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Side Hustle Success: 12-Month P&L Tracker for Passion Projects
Introducing the comprehensive ‘Side Hustle Success’ P&L Tracker, designed for the modern gig economy worker to seamlessly manage multiple income streams, track expenses, and monitor monthly and year-to-date financial performance.
With features such as adjustable tracking years, auto-calculating metrics, and visuals for key financial indicators, this template ensures individuals can maintain financial clarity, easily prepare for tax season, and assess the profitability and cash flow of their side gigs.
I wanted to make this template a tracker for just 12-month periods. One of the main purposes of it is to figure out your annual tax liability based on net revenues and expenses. To get as granular as possible, I also added calculations to add back depreciation expense, and account for business loans, principal repayments, and other capex items.
By adding relevant cash flow movements, this model can be used to track your expected savings balance over the year, which makes for clearer financial planning. To use this for multiple years, simply make a copy of the ‘template’ tab and start filling in data for the next year. Also, it can be great for budgeting. To properly budget, simply enter your estimated revenues and expenses each month, and then, as you complete each month, fill in the actuals. Alternatively, you can have a tab for budget and a separate tab for actuals to do a variance analysis.
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