Show Us Your Books! Bookkeeping Systems & Processes for Entrepreneurs

May 28, 2018 | Podcast |

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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.

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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?
    • Quickbooks
    • Xero
    • FreshBooks
    • Wave
  • [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

Your Homework

Ariana’s Homework

  • Do you use accounting software in your business? Tell us which one & why you chose it! If you’re not using any, why not?

Tom’s Homework

  • Get your accounting sytem in place and run your reports!

Tom’s Bookshelf

Keeping The Books

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Key Insights

  • 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

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