Bookkeeping Basics for Small Business (Everything You Need To Know)

Today, I’ll be deep-diving into the bookkeeping basics for small business.

By the end of this video, you’ll understand the importance of bookkeeping and how to properly complete your bookkeeping in just a few simple steps.

Here at LYFE Accounting, we handle the books for small business owners every day and have a time-tested, 6-step process, that helps small businesses make better financial decisions that lead to greater profitability.

By the way, I’ll be revealing that 6 step process in this video so you definitely want to watch until the end.

Whether you are a new business owner or a serial entrepreneur, the 6 step process I’m going to share with you will be easy to follow and hard to get wrong.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

[kendramanuel]

New small business owner here! Thank you so much for your simple explanation of this complicated stuff. I’ve got ADHD so my brain is constantly running n focusing on all the different aspects is rough but you make it easy. Thanks so much again ❤😊

[seanstandberry]

Love how you tie bookkeeping services into greater profitability!

[ilonabaghdasarian]

You guys need to fix the audio. Can hear the transitions and the background music better than the speaker

[johnkurtz]

All You guys & girls at LYFE bring back my love ❤ of accounting! It's the life blood of any business not to mention household economics👍 Knowledge is Power! Now, If only our Fed. Govt. understood accounting!😮😅

[BusinessBasics]

Just found this channel. Concepts were explained very well and the 6 steps were easy to follow. Organized documentation and storage are essential to accurate books. I've subscribed to stay tuned for more videos!

[flourishsjourney]

My take today is book keeping is the recording of past financial data which is used to make future business decision

[tofulosophy]

This was awesome. Really filled in the gaps from a bookkeeping course I took at a local college

[michaelgatobu]

My take away for today, expenses are the costs incurred in generating revenue, thank you

[fasatile]

Great video LYFE Accounting! By far the best organized and clearly explained video on bookkeeping for small business. Thank you for your content! Many blessings and positive thinking manifestation.

[wafflecatstudio]

The category definitions were super helpful! Great bite size info as usual.

[malikdey-nativemoor]

wow! excellent lesson. much appreciated. what a great CPA for sharing some much needed information in a way it is very digestible.

[ewuramaparis]

This is pure excellence. Thank you, God bless prosperously 💷 ✨

[glendineevans]

Another great video! Thank you for sharing your knowledge. This is going to help sooo many people. May God bless you All!

[jasminesmendingplace]

wonderful . . . you guys are getting me in shape financially. . .

[RunOs]

Amazing, thank you for sharing your vast knowledge with us.

[evelynbrooks]

You are awesome! Such great and clear info!!

[kelvindumaka]

that's it right there "unsure on how to do it"

[borderm]

Great video! I keep hearing a phone rininging, am I nuts or is this part of the video somehow? Lol!😊

[leenoel]

Can you recommend a a program or software for my bookkeeping

[SeanoHermano]

Thanks for taking the time to teach folks bookkeeping skills! I started a new business recently. The captions and topic descriptions were quite helpful. I got past the 4th step, and then aruond the introduction of the 5th step there was some background music playing that I found to be quite distracting from the informaton you are trying to teach.

A question for you: (about Your example for the business with $1 mil. In assets and 3 months revenue in the bank). You say they might choose to shorten the “collection period” but don’t expand on this concept further. What do You mean by collection period? Are You referring to if the company were to get a bank loan?

Thanks!