation Formula into the Cash Flow Plan
The advantage of managing your accounts on Excel is that you do not need to perform the calculations manually. The software is designed to perform calculations automatically and make tasks easier for users. However, you need to insert a calculation formula. Learning how to insert calculations is one of the basics of Excel software, making it very easy to add a formula to your cash flow plan. With this formula, updating your cash flow and managing your accounts becomes very simple.
Regularly Include Your Accounting Data
To finish managing your accounts on Excel, you need to enter the data for payments, receipts, and taxes. Data entry should be done weekly to ensure you are always up to date and to know your financial situation every evening. However, it is possible to update your accounts weekly or monthly. The choice of frequency depends on each user and their needs. When the time comes, all you need to do is enter the data, and you’re all set.