How To Use The Notion Accounting & Finance Template From Lexy

The Notion system has a free level with a basic limited account for individual use. The paid Personal Pro plan is free for use by students and educators. We’ll walk through some of the big takeaways and then dive into the specifics of how their product, subscriptions, and partnerships contribute to the revenue stream.

You can also use the “Rollup” property to automatically calculate totals from multiple databases. Notion also has a Zapier integration that allows you to automate tasks across multiple apps. Notion’s ability to track changes and revisions makes it an ideal tool for creating audit trails. By creating a database for audit trails, accountants can track changes made to financial data, tasks, and other information.

  • With Notion, accountants can create customizable databases to track expenses, income, and other financial data.
  • Each one is functionally limited, buggy or ugly—sometimes all three.
  • Organize your finances with categorized expenses, debts, bills, and an Income and Expense Calendar.

Overall, Notion is a versatile tool that can help accountants improve their workflow and increase productivity. It offers a streamlined approach to monitoring your income and expenses, providing you with a comprehensive overview of your financial performance. The accounting and finance template in Notion is designed to streamline your financial management process. Below, we provide a quick explanation of the most important buttons and databases inside the template. If you want a more detailed explanation skip to the next section.

Why Accountants Need Notion

It helps you maintain an accurate timeline of financial activities. Easily record your accounting entries with a convenient and accessible Add Transaction button, allowing you to input all the necessary details for each transaction in one place. Use this personal accounting template to help you simplify the tax process and understand it better. Ready to find out if workflow software is the right fit for your firm?

It’s a combination of Google Docs, Google Calendar, and Evernotes all in one software company platform. Notion can be an excellent tool for keeping notes and projects organized. You can create tags to let team members know you want their opinion. You can tag the page, circulate it among all team members, and crowdsource feedback.

Access Control

Users should not manually adjust this column since it’s calculated dynamically based on transaction data. This could include the names of your various bank accounts, payment gateways, or physical cash holdings. Users have the flexibility to add new accounts and remove any accounts they no longer need. Notion works well for creatives like graphic artists, writers, and marketers. That said, it’s not explicitly designed for accountants and bookkeepers who want industry-specific built-in features.

The system is entirely customizable to meet the unique needs of your team. Similar to tools like Trello, you can also create drag and drop dashboards that track projects as they move through the steps of your workflow. Thios template is relatively new and has been designed after thorough market research to provide users with an efficient and comprehensive way to manage their finances. With integrations facilitated by Notion’s new API, you can automate much of this accounting workflow. By connecting Notion to your banks and payment gateways, you can automatically add transactions based on predefined conditions.

Questions to Ask New Tax Clients for Easier Onboarding

You can simply copy and paste the Transaction ID here for ease of reference. This has helped to assess my expenses for each month and minimize those based on where I overspend each month. Tracking my bills and paying them on time has become easy now by using this Notion Bills Tracker.

Keep track of your monthly expenses, inflow, outflow, and transactions with this budgeting tracker. The Notion Finance Template also comes with a finance calendar and 5 dashboards, so you can get an overview of your finances and share them with family, friends, or a financial advisor. With this template, you have everything you need to take control of your finances. The Notion system faces intense competition from other workspace management systems and more comprehensive workplace operating systems. In the educational sector, Notion competes with the software apps of EverNote and Microsoft OneNote. The Outstanding Amount column is a formula field that calculates the remaining balance on the invoice.

Add Transaction Button

By clicking on this button, you will be directed to a form or interface where you can input the necessary information for each transaction. They are Notion creator that focuses on building templates to help track your finances. This is a guest post by The Accountant Guy, a Notion creator that focuses on building Notion templates to help track your finances. Over 6,000 accountants and bookkeepers use Jetpack Workflow to standardize client work, automate deadlines, and track firm progress. The bad news is it can’t be integrated with Google or Apple Calendar. Most invites and time-blocking requests originate from Google Calendar.

What is Notion Expense Tracker

Get the course that takes you from 0-60 in Notion in just 4 lessons! Learn everything from a blank page to a sophisticated content management system. There is also a web browser extension that is called Web Clipper. This extension allows users to copy any web page for use in the Notion system. This methodology allows anyone who comes on board later to see the history of an idea’s evolution.

Nevertheless, one article in Medium says the company was profitable in Jan. 2020, which is likely to still be true. You can also populate invoices that are issued from tools like Harvest, AND.CO, and my dreaded FreshBooks. To do so, you’ll use Zapier, or Integromat to build an automation that’s triggered when a new invoice is created.

Experts Share Their Strategies for Buying an Accounting Firm

We’re big enough to handle massive projects, and yet also nimble enough to come up with names on demand that hit every time. Another clever idea was to use the Notion tool to build the website. Visitors to the website immediately get to see how the tool is used to organize and present ideas, projects, and workflows. Techcrunch says that the company grew to its first million users with a staff of fewer than 30 people.


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