Bookkeeping Basics for Small Business Owners

Bookkeeping Basics for Small Business Owners

In this video, we explain basic bookkeeping for small business owners. FREE Excel Income Statement template to do your own bookkeeping: https://bit.ly/3ftOLyb

To all the entrepreneurs rolling up their sleeves to do their own bookkeeping, we salute you! This is for you.

We walk you through the basics of what bookkeeping is, why it matters, and the seven key steps to getting your own bookkeeping process off the ground.

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Check Out These Other Videos You Might Like:
▪ How to Read a Balance Sheet (and Make Your Own):

▪ Cash Flow Statements 101:

▪ Bench: Bookkeeping Done For You:

Helpful Resources:
▪ Intro to Small Business Accounting 101:
https://bit.ly/31LkSBw
▪ Bookkeeping Basics for Entrepreneurs:
https://bit.ly/3dAzclO
▪ Tips for Automating Your Accounting Admin:
https://bit.ly/3Pp3QAL

Let us know your thoughts about bookkeeping for small business owners in the comments below, and don’t forget to subscribe to our channel for more helpful tips for small business owners.

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Timestamps:
0:00 – Introduction
0:28 – Definition of bookkeeping
0:43 – Why bookkeeping matters
2:24 – Separating business and personal expenses
2:54 – Choosing between single entry and double-entry accounting
4:04 – Choosing between the cash and accrual method of accounting
4:46 – Choosing a bookkeeping system
6:01 – Organizing and storing documents
6:43 – Making bookkeeping a habit

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How Bench Can Help:
Try us for free – we’ll do one month of your bookkeeping and prepare a set of financial statements for you to keep: https://bit.ly/2Wt6MoY

With Bench, you get a bookkeeping team to complete your monthly books and help you make decisions to support the best interests of your business. We’ve helped thousands of small business owners take back more time to focus on doing what they love! With Bench on your team, you’ll have properly completed books to help you:

1. Get real-time insights into the financial health of your business
2. Manage your expenses with detailed expense tracking
3. Use bookkeeping records for loan applications and loan forgiveness
4. File your taxes at tax time with our annual financial package, and make the most of your tax deductions

Plus, if you ever have questions, your dedicated team of experts are just a quick message away in the Bench app.

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About Bench:
We’re an online bookkeeping and tax prep service powered by real humans. With Bench, you get a dedicated team of experts to track every detail for you. Your bookkeeping team imports bank statements, categorizes transactions, and prepares financial statements every month. Come tax season, we can handle the tax prep and filing, and even offer year-round tax advisory support.

#Bookkeeping #Accounting #SmallBusiness

30 thoughts on “Bookkeeping Basics for Small Business Owners”

  1. Bench Accounting

    Try us for free – we’ll do one month of your bookkeeping and prepare a set of financial statements for you to keep: https://bit.ly/3s9voOu​​

    With Bench, you get a bookkeeping team to complete your monthly books and help you make decisions to support the best interests of your business. We’ve helped thousands of small business owners take back more time to focus on doing what they love! With Bench on your team, you’ll have properly completed books to help you:

    1. Get real-time insights into the financial health of your business
    2. Manage your expenses with detailed expense tracking
    3. Use bookkeeping records for loan applications and loan forgiveness
    4. File your taxes at tax time with our annual financial package, and make the most of your tax deductions

    Plus, if you ever have questions, your dedicated team of experts are just a quick message away in the Bench app.

    1. Embrace: Love Thy Self

      I am not ready to start a free trial but what are your rates? I am a start up and will sale hair products.

  2. Hi. Can anyone tell me how can I add more chart of accounts that will also reflect on the other worksheets? I tried but it didn’t reflect. I’m a real noob in Excel and Bookkeeping so pls help.

  3. yo thanks for the excell template. i havent used it yet but i admire and love all the great advice/ help, subscribed! I also make 30 second to 2 minute songs and mixes for intro music. let me know if u need any intro music or commercial music, il shoot ya an invoice

  4. Bruce Mathison

    Mrs Philips is legit and her method works like magic I keep on earning every single week with her new strategy

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  6. Aroldo Acevedo

    This video is very helpful and easy to understand! The way she described the process made it so easy too understand and it did not sound too complicated like other videos!

  7. Hello, I am a French tax resident, I created an LLC to buy from American wholesalers and resell in the United States, on the other hand, I must declare my LLC in France And to inform me the French taxes ask me how am I going to be remunerated with my LLC, as I do not speak English very well and even less in administrative English, I Difficulties understanding the tutorials on Youtube or the documentation I find on google, could you help me? Thank you Cyril

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