Bookkeeping Basics for Small Business (Everything You Need To Know)
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- เผยแพร่เมื่อ 26 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/
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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).
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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 ❤😊
Love how you tie bookkeeping services into greater profitability!
More to come!
A barber would link getting a hair cut with greater profitability.
You guys need to fix the audio. Can hear the transitions and the background music better than the speaker
Are you serious… they are helping you for free.. get it the best way you can or get missing, basically!!!
Not to nit pick. It sounds like an outer mic (like a Webcam). Still liked the video.
that's it right there "unsure on how to do it"
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!😮😅
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!
Glad it was helpful!
My take today is book keeping is the recording of past financial data which is used to make future business decision
This was awesome. Really filled in the gaps from a bookkeeping course I took at a local college
My take away for today , expenses are the costs incurred in generating revenue, thank you
The category definitions were super helpful! Great bite size info as usual.
Glad you liked it!!
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.
Thank you for watching! Many blessings to you too. 😊
This is pure excellence. Thank you, God bless prosperously 💷 ✨
Thanks for watching!
wow! excellent lesson. much appreciated. what a great CPA for sharing some much needed information in a way it is very digestible.
wonderful . . . you guys are getting me in shape financially. . .
We love to hear that!!
Invaluable information. Thanks
Thank you for the video!
Another great video! Thank you for sharing your knowledge. This is going to help sooo many people. May God bless you All!
Wooow, thank you so much Glendine, god bless you!
You are awesome! Such great and clear info!!
Amazing, thank you for sharing your vast knowledge with us.
My pleasure!
Great job!
Very well explained.
Thank you!!!
You're welcome!
Watch Next: - 101 Tax Write Offs & Deductions For Entrepreneurs - th-cam.com/video/xrxRW5wGRJA/w-d-xo.html
Hey can you tell me what’s a great software application to use for my book keeping please
Thank you for the great info!
Anytime!
This was awesome 😎
Nice job on explaining
This is more than great ❤️
Thanks for watching.
👍 Great breakdown!
Thanks for watching!
Great Video!!
Awesome.thanks
Thank you for watching.
Great content!!
Thanks!!
Nicely done.
Thanks!
Great video! I keep hearing a phone rininging, am I nuts or is this part of the video somehow? Lol!😊
Great video
Thanks for the visit
Nice job!
Thank you! Cheers!
Can you recommend a a program or software for my bookkeeping
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!
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).
@@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).
What editing software do you use?
Great video with great info. You should spell check your presentation though. Cah, beetween, etc.
Noted!
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? . .
Hey Kermit, we responded in the other comment, did you see it?
@@LYFEAccounting Thank you for all of the GREAT CONTENT
@@kermitshamburger774 Of course!
what bookkeeping software do you recommend?
We recommend Quickbooks. Let me know if you have any other questions.
right now, i need a bigger cargo vehilce
Love your videos but whoever mixes the audio needs to turn the sound effects down....like a LOT!
Working on it! Check out our future videos and tell us if you notice a difference?
The phone call sound effect was the most distracting
KODUS
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?
Hey Paul, will upload and updated version for you next week. Thanks for the constructive criticism.
@@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!
Audio of the video can get better! ...
We made some adjust in our more recent videos :)
Too much noise in background
Audio sucks cant understand much of what u said
I got lost halfway through the video
Could have been a good video, but the sound is poor. You sound too far away.
We fixed that for our newer videos, can you listen and tell us what you think?
That beeping sound effect is the same as my ringtone. Very distracting
I skipped this video due to the annoying background music
We corrected that in our latest videos
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?
Am I the only one who was having a huge problem hearing him
My God! Audio is horrible. Background song is too loud. I struggled to listen to what you were saying.
So, mute the video and turn on CC!! I didn't hear no damn music!
You guys took way too long to get to the point lol
Haha thanks for the feedback! Have improved in our most recent videos for sure.