In this video, we explain basic bookkeeping for small business owners. FREE Excel Income Statement template to do your own bookkeeping: https://bit.ly/3ftOLyb To all the entrepreneurs rolling up their sleeves to do their own bookkeeping, we salute you! This is for you. We walk you through the basics of what bookkeeping is, why it matters, and the seven key steps to getting your own bookkeeping process off the ground. *** Check Out These Other Videos You Might Like: How to Read a Balance Sheet (and Make Your Own): https://youtu.be/Yv1W683IaVc Cash Flow Statements 101: https://youtu.be/wROrC2sHd8k Bench: Bookkeeping Done For You: https://youtu.be/guoTHOqPS9k Helpful Resources: Excel Income Statement Template: https://bit.ly/3ftOLyb Bookkeeping Basics for Entrepreneurs: https://bit.ly/3dAzclO Free Consultation on Bookkeeping Best Practices with a Bench Bookkeeping Expert: https://bit.ly/3fNnCXb Let us know your thoughts about bookkeeping for small business owners in the comments below, and don’t forget to subscribe to our channel for more helpful tips for small business owners. *** Timestamps: 0:00 - Introduction 0:28 - Definition of bookkeeping 0:43 - Why bookkeeping matters 2:24 - Separating business and personal expenses 2:54 - Choosing between single entry and double-entry accounting 4:04 - Choosing between the cash and accrual method of accounting 4:46 - Choosing a bookkeeping system 6:01 - Organizing and storing documents 6:43 - Making bookkeeping a habit *** Join Our Growing Community Of Small Business Owners: Facebook: https://www.facebook.com/BenchAccounting/ Instagram: https://www.instagram.com/benchaccounting/ Twitter: https://twitter.com/bench LinkedIn: https://www.linkedin.com/company/benchaccounting/ *** How Bench Can Help: Try us for free - we’ll do one month of your bookkeeping and prepare a set of financial statements for you to keep: https://bit.ly/3s9voOu With Bench, you get a bookkeeping team to complete your monthly books and help you make decisions to support the best interests of your business. We’ve helped thousands of small business owners take back more time to focus on doing what they love! With Bench on your team, you’ll have properly completed books to help you: 1. Get real-time insights into the financial health of your business 2. Manage your expenses with detailed expense tracking 3. Use bookkeeping records for loan applications and loan forgiveness 4. File your taxes at tax time with our annual financial package, and make the most of your tax deductions Plus, if you ever have questions, your dedicated team of experts are just a quick message away in the Bench app. *** About Bench: We're an online bookkeeping and tax prep service powered by real humans. With Bench, you get a dedicated team of experts to track every detail for you. Your bookkeeping team imports bank statements, categorizes transactions, and prepares financial statements every month. Come tax season, we can handle the tax prep and filing, and even offer year-round tax advisory support. #Bookkeeping #Accounting #SmallBusiness