Bookkeeping & Accounting Basics for Small Business 📊

Knowing some bookkeeping basics is an important step in managing your business finances. Now while it may not be the most exciting thing to do, it is critical for long-term success. So, this video is like a bookkeeping 101 class for any new small business owners who are ready to figure it out, enjoy!

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In this video, I will cover:
- Why You Need Accounting and Bookkeeping
- Go through a Checklist of What you Need to Set Up
- & Answer Some Common Questions that many people have along the way

Timestamps
Bookkeeping 101 (0:00)
Purpose (1:32)
#2 Business Entity (3:10)
#3 Accounting Methods (4:04)
Checklist for Bookkeeping, Tip #1 (6:00)
Tip #2 (6:30)
Tip #3 (7:20)
Tip #4 (7:45)
Tip #5 (8:19)
Tip#6 (8:58)
#4 Analyze Financial Statement (9:30)
#5 Should You Do It Yourself or Outsource? (11:50)
It's Easy (13:05)

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Helpful tools I use:
- Quickbooks (for Bookkeeping): https://bit.ly/3ATx1F3
- ZenLedger (Crypto capital gains tax tool): https://bit.ly/3Lgabwf

Hey, I'm Sean with lyfe accounting. The accounting company that helps you save on taxes and build more wealth. Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!

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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).