The gig economy has been growing for a long time now. Along with that comes financial responsibility. You now have taxes to account for, businesses expenses to log, and cash flow to manage. This template makes it easy to track revenue from multiple streams, expenses, and cash flow per month and year-to-date.
$45.00 USD
After purchase, the template will be immediately available to download. This is also included in the Accounting spreadsheets bundle.
Template Features:
- Adjustable tracking year that auto-updates the 12-month period.
- Track up to 7 income streams each month for a 12-month period and year-to-date values auto-calculate.
- Up to 30 expense slots to enter data into per month.
- Displays monthly profit and loss and year-to-date.
- Inputs available for depreciation add back, loan proceeds, debt repayment, CAPEX, and tracking total savings over the 12-month period.
- Visuals for monthly revenue, net income after tax, cash flow, and savings balance.
- Taxes auto-calculate based on year-to-date net income and a defined income tax rate.
Normally I build financial models for corporate use, but there are a lot more individuals who need proper financial data tracking on an annual basis. This will help you fill out tax information and keep track of your financial better.
There is no need for accrual logic in the side gig economy, but it is possible that you could have depreciation expenses, CAPEX items, and loans so I included separate line items for those things as they come below the net income line but do need to be accounted for when figuring out your side hustle cash flow and savings over time. Keep in mind these items are only included if they are business related, not personal.
It is easy to use this for multiple years. Each new year, simply duplicate the 'Template' tab and rename it for the year it is for and fill out the data accordingly.
I didn't include a separate section for the cost of goods sold, but you can simply enter all business-related expenses in the expense section. The main goal is to drill down to net income and cash flow in this spreadsheet.
Since the video, I have added a net profit margin calculation per month and year-to-date.
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