Cash flow template in Google Sheets

cash-flow-automated-template

Written by Laura Tennyson

Sep 14, 2020

Keeping an eye on your cash flow is essential for making good business decisions. And a cash flow statement is one of the key documents that lenders and investors take into account when assessing the general health of a company. For your business to be viable, it must generate enough income (receipts) to cover outgoings (payments). To track this, you need a system to accurately monitor the flow of money in and out.

Sales proceeds, investments, operational costs, taxes, debt repayments … most businesses have multiple revenue and expenditure streams. This makes it difficult to centralize information. Data is often processed by different departments, resulting in communication delays and a lack of standardization.

Even if you have an in-house accounting team, collating receipts and payment data is often still a manual task. Financial management software can help, especially when you want to create smart reports and visualizations. But these programs come with a hefty price tag. Worst of all, the time-consuming task of sourcing and combining data from across the company can remain a problem.

Every business has unique financial management processes. Nonetheless, there’s one thing that every company in the world has in common: spreadsheets. Thanks to the power of the cloud, you can use a cash flow template to create your own automated system that works just like a piece of custom software — entirely in spreadsheets.

cashflow-workflow-template-dashboard

Why use Google Sheets for cash flow management?

  • Flexible: No matter what kind of business you run, Google Sheets allows you to build a tailor-made system. You can adapt it as needs change, without any new software.
  • Accessible: You and your coworkers can access, share and work with all of your financial data from any corner of the world. All you need is an internet connection.
  • Compatible with everything: Every other piece of software in the world integrates with Google Sheets. As a result, you can easily pull together income and expenses data from multiple departments simultaneously.
  • Easy to use: There’s no need to onboard your team as they’ll already be working with spreadsheets on a daily basis. Maintenance is easy and there’s no need for IT support.

How to get started

Sheetgo’s spreadsheet-based workflow template is a pre-built system for automated cash flow monitoring. It can be used by companies of any size, in any sector. The template gives managers a way to collect receipts and payments data automatically from multiple colleagues or departments.

cashflow-workflow-template-analysis-tab

What is a spreadsheet-based workflow template?

A standard spreadsheet template is a single file containing tables, charts, layouts, and formulas. In contrast, a Sheetgo workflow template is a complete system. It’s a group of interconnected Google Sheets that exchange data between them. This allows you to share data with colleagues and other departments without everybody working in the same spreadsheet.

A spreadsheet-based workflow template gives you:

  • Organization and data privacy: Each file is dedicated to one specific task. Individual team members or departments enter data into their own spreadsheet. That information flows directly into the manager’s cash balance spreadsheet.
  • Scalability: Google Sheets has a powerful sharing function but too many people working in the same file can cause it to become overloaded and clunky. Keeping data in separate but connected spreadsheets ensures that the system functions smoothly. If you need to add more data inputs from other colleagues, you can simply connect more files.
  • Integration: As well as allowing you to easily import and incorporate data from other software, a spreadsheet-based workflow enables you to link and merge data from across the entire company. In a few clicks, you can connect your cash flow system to another workflow (such as inventory) to generate reports for management.

What you get with this template:

When you install the Sheetgo Cash Flow template, three separate Google Sheets files are saved to your Google Drive:

  1. receipts spreadsheet. This is the file in which the individual or team responsible records money coming into the company. This might include data from customer sales, clients, bank loans, etc.
  2. A payments spreadsheet. In this file, the person responsible records money leaving the company. This may include operational costs, payments to suppliers, staff wages, taxes, and so on.
  3. A cash flow master spreadsheet for the manager, containing automated dashboards. Data flows into this file directly from the payments and receipts spreadsheets, via Sheetgo connections.

Share with your manager

If you handle financial data in your company but you’re not responsible for cash flow analysis, share this article with your manager so they can set up the workflow.

If you’re working alone and you don’t collaborate with colleagues, try our basic cash flow template to monitor your cash balance in one single file.

How to get the workflow template

Click on the blue button below to install the cash flow template.

Cash flow template

Google Sheets-based workflow template to track payments, receipts and your cash balance.

  1. Log in to Sheetgo with your Google account. As this template is based in Google Sheets, the files will be saved to your Google Drive.
  2. Click Use template.

Wait a few moments while Sheetgo installs the template and creates the connections. The cash flow master sheet opens inside Sheetgo.To open the Payments or Receipts spreadsheet, click on Workflow in the sidebar on the right-hand side of the screen and double click on either file.

Take a look at each of the files to familiarize yourself with the format of the template. You will see that each file contains sample data, which you can simply delete or overwrite.

cashflow-template-install-template

How to use the cash flow workflow template

Step 1: Enter the settings for your cash flow monitor

In the Cash Flow (master sheet) Instructions tab, enter the start date for the time period you want to analyze and your starting balance.

cashflow-template-enter-setup-data

Step 2: Share the input spreadsheets

Share the Payments and Receipts spreadsheets with the colleagues responsible for entering and managing that data.

If you have opened the spreadsheet inside Sheetgo, open it in a new tab, and then give edit access to your colleagues using the green Share button.

cashflow-template-open-payments-sheet-new-tab

Step 3: Start entering data

The Payments and Receipts spreadsheets are provided with sample data, to show you how the template works. Your colleagues can simply delete or overwrite this data and start logging entries in their spreadsheet.

cashflow-template-replace-sample-data

Step 4: Update the workflow

The template contains pre-built Sheetgo connections that pull data from the Payments and Receipts spreadsheets straight into the Cash Flow master sheet. Every time you update, or run, the workflow, the data in the master sheet is refreshed with the latest information from the input spreadsheets.

To do this manually, open Sheetgo, select the workflow, and click Run on the floating menu bar.

Check the Cash Flow master sheet. You will see that the dashboards now contain the latest data from the input sheets.

cashflow-workflow-template-run

Step 5: Automate the workflow

Once you’ve set up the template and colleagues are entering data into their sheets on a regular basis, you can automate the workflow. This will ensure you’ve always got the latest data in your master sheet and dashboards, without having to open a spreadsheet or open Sheetgo.

Click Automate on the floating menu bar and choose how frequently you want the data to be updated: from once an hour to once a month.

cashflow-workflow-template-automatic-updates

Expand the cash flow template

Once your cash flow system is up and running, you can expand and develop it by adding more source files and connections.

It’s a flexible system, so you can easily add data inputs from Google Forms or you can link to other workflows, such as team expenses tracking.

To incorporate additional data inputs from other colleagues or departments, just create more Sheetgo connections.

To do this, open the workflow menu on the right-hand side of the screen and click on the floating menu bar. Get more guidance in the Sheetgo support center.

If you’re looking for a more complex financial workflow or you’d like us to build a tailor-made system for you, book a call with our automation experts.

Looking for a basic cash flow template?

If you’re a freelancer or working alone, try our basic cash flow template. It doesn’t have any Sheetgo connections, but it provides a simple way to track your payments and receipts in one single file. Get a copy here.

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