---
title: How to Track Your Finances and Accounting — Sky's The Limit Help Center
description: This guide will help you work with a mentor to assess where you are in your finances, start a business account, and get paid.
---

###### [Accounting & Bookkeeping](http://skysthelimit-21159137.hs-sites.com/project-guides?category=accounting--bookkeeping)

# How to Track Your Finances and Accounting

This project guide helps two Sky’s the Limit members work together through four meetings as they collaborate to track your money.

### **Meeting 1: ***Assess where you are*

**Before this meeting: **

- Make sure that you’ve had an intro meeting. If you need help navigating your first meeting, visit this [ **Guide to Your First Meeting**](http://skysthelimit-21159137.hs-sites.com/volunteer-resources/guide-to-your-first-mentoring-or-advising-session)**. **
- Review: [**Start Up Budget** ](http://skysthelimit-21159137.hs-sites.com/accounting-and-bookkeeping/startup-budget)

**In this meeting:**

- Talk through where you are in your business. Have you made your first sale? Do you have a product or service developed yet? 
- Next, you should review your expenses. The Start up Budget may be helpful in determining where your money is going. 

**After this meeting:**

- Show your initial budget to a friend.
- Note any agreed-upon next steps.

 

### **Meeting 2: ***Business bank account*

**Before this meeting: **

- Review [**Business Bank Account article** ](http://skysthelimit-21159137.hs-sites.com/accounting-and-bookkeeping/banking-for-business)

**In this meeting:**

- Do you already have a business bank account? If so, are you keeping monthly statements? Are you paying for everything via your business account checks and debit card? 
- If you don’t have one, check with your bank to see what steps are needed to open one.

**After this meeting:**

- **Reach out to your bank or set up an appointment with them.**
- Note any agreed-upon next steps.

 

### **Meeting 3: ***Get Paid*

**Before this meeting: **

- Review the [**Get Paid** ](http://skysthelimit-21159137.hs-sites.com/accounting-and-bookkeeping/get-paid) article and this article on [**The Difference Between a PO, an Invoice and a Receipt** ](http://skysthelimit-21159137.hs-sites.com/accounting-and-bookkeeping/sales-receipt-template)

**In this meeting:**

- Discuss your options for taking payments from customers or clients. Which will work best for you?
- Discuss and decide on the payment terms that will work best for your business.

**After this meeting:**

- Create a billing or invoice template and share with your mentor for feedback.
- Note any agreed-upon next steps.

 

### **Meeting 4: ***RCOGN (Revenue, Cost of Goods, Net Profit)*

**Before this meeting: **

- Review [**Cash Flow Statement** ](http://skysthelimit-21159137.hs-sites.com/accounting-and-bookkeeping/cash-flow-statement)

**In this meeting:**

- Review the important financial definitions in the [**Cash Flow Statement**](http://skysthelimit-21159137.hs-sites.com/accounting-and-bookkeeping/cash-flow-statement) article and apply them to your business.
- Use the [**Cash Flow template**](https://docs.google.com/spreadsheets/d/10hZQDuhYRbP0ex--xS_WnRxr5VJT-4BHQK6kKqgE-GA/copy) to determine your revenue, cost of goods, gross profit, and overhead costs.

**After this meeting:**

- Continue to update your Cash Flow sheet.
- Be sure to mark your project complete, [**update your business tracker** ](https://app.skysthelimit.org/home/milestones) **,** and start a new project!

---

#### **Want to talk to someone who can help? **

Sky’s the Limit members are connected to a community of volunteer business mentors, more free tools and guides like this one, and exclusive funding opportunities.

[ Sign up to find a mentor ](https://app.skysthelimit.org/home/onboarding/signup)

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## How to build your brand and logo

](http://skysthelimit-21159137.hs-sites.com/project-guides/build-brand-and-logo) [## How to test your services

](http://skysthelimit-21159137.hs-sites.com/project-guides/test-my-service)