Bookkeeping Basics for Small Business (with XERO Example)

🔴 Bookkeeping Basics for Small Business is educational and informative viewing if you as a business owner, freelancer or entreprenuer are trying to understand and navigate your way through bookkeeping basics.

The video dips into why you may need bookkeeping, what exactly is it, and how a robust & efficient bookkeeping process should work (using XERO accounting software as an example).

In all, bookkeeping basics is about providing you with enough insight to be able to make an informed decision as to whether to do your bookkeeping yourself, in-house or outsource it.

★☆★ OUR MISSION ★☆★
Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.

★☆★ OUR PHILOSOPHY ★☆★
If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most.

⏱️TIMESTAMPS⏱️

0:00 - Introduction to bookkeeping basics
0:52 - What is bookkeeping? A definition and the different methods
2:02 - Why would you need bookkeeping? | 5 GOOD reasons
4:34 - What raw data and numbers are needed for bookkeeping?
5:47 - How frequently should you do your bookkeeping?
7:05 - Bookkeeping with accounting software or a spreadsheet?
8:03 - Cash or accrual basis
9:06 - Do you need to keep your receipts?
9:50 - Do your own bookkeeping or outsource?
10:49 - Demonstration as to how to systemise your bookkeeping process and how we would deliver bookkeeping for your business (using XERO accounting as an example)

🔴 DEBITS & CREDITS
The first thing to understand when bookkeeping are your debits and credits. More often that not, your bookkeeping will be done using the double-entry accounting system, in other words debits and credits.
For every debit entry, there must be an equal & opposite credit entry that balances to zero.

🔴 BOOKKEEPING SOFTWARE
There is an array of accounting and bookkeeping software available today, most of which is in the cloud. Bookkeeping software has evolved a long way in the last decade, and it is set to continue to evolve. Xero accounting software is an example of a great piece of bookkeeping software.

DISCLAIMER
My videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Myself & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.

#bookkeeping #bookkeepingbasics #bookkeepingforsmallbusiness

[BusinessBasics]

Thanks for sharing! I feel that every entrepreneur should get their books under control so that they have reliable data and information to make decisions off of. Every business is designed and optimized to make profits so if the numbers are not up to date, then there's issues. Of course if they have issues with bookkeeping, I highly recommend getting a bookkeeper or CPA accountant who well help to explain the financials. This is a very thorough and well explained video. I've subbed 😊

[ahmadfaraz]

can you do a video on tips and tricks for accountants on XERO Please

[ABHPasha]

Thank you. I am a student, doing ACCA. I wanted to learn accounting software to get a part-time job in the UK, what would you suggest to me? Accounting software or some other accounting or finance skill? Keeping in consideration that I have 20 hours work permit.