Bookkeeping Basics for Small Business (Everything You Need To Know)

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  • เผยแพร่เมื่อ 19 มิ.ย. 2024
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    Today, I’ll be deep-diving into the bookkeeping basics for small business.
    By the end of this video, you’ll understand the importance of bookkeeping and how to properly complete your bookkeeping in just a few simple steps.
    Here at LYFE Accounting, we handle the books for small business owners every day and have a time-tested, 6-step process, that helps small businesses make better financial decisions that lead to greater profitability.
    By the way, I’ll be revealing that 6 step process in this video so you definitely want to watch until the end.
    Whether you are a new business owner or a serial entrepreneur, the 6 step process I’m going to share with you will be easy to follow and hard to get wrong.
    Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: lyfeaccounting.com/coming-soon/
    ///
    Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

ความคิดเห็น • 95

  • @ilonabaghdasarian4837
    @ilonabaghdasarian4837 3 ปีที่แล้ว +36

    You guys need to fix the audio. Can hear the transitions and the background music better than the speaker

    • @threedee593
      @threedee593 2 ปีที่แล้ว +4

      Are you serious… they are helping you for free.. get it the best way you can or get missing, basically!!!

    • @jakeithappen2142
      @jakeithappen2142 ปีที่แล้ว +2

      Not to nit pick. It sounds like an outer mic (like a Webcam). Still liked the video.

  • @seanstandberry4082
    @seanstandberry4082 3 ปีที่แล้ว +22

    Love how you tie bookkeeping services into greater profitability!

  • @kendramanuel968
    @kendramanuel968 11 หลายเดือนก่อน +1

    New small business owner here! Thank you so much for your simple explanation of this complicated stuff. I’ve got ADHD so my brain is constantly running n focusing on all the different aspects is rough but you make it easy. Thanks so much again ❤😊

  • @johnkurtz2691
    @johnkurtz2691 ปีที่แล้ว

    All You guys & girls at LYFE bring back my love ❤ of accounting! It's the life blood of any business not to mention household economics👍 Knowledge is Power! Now, If only our Fed. Govt. understood accounting!😮😅

  • @tofulosophy
    @tofulosophy ปีที่แล้ว +1

    This was awesome. Really filled in the gaps from a bookkeeping course I took at a local college

  • @BusinessBasics
    @BusinessBasics 3 ปีที่แล้ว +28

    Just found this channel. Concepts were explained very well and the 6 steps were easy to follow. Organized documentation and storage are essential to accurate books. I've subscribed to stay tuned for more videos!

  • @kelvindumaka2907
    @kelvindumaka2907 11 หลายเดือนก่อน

    that's it right there "unsure on how to do it"

  • @fasatile7370
    @fasatile7370 3 ปีที่แล้ว +5

    Great video LYFE Accounting! By far the best organized and clearly explained video on bookkeeping for small business. Thank you for your content! Many blessings and positive thinking manifestation.

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      Thank you for watching! Many blessings to you too. 😊

  • @malikdey-nativemoor2923
    @malikdey-nativemoor2923 ปีที่แล้ว

    wow! excellent lesson. much appreciated. what a great CPA for sharing some much needed information in a way it is very digestible.

  • @wafflecatstudio
    @wafflecatstudio 3 ปีที่แล้ว +5

    The category definitions were super helpful! Great bite size info as usual.

  • @letitiamason4686
    @letitiamason4686 2 ปีที่แล้ว

    Invaluable information. Thanks

  • @ewuramaparis7194
    @ewuramaparis7194 3 ปีที่แล้ว +5

    This is pure excellence. Thank you, God bless prosperously 💷 ✨

  • @flourishsjourney4171
    @flourishsjourney4171 2 ปีที่แล้ว +1

    My take today is book keeping is the recording of past financial data which is used to make future business decision

  • @glendineevans1467
    @glendineevans1467 3 ปีที่แล้ว +2

    Another great video! Thank you for sharing your knowledge. This is going to help sooo many people. May God bless you All!

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว +1

      Wooow, thank you so much Glendine, god bless you!

  • @evelynbrooks8558
    @evelynbrooks8558 ปีที่แล้ว

    You are awesome! Such great and clear info!!

  • @sydniwilliams1171
    @sydniwilliams1171 2 ปีที่แล้ว

    Thank you for the video!

  • @jasminesmendingplace1258
    @jasminesmendingplace1258 3 ปีที่แล้ว +2

    wonderful . . . you guys are getting me in shape financially. . .

  • @RunOs3
    @RunOs3 2 ปีที่แล้ว

    Amazing, thank you for sharing your vast knowledge with us.

  • @michaelgatobu7624
    @michaelgatobu7624 2 ปีที่แล้ว +1

    My take away for today , expenses are the costs incurred in generating revenue, thank you

  • @GarneredBeauty
    @GarneredBeauty 2 ปีที่แล้ว

    Very well explained.

  • @karenwhite445
    @karenwhite445 2 ปีที่แล้ว

    Great job!

  • @elementsofelle888
    @elementsofelle888 3 ปีที่แล้ว +1

    Thank you!!!

  • @Jessica-lj3op
    @Jessica-lj3op 2 ปีที่แล้ว

    Thank you for the great info!

  • @japonicaferrell208
    @japonicaferrell208 2 ปีที่แล้ว

    This was awesome 😎

  • @rebparker4851
    @rebparker4851 ปีที่แล้ว

    Nice job on explaining

  • @Incitetax
    @Incitetax ปีที่แล้ว

    Great Video!!

  • @moramothman1774
    @moramothman1774 2 ปีที่แล้ว

    This is more than great ❤️

  • @naatorkornoo7529
    @naatorkornoo7529 2 ปีที่แล้ว

    Awesome.thanks

  • @divinesilence
    @divinesilence 2 ปีที่แล้ว +1

    👍 Great breakdown!

  • @nathanielpringle9564
    @nathanielpringle9564 2 ปีที่แล้ว +1

    Great content!!

  • @SeanoHermano
    @SeanoHermano 2 ปีที่แล้ว +2

    Thanks for taking the time to teach folks bookkeeping skills! I started a new business recently. The captions and topic descriptions were quite helpful. I got past the 4th step, and then aruond the introduction of the 5th step there was some background music playing that I found to be quite distracting from the informaton you are trying to teach.
    A question for you: (about Your example for the business with $1 mil. In assets and 3 months revenue in the bank). You say they might choose to shorten the “collection period” but don’t expand on this concept further. What do You mean by collection period? Are You referring to if the company were to get a bank loan?
    Thanks!

    • @diegojohn1956
      @diegojohn1956 ปีที่แล้ว +1

      Hey Sean, what he meant by shortening the collection period is this: each time you issue out an invoice to your clients, the term of the invoice might be net30 days. That means the customer has 30 days to make payment.
      So if most of your revenue is tied up in account receivables, you might not have enough cash on hand.
      So shortening the collection period from 30 days to net14 or net7 days helps you collect the payment faster and reduces account receivables (which is money your customers owes you).

    • @SeanoHermano
      @SeanoHermano ปีที่แล้ว +1

      @@diegojohn1956 Thank You! That was a good example and makes perfect sense now (a year of learning through trial and error as I grow my business).

  • @miguelito1308
    @miguelito1308 2 ปีที่แล้ว

    Nicely done.

  • @laravancava
    @laravancava 3 ปีที่แล้ว +2

    Great video

  • @leenoel1
    @leenoel1 ปีที่แล้ว +1

    Can you recommend a a program or software for my bookkeeping

  • @encyclopediarealestate4797
    @encyclopediarealestate4797 2 ปีที่แล้ว +1

    What editing software do you use?

  • @theaccountant2909
    @theaccountant2909 3 ปีที่แล้ว

    Nice job!

  • @borderm3
    @borderm3 ปีที่แล้ว

    Great video! I keep hearing a phone rininging, am I nuts or is this part of the video somehow? Lol!😊

  • @WitheringDrums
    @WitheringDrums 3 ปีที่แล้ว +2

    Great video with great info. You should spell check your presentation though. Cah, beetween, etc.

  • @kermitshamburger774
    @kermitshamburger774 3 ปีที่แล้ว

    You all at Lyfe accounting provide such great content thank you! . . I am a sole proprietor and I do freelance video and photography for individuals , Churches and business. I have one client that I do contact work for that has paid me the exact same amount every Friday for two years (1099). What is the best software for me to use to keep up with my ( fairly simple accounting) and be able to print a professional looking receipt / invoice for my clients? . .

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว +1

      Hey Kermit, we responded in the other comment, did you see it?

    • @kermitshamburger774
      @kermitshamburger774 3 ปีที่แล้ว +1

      @@LYFEAccounting Thank you for all of the GREAT CONTENT

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      @@kermitshamburger774 Of course!

  • @brantleygosey1146
    @brantleygosey1146 3 ปีที่แล้ว +1

    what bookkeeping software do you recommend?

    • @diegojohn1956
      @diegojohn1956 ปีที่แล้ว

      We recommend Quickbooks. Let me know if you have any other questions.

  • @blanketblanchette9155
    @blanketblanchette9155 ปีที่แล้ว

    right now, i need a bigger cargo vehilce

  • @terrellbradshaw3504
    @terrellbradshaw3504 3 ปีที่แล้ว +2

    Love your videos but whoever mixes the audio needs to turn the sound effects down....like a LOT!

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      Working on it! Check out our future videos and tell us if you notice a difference?

    • @liscasanova9892
      @liscasanova9892 3 ปีที่แล้ว

      The phone call sound effect was the most distracting

  • @LYFEAccounting
    @LYFEAccounting  2 ปีที่แล้ว

    Watch Next: - 101 Tax Write Offs & Deductions For Entrepreneurs - th-cam.com/video/xrxRW5wGRJA/w-d-xo.html

    • @lavettemcclean528
      @lavettemcclean528 ปีที่แล้ว

      Hey can you tell me what’s a great software application to use for my book keeping please

  • @alfredhagono6849
    @alfredhagono6849 2 ปีที่แล้ว

    KODUS

  • @PaulCrouse
    @PaulCrouse 2 ปีที่แล้ว

    Hey LYFE. I really wanted to watch your whole video, but the music and other noise were totally in the way. I had a very difficult time following what you were saying, so I gave up. Can upload a version without the background music?

    • @LYFEAccounting
      @LYFEAccounting  2 ปีที่แล้ว +1

      Hey Paul, will upload and updated version for you next week. Thanks for the constructive criticism.

    • @PaulCrousePhoto
      @PaulCrousePhoto 2 ปีที่แล้ว

      @@LYFEAccounting That sounds great. Thanks for being receptive. It is a shame when technical issues get in the way of communicating your ideas. I am sure that will help viewers understand your message more clearly. Good luck!

  • @AliShan-ow5vs
    @AliShan-ow5vs 3 ปีที่แล้ว

    Audio of the video can get better! ...

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      We made some adjust in our more recent videos :)

  • @mehdimirzaei3112
    @mehdimirzaei3112 2 ปีที่แล้ว

    Too much noise in background

  • @grahambrown5874
    @grahambrown5874 3 ปีที่แล้ว

    Could have been a good video, but the sound is poor. You sound too far away.

    • @LYFEAccounting
      @LYFEAccounting  3 ปีที่แล้ว

      We fixed that for our newer videos, can you listen and tell us what you think?

  • @itisalwaysday1
    @itisalwaysday1 2 ปีที่แล้ว +1

    I skipped this video due to the annoying background music

    • @LYFEAccounting
      @LYFEAccounting  2 ปีที่แล้ว

      We corrected that in our latest videos

    • @LYFEAccounting
      @LYFEAccounting  2 ปีที่แล้ว

      Thanks for sharing, we turned off the music in our latest videos after receiving many comments like this one. Have you seen any of our videos from July or August?

  • @SA-ot8di
    @SA-ot8di 2 ปีที่แล้ว

    Am I the only one who was having a huge problem hearing him

  • @kevincorrales4080
    @kevincorrales4080 2 ปีที่แล้ว

    I got lost halfway through the video

  • @jamestunedflat8942
    @jamestunedflat8942 2 ปีที่แล้ว

    That beeping sound effect is the same as my ringtone. Very distracting

  • @bosslady991
    @bosslady991 ปีที่แล้ว

    Audio sucks cant understand much of what u said

  • @junior4life33
    @junior4life33 2 ปีที่แล้ว

    You guys took way too long to get to the point lol

    • @LYFEAccounting
      @LYFEAccounting  2 ปีที่แล้ว

      Haha thanks for the feedback! Have improved in our most recent videos for sure.

  • @sofiawehabey6055
    @sofiawehabey6055 2 ปีที่แล้ว +1

    My God! Audio is horrible. Background song is too loud. I struggled to listen to what you were saying.

    • @kooners6961
      @kooners6961 2 ปีที่แล้ว

      So, mute the video and turn on CC!! I didn't hear no damn music!