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Bookkeeping for Small Business Owners – 5 Essential Tips

If you are a Small Business Owner and are not maintaining your books, when the tax time comes you are handing over a handwritten note or excel spreadsheet, or shoebox of Receipts and expenses to your Accountant, just so you can file your taxes – This video is for you.

I will be covering, what, why, how, when, how/when to get Assistance.

A. What is Bookkeeping:
The activity of keeping records of the financial affairs of your Business.

B. Why is bookkeeping important:
1.Tax Deductions - so do not miss claiming any expenses.
2.Business Loan – When you apply for Financial assistance/Relief/Grants.
3.Financial Mistakes – errors, omission, duplicate payment, fraudulent transaction, staff stealing money.
4.Financial Picture – one of the major reasons for Small Business failure;
Helps understand your Financial position – Profitable or not
Are your pricing your Product/Service correctly?
Foundation for Preparing Budgets, cashflow
5.Business and personal – happens a lot with start-up - have the credit card handy, before the business bank account is set-up.

C. How you can maintain the books:
Software (highly recommended) - never do it in excel – the money you are trying to save is not worth your time.
Software help avoid calculation errors.
Creates your financial statement easily vs in Excel you can only see your income & Expenses
Get help of professional to setup Accounting software first, then you can maintain going forward.

D. When - Frequency of Review/analysis of your numbers
Based on Revenue:
👉1 Million in Annual Revenue - Monthly
👉$500K - $1M - Quarterly
👉$250K to $500K – mid-year, Oct, then year-end
👉Under $250K in Revenue – October, December

E. Get Assistance – Hire professional - Any Business Owner doing more than $500K in Annual Revenue, should not maintain their own books.

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