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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 Sep 22, 2021
Wednesday Sep 22, 2021
Over the last few episodes, I’ve talked about why you shouldn’t be commingling your personal and business funds, and today’s episode is no different, but like I’ve mentioned in the past, I understand that there are times when this happens, and you need to know how to account for it in your bookkeeping so that your financial statements are not reflecting the wrong data about your business. In today’s episode, I am going to focus on times when you may have paid for a personal expense out of your business account. This could be the result of accidentally grabbing the wrong credit card or checkbook when you are shopping for personal items. Even though you know these expenses are not supposed to be in your business financials, you will still need to record the transactions so that your books will still be in balance. The question of how to record these transactions comes up a lot and after today’s episode, you will know exactly what you need to do if this ever happens to you. Don’t miss this episode if you are using a computerized bookkeeping system like QuickBooks, Wave, Xero or FreshBooks or a manual system such as an Excel spreadsheet or Google Sheets and you happen to have a situation where you have used your business funds to pay for a personal item. This happens in businesses periodically no matter if you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, virtual online bookkeeper or virtual assistant, so listen in and make sure you are prepared to record transactions like this in your business…
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