A short conversational YouTube video (hosted by Bob Gauvreau) advising small business owners on establishing a basic bookkeeping system. The speakers normalize feelings of shame about neglected books, recommend adopting a cloud accounting solution—especially QuickBooks Online—to pull bank transactions into a secured, backed-up system, and advise getting professional help to allocate transactions correctly and collaborate with an accountant.
Chapters
So a question I hear often is, how do I set up an effective bookkeeping system for my business?
The very first thing is if you have a bookkeeping system in place, you're.
Likely ahead of most. So one of the areas that people ask me about a lot, and there's.
A lot of shame and embarrassment, is.
I don't have my books up to date. I feel embarrassed, I'm ashamed. I'm a business owner and I don't know my numbers.
And honestly, it's okay.
The fact that you're identifying it and you're willing to work towards making that right and making it better is the.
First step because the majority of clients who come through the door are all.
In the same position. So you're not alone. Lots of businesses have neglected their finances, but the sooner you can jump on.
Them and get them in a good position, the more successful you're going to.
Be in your business.
So what is a primary outcome of establishing essentially a basic bookkeeping framework for your business?
Use QuickBooks Online. Use QuickBooks Online or another cloud accounting solution. But QuickBooks Online is our favorite solution. It's essentially a cloud accounting bookkeeping solution.
That ties into your bank statements.
It pulls all the transactions that go.
On in your business into a system.
So that they can be allocated in the appropriate accounts.
It just allows you to create an efficient, cloud based, backed up, secure system to manage your business finances.
Absolutely necessary for you as a business.
Owner that you're doing this and that.
You'Re having someone who knows how to.
Properly allocate these expenses to do this for you.
Major tax issues and major compliance issues with the government.
If this isn't done properly and they.
Were to come in and ask you.
To take a look, you could be in trouble for intentionally avoiding doing this.
It's a requirement, it's something that's necessary.
But if you want to take the first step, identify a cloud based solution.
That will start bringing those transactions in and then get someone who can help you get those in and allocated correctly.
And from there you've got a really good set of basic bookkeeping components that.
You can work with an accountant on to make sure you use those numbers.
