Bookkeeping Basics For Small Business Owners (Avoid These Mistakes)

Joining us for this addition to the channel is our gracious host Toby Mathis and a special guest Troy Butler. Together they will be going over bookkeeping basics for small business owners and how to avoid these common mistakes.

Now, bookkeeping is something every business has to manage. No matter what the entity structure is or the focus of the business, each and every one of them must manage their books.

"The way we structure is so that it's simpler on your bookkeeper" 10:13

It's not just a matter of doing it for oneself but satisfying legal obligations too.

Let Anderson’s expert real estate bookkeepers handle your books so you can create more time in your day and put more money in your pocket come tax season.

By clicking this video, you have welcomed the idea of learning how to accomplish what that one to many fail to do.

In under 30 minutes, you will have a better understanding of how to keep your books through acquired knowledge brought on here.

Hopefully, you will learn a few new tricks that will help you succeed. With that, we wish you luck.

We would like to thank you for stopping by and watching our content.

If you enjoyed being a part of our growing audience, we hope you will consider doing one of the following actions:
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Comment (Question and suggestions always welcomed)

Once again thank you and good luck with your future endeavors.

Show Notes:

0:00 Intro
0:23 Bookkeeping at its Most Basic
8:23 Common Mistakes of Bookkeeping
14:51 Storytime
18:12 Chart of Accounts
21:37 Submitting for Reimbursement
25:42 Last Minute Advice
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#bookkeeping #bookkeepingservices #smallbusiness

[erickindsfater]

4:29 “Those are big words…”. LOL - You’re a great teacher; thanks for making the time to provide all this content.

[davidrounds]

Keep every single receipt, have a simple manilla folder for each month of the year, put every single receipt in that folder every single month without fail. At the end of the year put all 12 in a year file for the accountant and for your file cabinet when the accountant is done with it.

[accountsbalance]

This is very helpful! A lot of things to learn here for business owners especially the common mistakes in bookkeeping. Setting up a chart of accounts will definitely make it easier to understand where your finances are at.

[baby-Bubba]

Wow thanks Toby. I have given away way too much. But I'm happy that I heard your content on this subject. I guess late is better than never. 💸💸💸💸

[johnkurtz]

Excellent Toby! From side hustles to deeply multilayered Corps all accounting boils back to the basics 1st.

[lunamorris]

Tons of valuable information, thank you so much. It helped me a lot.

[NdeshiWay]

Toby you are top tier!! Thank you so much.

[gh]

Thank you for sharing all the knowledge, super helpful!

[dcmiracles]

Very helpful explanation, thank you very much!

[sweetiepathak]

I appreciate your video it does help a great deal. Can you do a video on bookkeeping for a law firm? thanks

[foodzashion]

Great video I love it for me to manage my own rental properties 😊

[rentallogs]

Toby is Amazing in his explanations! He makes it easy to understand and fit the pieces together.

[jamesodell]

Administrative access should be used a lot more by organizations. I have read about several organizations and churches that have had large amounts of money embezzled by a trusted treasurer or bookkeeper. If the members of the governing boards had administrative access this type of embezzlement would be much harder to pull off. I agree with you with the need to have a different person writing the checks then the bean counter. Some simple steps to avoid embezzlement from the trusted treasurer or bookkeeper.

[johnsantolucito]

Very useful great video as always! Could you make a video on how to find a tax planning professional, accountant, or whatever they would be called for a small business. Such as the right questions to ask maybe what the difference is between all of these different titles if there is any?

[GeorgiaCrime]

Odd question, but what type of lapel mic do you use, and what type of camera and lighting? Love it. Thanks!

[trzagor]

This is a great breakdown for any startup!!!👍👍👍👍👍👍

[therianstrauss]

This was very useful. Thanks for sharing.

[dcmiracles]

To start out on a tax return of start up rental real estate, what descriptions categories not more than 10 categories are suggested?

[lesahill]

I wanted to say thank you to you for taking time to share truths

[vchill]

Great video and advice thank u for breaking it down . May I ask if there are standard codes for chart to categorise type of expenditures ? Thanks