Let’s face it, bookkeeping is important in any business, large or small. Sad to say, this process is often neglected which has a direct adverse effect on the business. By keeping accurate records, your business can get a snapshot of its health in the form of financial statements such as income statements, balance sheets, cash flow statements and more. Before getting into the weeds with new financial transactions, tune into our webinar to discuss how to implement and prioritize bookkeeping in your business.
3:10 Why do people need bookkeeping? Banks, business owner, IRS.
7:05 Business Owner: Having a grasp of financial history and trends - mortgage, salary, advertising budget.
8:52 IRS: Tax return.
11:03 The need for financial statements when buying and selling business.
14:11 Breaking down the bookkeeping reports.
16:37 Creating a budget.
18:31 Accounts receivable and accounts payable and aging reports.
24:40 Journal / ledger
25:55 Limitations in bookkeeping.
29:26 Bookkeeping as a snapshot of your business.
31:04 Bookkeeping consistency - only as good as last report.
34:45 Why is bookkeeping worth it.
39:48 What systems/software available? Excel, Quickbooks, Freshbooks.