Bookkeeping 10111/10/2022 ![]() ![]() Your business needs that same kind of attention to the numbers so you don’t make choices that you might not be able to afford.Īt the end of the day, when you understand your bookkeeping, you will know how much you can afford to pay yourself, how much to save for things like taxes and other expenses and what parts of the business your money is coming from. You wouldn’t go out and buy a house without going to the bank, knowing how much you can afford and making sure your dollar ducks are in a row before throwing down your down payment. Well…you need to know your financial situation so you’re making smart, informed decisions that will benefit your business. Sound easier than you originally thought? I thought so. Money in, and money out.īasically, bookkeeping gives you a snapshot of your business so you can see the financial health of your business. ![]() Simply put, bookkeeping is the daily recording of your financial transactions. What is bookkeeping and why do you need it as a small business owner? In this blog post, I am going through what bookkeeping is, why you need it, common misconceptions people have around it and why having solid bookkeeping systems in place gives you a clear understanding of your business. Welcome to Bookkeeping 101, with me, your friendly neighborhood number nerd! There’s no shame in being confused by it, but I promise it’s not hard to understand. Oftentimes I hear from people that they don’t know what bookkeeping is or why they need it. ![]()
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