Are you tired of doing manual, time-consuming commission tracking and wish that you had an easier way? You’re not alone!
Many entrepreneurs track their commissions using spreadsheets or other manual methods because they don’t have the time or resources to build something from scratch.
To help you out, we’ve put together this guide that shows you how to use Google Sheets to track your commissions and save yourself some valuable time and energy. If you’re ready to get started, just keep reading!
Why You Need a System
Working a full-time job as well as juggling side gigs can be tricky, and many freelancers find themselves losing track of their time and missing deadlines because they don’t have a system in place.
Having good time management skills is an important part of being a successful entrepreneur, which is why having a system in place that manages your time effectively is crucial.
While you may think it would be easier to just wing it without any sort of system, chances are you won’t get very far before you start forgetting things or getting overwhelmed.
A simple way to stay on top of everything is by using Google Sheets as a way to keep track of all your projects and deadlines (and keep yourself accountable).
There are tons of great templates out there, so take some time to look around until you find one that works for you!
The Simplest Way to Track Your Commissions.
If you’re a sales rep or manager, there’s a good chance your organization uses (or could benefit from using) commissions as an incentive system.
Tracking who makes what and when can be a bit of a pain, but if you have access to Google Sheets it’s possible that you might never need another software program again.
Here’s how: Make all of your employees log in with their Google credentials when they get paid. This will automatically populate each employee’s name and date of payment on a new tab within your spreadsheet called employees.
Add columns for each commission tier, number of units sold at each tier, total amount earned at each tier, and total amount earned so far.
You can create a separate column for each employee or leave one space open and just copy/paste names into each cell as needed. Next, add two more tabs to your spreadsheet: one labeled orders and one labeled units sold by order.
The orders tab should have four columns: Date Ordered, Date Shipped, Units Ordered, Price per Unit.
The units sold by order tab should also have four columns: Date Ordered, Units Ordered, Price per Unit Sold. Now comes the fun part: Copy and paste data from your employees sheet onto these new order sheets.
Each time someone sells something, enter 1 into their corresponding cell on both tabs. When someone buys something, enter 0 into their corresponding cells on both tabs.
Tracking Which Clients Owe You Commissions.
Another time-suck, but absolutely essential if you want to earn money from freelancing, is keeping track of who owes you money. There’s really no way around it; if your clients aren’t paying, you don’t eat.
Use a spreadsheet (Google Sheets is great) or an accounting program like Quickbooks or Xero.
Tracking Your Own Balances
Even when you have an excellent bookkeeper, it’s important that you can accurately track your own balances and income.
A good spreadsheet program will allow you to do everything from basic accounting (breaking down categories of income and expense) to more complex financial planning.
For example, if your business offers a product or service with recurring charges, such as monthly subscription fees, being able to model different scenarios is essential.
Benefits of Using Google Sheets Over Excel or Other Spreadsheet Programs
– It’s free! One of my favorite things about Google Sheets is that it’s free. Many businesses are still operating in Excel, which requires a paid subscription on Office 365.
I also love that Google Sheets allows multiple people access to edit and add information on a sheet at once. Plus, as long as you have a phone or computer with internet access, you can pull up your sheet from anywhere. No more waiting until you get back to your desk!
– Another benefit is Google Sheets automatically saves all changes as you make them, so there’s no risk of losing your data if something happens to your device.
– And lastly, if you ever need help getting started using Google Sheets, there are lots of tutorials out there—just do a quick search!
PS: If you would like to have an online course on any of the courses that you found on this blog, I will be glad to do that on an individual and corporate level, I will be thrilled to do that because I have trained several individuals and groups and they are doing well in their various fields of endeavour. Some of those that I have trained include staffs of Dangote Refinery, FCMB, Zenith Bank, New Horizons Nigeria, and Phillips Consulting among others. Please come on Whatsapp and let’s talk about your training. You can reach me on Whatsapp HERE. Please note that I will be using Microsoft Team to facilitate the training.
I know you might agree with some of the points that I have raised in this article. You might disagree with some of the issues raised. Let me know your views about the topic discussed. We will appreciate it if you can drop your comment. Thanks in anticipation.
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