Whether you’re running a solo side hustle, a growing small business, or a thriving company with employees and complex operations, one thing is certain: numbers matter. Tracking your business’s monthly revenue isn’t just about knowing what you made—it’s the foundation of smart decision-making, sustainable growth, and financial stability.

From understanding your cash flow to applying for business loans, accurate revenue tracking can make or break your ability to scale. The good news? There are multiple ways to track your business revenue—some are super simple and low-cost, while others offer robust automation and professional oversight.

Let’s explore your options and help you find the right fit for your business.

DIY Accounting – Spreadsheet Style

If you’re just starting out or running a small, one-person operation, you might be tempted to manage your revenue tracking the old-fashioned way: with a trusty Google Sheet or Excel spreadsheet.

And honestly? For very simple businesses with limited transactions, it can work—at least in the beginning. You’ll manually input income, expenses, and calculate profit margins month to month. You might even find free templates online to help you get started.

Pros:

Virtually zero cost

Full control over the process

Customizable to your specific needs

Cons:

Prone to human error (one typo can throw everything off)

Time-consuming and not scalable

Requires frequent updates and constant manual entry

Doesn’t integrate with other systems (like your bank or payment processor)

Tip: Searching for “monthly revenue tracking spreadsheet template” or “small business Excel accounting template” can lead you to some helpful tools to get started.

Traditional Accounting – Outsource It

Hiring a bookkeeper or accountant is a tried-and-true method for managing your financials. For business owners who don’t have the time, interest, or skills to dig into numbers, this can be a smart move. You hand over your receipts, invoices, and bank statements—and let the pros handle the rest.

This approach is especially common among small to medium-sized businesses that are generating enough income to justify outsourcing, but not enough to hire full-time finance staff.

Pros:

Professional expertise

Reduces your workload significantly

Helps ensure compliance with tax regulations

Can offer financial strategy advice

Cons:

Higher cost (often charged hourly or monthly)

Less hands-on control

Delays in getting real-time insights

Pro tip: To keep costs manageable, some businesses use accounting software for day-to-day tracking, and then share the reports with an accountant for end-of-month reconciliation or annual taxes.

Accounting Software – Your Digital Bookkeeper

If you’re ready to automate and streamline your revenue tracking, accounting software is a game-changer. Cloud-based platforms like QuickBooks, Xero, Zoho Books, and MYOB are tailored for small and medium businesses. They simplify bookkeeping, track income and expenses, generate professional invoices, and give you real-time visibility into your cash flow.

Most of these tools integrate with your business bank account, payment systems, payroll software, and even e-commerce platforms, creating a seamless financial ecosystem.

Pros:

Real-time data and financial dashboards

Automated invoicing and payment tracking

Reduces the risk of manual errors

Can be accessed by multiple users in your team

Affordable and predictable monthly fees

Cons:

Some learning curve if you’re not tech-savvy

Monthly subscription cost (though usually minimal)

Tip: Looking for “best accounting software for small business 2025” or “cloud-based bookkeeping tools” can help you find the right fit based on reviews and features.

Our Recommendation: Combine Smart Software with Expert Support

The best approach for most businesses? A hybrid model. Use accounting software to handle the daily tasks—like invoicing, expense tracking, and monitoring revenue in real time. Then, lean on a qualified accountant or bookkeeper to handle the more complex financial tasks, like tax filings, payroll, and strategic financial planning.

This way, you keep costs down while still ensuring accuracy and compliance. Plus, you gain valuable insights into your business’s financial health—insights that can help you grow smarter and faster.

Why Tracking Monthly Revenue Matters (More Than You Think)

Still wondering why all this matters? Here’s the big one:

When applying for a business loan, most lenders will ask for proof of monthly revenue. In fact, some lenders have strict minimum revenue requirements that must be met for your application to even be considered.

If your records are inaccurate, outdated, or nonexistent, you could miss out on valuable funding opportunities—even if your business is profitable.

By consistently tracking your monthly revenue, you’ll:

Improve your chances of getting approved for financing

Spot cash flow issues before they become crises

Make smarter decisions about hiring, inventory, and marketing

Feel confident about the financial direction of your business

Tracking your monthly revenue isn’t just about “doing the books”—it’s about unlocking the full potential of your business. Whether you stick with spreadsheets, upgrade to software, or bring in the pros, the key is consistency and clarity.

Choose a system that matches your current stage, budget, and comfort level, and adjust as your business grows. Your future self (and your accountant) will thank you.