Show Us Your Books! Bookkeeping Systems & Processes for Entrepreneurs
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Episode Brief Description
Keeping your business books (aka. bookkeeping) is a critical aspect of running a successful business. In this episode, we explain what bookkeeping is, help you establish a bookkeeping process, and select the best tool for your bookkeeping needs.
Key Insights & Timestamps
- [00:54] – Welcome
- [06:08] – What does it mean to keep the books?
- [10:46] – How to track
- [11:28] – The different systems that will show you exactly how to analyze your financial information
- This is neccessary to get a clear picture of the inside of your business, and will allow you to have a better idea on what changes to make,if needed
- [12:37] – What is your business model? How will this change what your bookkeeping looks like?
- What makes your business money? What are your expenses?
- Mapping your processes
- Decide who will do bookkeeping
- [15:04] – Outsourcing
- [19:22] – What is the right system? What are the most popular?
- [21:10] – “Define your proccess, define the requirements for what you need and weight it against the different options.” – Tom
- [24:50] – Your Homework
- [25:52] – Tom’s Bookshelf
- Do you use accounting software in your business? Tell us which one & why you chose it! If you’re not using any, why not?
- Get your accounting sytem in place and run your reports!
Keeping The Books
- Discover what it means to “keep the books” in your business
- Look through the different systems and preograms that will help you track your money
- Map out your business processes so you know which tracking system will be best for your model and needs