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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 15, 2021
Wednesday Sep 15, 2021
Even though you know you shouldn’t be mixing your personal and business funds together, we know it happens, and I totally understand that there are times when this may be happening in your business. I have seen many times when cash falls short, and the business owner needs to inject additional funds into the business. Where does this money come from? Well, to be honest, most often, it is the business owner using their personal funds to help increase the cash needed in the business. In today’s episode, I am going to cover how you should be recording these personal funds you may be depositing into your business when you do your own bookkeeping. It doesn’t matter if you are using a computerized bookkeeping system like QuickBooks, Wave, Xero or FreshBooks or a manual system such as an Excel spreadsheet, you’ll know exactly how to record these deposits you make into your business from your personal funds. Whether you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, virtual online bookkeeper or virtual assistant, making sure you are correctly recording any personal funds you put into your business will be extremely important. These amounts are not considered income or sales and should not be recorded as additional income in your business, so listen in so that you make sure you don’t overstate the income in your business by recording these funds incorrectly…
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