DIY Biz Owners 📣 💥
Are you starting a new business?
Have you been in business awhile are just love learning and doing all aspects?
If you are doing your own bookkeeping for your business and don’t know where to start this is for you ! 🤩
1️⃣ You are going to want a place to enter in all your data and be able to look back and understand it. You can use google sheets, an excel spreadsheet or an accounting software like QuickBooks.
2️⃣ You are going to enter in your all business income and expenses on a weekly basis.
*Bonus Tip* You want to enter it on a weekly basis so your work is always updated and you don’t forget anything or misplace any receipts for expenses.
3️⃣ When entering your business expenses, make sure to put what category expense this was for. You can figure this out by where the expense took place and what was bought. This will help you at year end for your taxes.
4️⃣ This is very important, Always check your books to your statements. This will be to make sure you didn’t forget any transactions or duplicate anything. It happens to the best of us, so always check ✅
5️⃣ Set 💰 aside for estimated tax payments. This should be about 20% of your bottom line. This will help keep you prepared throughout the year instead of receiving a big bill at the end of the year and not knowing what to do or why.
6️⃣ Goal and Budget planning. Review your books in p on a monthly and quarterly basis. You are looking for patterns in your data, to help forecast your expenses and income.
There’s a lot that goes into bookkeeping. Please feel free to message me if you guys have any questions when doing your books! 📩📩
You got this ladies🥳