SimplePNL is a business tool designed for all of us who hustle in the gig economy to quickly organize bank statements into expense & income categories. It’s free to use and can help you quickly organize your $$ info to maximize your tax benefits! The folx at MKBK.llc have created this great little resource to help you efficiently get to an end result of bookkeeping, without requiring the extra investment of time & money required by bookkeeping software. These bookkeeping platforms are often too robust for a brand new small business or side hustle, often cost you way too much $$ monthly, and create an extra drain on the precious time you need to run your project . Our resource is pretty simple *pun intended* – just download a bank statement or period of activity as a CSV from your bank, upload it to the SimplePNL app, and start categorizing!
Check out the SimplePNL Bookkeeping app here!
Keep scrolling to get our nifty guide 🙂
Wait, what is a P&L??
As a new business owner there is a lot to keep track of, right?! Don’t sweat, we are here to help with all the definitions. P&L stands for Profit and Loss statement, a.k.a. Financial Statement or Income Statement. P&Ls show a clear picture of your income and expenses and will often be requested by tax preparers (and will help you get through things quicker if you self-prepare), business coaches, banks, and other entities you may look to for help staying legally compliant & leveling up your business. If the language of business and accounting stresses you out, or if you prefer instructions to trial & error, we made this helpful breakdown of the nitty gritty of business reporting that you can download as a PDF here for $5. This PDF includes a step-by-step on how to use the free APP, and gives you a little extra help getting started! Stay tuned to our social media platforms for upcoming live Zoom events where you can find more helpful tips & tricks on making the app work for you, and even more business know-how info, cause sharing is caring!
This feels super tedious. What’s in it for me? Once you complete this three-step SimplePNL you will get a report that will provide a crystal clear picture of your finances to help guide your business plan. Your SimplePNL may even save you money on taxes by efficiently pooling all your business expenses and lowering your taxable income. Click here to learn how
Why is my bank statement uploaded to Google Drive? Can’t you just talk to my bank directly? SimplePNL leverages user’s Google Drive to securely store user’s personal information without incurring additional cost. Google Drive supports two-factor authentication, metadata encryption and encryption of data in transit. In short, Google does a fairly good job at protecting your data from hackers. However, if you value a high level of privacy, Google Drive probably isn’t for you and you can access an excel version of this file here.
I have accounts with multiple banks, what can I do? Start with one bank statement at a time. Once you finish the first, you’ll be able to create additional reports and track them all. Right now, you might need to combine reports together on your own.
The categorizations seem super confusing, can you help me? Check out this guide to tax categories or click here to reach out to me directly for support!
I need major help. How can I reach you directly? Email email@example.com with your questions directly or click here to schedule an appointment!
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