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Bookkeeping 101 for Small Business (EASY EVEN IF YOU KNOW NOTHING ABOUT ACCOUNTING) - YouTube
Channel: Jill Gockel
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Are you procrastinating your bookkeeping because
it just seems too hard and overwhelming?
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Well, watch this video, because I am sharing
with you on why you can be awesome at bookkeeping,
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even if you're not good at numbers and you
know nothing about accounting.
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I am so glad that you landed on my channel,
because I show up every single week, sharing
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information with you about home business tips
that nobody else is talking about, how to
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get out of debt even when you're a spender,
and how to balance being an entrepreneur,
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and raising a family.
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So, for the best mompreneur advice, make sure
to subscribe to my channel, and hit the bell
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notification so that you get notified every
time each week, that a new video is released.
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If you're overwhelmed with the thought of
bookkeeping and can't figure out how to get
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started, or how to make it easier, make sure
to watch till the end of this video, because
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in here we are going to be breaking through
the lies that you need to be good with money
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or you need to be understanding of accounting,
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in order to have a successful bookkeeping method.
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Because that is totally wrong.
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We are going to simplify this with a method
that I have proven inside my course where
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I work with clients to simplify their bookkeeping,
and get it done in just five minutes a day.
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So, let's get started.
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We're just going to clear the air, and talk
about the simple explanation of bookkeeping,
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because bookkeeping has really gotten skewed,
where people think that it's extremely hard,
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and that there's so much that goes into it
that they aren't even capable of doing bookkeeping
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right.
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Do you feel that way?
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Make sure to leave me a comment below, and
let me know if you fall into that category
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where you feel like bookkeeping is just too
hard.
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You are out of your league, when you think
about doing bookkeeping.
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And, what I want you to understand is that
all bookkeeping is, is the act of tracking
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your expenses and income.
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That's it.
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In its simplest form, especially when you
are just starting out with bookkeeping, you
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want to have this as simple as possible.
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And that means only tracking your expenses,
your income, and really you should be tracking
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your mileage too.
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Now, when we talk about bookkeeping and that
method, does that sound hard?
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If all you have to do is just track your expenses,
track your income every time you are spending
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money, or making money, you're documenting
it.
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That's it.
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It is as simple as that.
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Does that sound very hard?
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Of course not.
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So, where did we get the idea that bookkeeping
was super hard and overwhelming?
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And, a lot of that comes from just being afraid
of making a mistake due to taxes, or when
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you're talking to your accountant, there is
a lot of fear that can get placed within us,
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being worried that we're not doing bookkeeping,
right.
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But seriously, guys, in its simplest form,
just track your every time you're spending
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money, or making money, and you will be good
starting out.
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Okay?
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Now, the second thing is your responsibilities
when bookkeeping.
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We tend to get worried that there's just so
many responsibilities.
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We're worried that we're going to not do it
all, or not do it all correctly.
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And so that can cause us to procrastinate
and not make any headway, whatsoever.
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So, what are your responsibilities when it
comes to bookkeeping?
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The first responsibility is you need to be
documenting at minimum, weekly.
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Now why is that?
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Why would that weekly phrase be put in there?
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Well, I went through a training with a person
who he was a CPA, and he used to train auditors.
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And what he explained in this training, is
that if you're ever audited, the IRS will
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be looking at a one week timeframe.
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They will say, when did you document this
transaction?
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When did you document this business activity?
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And if you are saying, well I do it on a monthly
basis, or I do it every six months, or quarterly,
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whatever that is, well, do you realize you
actually are not meeting the guideline, the
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timeframe guideline, which is one week.
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This was news to me.
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I did not know this.
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But, the great thing for you, is that if you're
doing your bookkeeping at least weekly, the
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amount of time and effort that it's going
to take you to do it, to complete it, is going
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to be so much easier than if you're doing
it on a monthly basis, or even further spread
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out.
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So, that's actually kind of a gift for you
to have motivation to do it weekly, or even
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daily, just because it makes it go so much
faster.
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So, other responsibilities is that you need
to be documenting the right information.
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Now, I really dig in deep into all of this,
all of these steps, inside my course with
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the five minute bookkeeping method.
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So, if you are ever interested in that, I
have a free webinar, just make sure to check
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out the link in the details of this video,
and you can get a free webinar to watch through
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and listen more in depth about that.
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Okay?
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So, you need to be tracking the right information,
and you need to be having adequate record
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keeping.
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Do you need to have proof of times that you've
spent money, and times that you've received
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money.
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Okay?
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So, there are easy ways to document that,
easy ways to capture the proof of that, such
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as storing a receipt, and make sure to stay
tuned for a another training video that I
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do.
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The link will be again in the description
of this video, where I go through some of
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my shortcuts for record keeping, and how to
make it really easy and cut the paper clutter.
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So, do you do not want to miss that.
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Okay?
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Now, those are the responsibilities for you,
as a bookkeeper.
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You also need to be meeting with an accountant
or a CPA, for your taxes.
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Now, you can have an accountant or CPA, or
you can use a accounting software.
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But whatever it is, you need to be consulting
with a tax professional, or a tax professional
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software, when it comes to tax season.
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And step number three, this is what to track.
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That is where we are talking about your debits,
your credits, and your balances.
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You are documenting every time you spend money,
make money, and then you can be tracking your
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balances along with it, so that you're watching
whether you are going in the red or you're
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operating in the green.
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It can sound a little bit complicated, but
guys, this is so, so, so easy.
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And make sure to always watch in the description
of these videos, because when I go more in
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depth on these topics, I will link a video
to that.
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Now, as we move into the fourth point of this
video, that is going to be how to actually
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get started.
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So, if you are not doing any bookkeeping right
now, or if you are doing bookkeeping and it
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is not working for you, then these are the
steps that I want you to start taking.
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And, this is not a one size fit all.
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This is the most simplified version, but as
you start doing it week after week, then you
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will start to find little tweaks that you
can do, to make it easier and more customizable
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to you.
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All right, so keep that in mind with this.
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Now, what I like to do, is I like to grab
a bank statement, a credit card statement,
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and my receipts, and go through those to make
sure that I am tracking my debits, and my
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credits, and constantly watching my budget,
my balance, my balance across the board, and
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to ensure that I'm operating in the green,
and not moving into the red.
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Now, that's really important because, if you
start to operate in the red, you will want
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to immediately tweak your behavior, whether
that's going out and pushing harder on sales,
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or cutting back on spending for the rest of
the month.
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That will help ensure you for success.
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So, while you're tracking, you can just grab
a piece of paper and a pen, and write that
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information out.
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You can grab Excel or Google sheets on your
computer, and just document it the same exact
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way that you would on paper.
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And again, this is stuff that I go way in
depth in inside my course, but just start
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tracking it.
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If you list out on paper, or on the computer,
or in an app, whatever's the most convenient
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for you.
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If you are tracking every time you spend money,
and make money, you are doing bookkeeping.
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And when you go and meet with your accountant
at tax time, or pull up your accounting software
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at tax time, you are going to find that it
is so much easier, because all of a sudden,
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without any effort you are organized with
your expenses, and ready to figure out what
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tax deductions you can qualify for.
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So, speaking of tax deductions, if you do
not know what deductions are available out
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there for a home business, make sure to grab
my free cheat sheet on tax deductions, where
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I have around 70 examples of tax deductions
that have expenses that could qualify for
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a tax deduction.
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And you can find the link for that, in the
description below.
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And, if you wanted to join a community of
people who are just like you, make sure to
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head over to the Facebook group where I take
members through trainings every single week,
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where we really go in depth on topics of business,
and on getting out of debt, and on motherhood.
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So, I hope to see you there.
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And if you found this video helpful, please
make sure to like it, comment, share it with
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your friends, because there are so many business
owners out there that are just overwhelmed
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when it comes to bookkeeping.
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And we want them to know that it doesn't take
being smart with numbers.
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It doesn't take understanding accounting.
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It just takes a simple strategy for success.
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And remember, if you want to be notified when
the next video goes live, make sure to subscribe
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and hit the bell.
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