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Should I be doing my own bookkeeping and accounting? Is QuickBooks the best software for me to use in my business, or is there another accounting software I should be using? What’s the best way for me to process my payroll? How can I track my money and cash flow? How do I prepare for my business taxes? What do my financial statements really mean? How can I bring my business to the next level? How can I grow my business? What is the best way to create my business strategy? Should I start a side hustle? How can I add bookkeeping as an additional service as a Virtual Assistant? How can I start an online virtual bookkeeping business? And most importantly, how do I manage my small business finances? Welcome to Mastering Your Small Business Finances where we get straight to the point and answer all these questions and more. Each episode is designed for you to take IMMEDIATE ACTION in your business so that you, as a busy entrepreneur, can gain the CONFIDENCE and CLARITY you need to make a successful impact on your business and GROW YOUR BOTTOM LINE. Each week, host Chris Panek, Certified Public Accountant, Business Strategist and Business Coach, breaks down topics like finances, entrepreneurship, money management, leadership, bookkeeping, tax deductions, growth, side hustle, marketing, mindset and motivation into simple JARGON-FREE episodes. One of her strengths is helping small business owners navigate and really understand these complicated topics for over 25 years. Whether you are just starting your business or have an established business, you are in the right place. If you are a bookkeeper or virtual assistant who wants to learn more about business finances to start, grow or scale your bookkeeping business, you too will benefit from this podcast. Ready to Master Your Small Business Finances? Listen in ~ your time will be well spent here! This podcast is sponsored by Financial Adventure. Visit www.FinancialAdventure.com for additional information and free resources.
Episodes
Wednesday Feb 21, 2024
Wednesday Feb 21, 2024
As a business owner, you are always looking for ways to save time in your business, but you want to make sure you are not cutting corners in one place and causing additional problems down the road. This holds true when you are doing your bookkeeping as well. I always tell my clients when they are setting up their bookkeeping systems to make sure that they are capturing information that will be helpful for them when it comes time to prepare their tax returns. But tax compliance shouldn’t be your only concern when you are doing your bookkeeping. If there are certain items you want to track in your bookkeeping, you need to set those processes up in the beginning so that you can see the results at the end of the month, quarter, or year. Remember the saying garbage in is garbage out? This is true in your bookkeeping as well. When you are utilizing a computerized software system to track your bookkeeping, I’m sure you’ve noticed how easy it is to have your banking transactions automatically feed into your bookkeeping system. There are also ways that you can have them automatically categorized for you by using bank rules. In theory, this is a great system, but it can cause problems in your bookkeeping if you are not careful about how everything is set up from the beginning. In today’s podcast episode, I am going over what bank feeds and bank rules are and how to ensure you have everything set up appropriately so that you can have accurate financial statements that allow you to make sound business decisions. It doesn’t matter if you are just getting started with your business, you are a self-employed individual, a solopreneur, entrepreneur, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, you want to make sure you are utilizing the processes available to you in a way that you are truly saving time and not creating another task that will take even more time to straighten out in the end. I’ve seen how easily this can happen to business owners when they think they have everything recorded correctly only to find that their financial statements are a mess, and their tax preparer won’t prepare their return. I’ve had lots of projects like this come through my business just in the last month, so I want to help you avoid this costly mistake. Listen in, as I walk you through steps you can take today to ensure your bookkeeping is on the right track. It doesn’t matter if you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, this episode will be helpful for you…
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Show Notes: https://www.financialadventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.
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