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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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.
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