Ep7 - Business Money 101: Bookkeeping Practices

Nov 2

11/2/22 - Business Money 101: Bookkeeping Practices

“Nothing is certain except death and taxes.” Benjamin Franklin wasn’t trying to sound morbid when he said that, and neither am I.

But at the end of the day, you DO have to pay your taxes, and if you don’t keep up with them, well…I promise it will catch up with you.

So in this episode, I’ll be talking about bookkeeping, the one way to ensure that you keep all things money clear and straight in your business.

And the only reason you really need to maintain some form of bookkeeping/accounting system in place is in order to - you guessed it - file your taxes at the end of the year.

What’s the perfect system? So glad you asked! Finally…here’s the answer:

The only perfect bookkeeping system is the one that works for you. ~Erica Goode, CPA

What to track:

Revenue (also known as Gross Receipts)
Expenses (how much money you’ve spent to make that revenue)

How to track it - 3 options:

Use a spreadsheet
Accounting software - and the different kinds of software you might use
Hire it out

Finally, how much time do you have to spend on “keeping the books”? My answer might surprise you!

This week’s homework: Make a 30-minute date with yourself and decide what format you’ll use. If you already have a system, spend some time updating it. But only spend 30 minutes so you don’t feel overwhelmed!

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