Clear financial reporting from your accounting system is a necessity for any growing business. These reports tell you if you’re profitable, whether your marketing & sales strategies are paying off, and whether you’re spending too much in any specific area. Also, financial statements are one of the first things any lender or investor will want to see when deciding whether or not to fund your business.
So, how do you get presentable financial statements? It all starts with bookkeeping—the process of categorizing your business’ financial transactions into accounts like revenue, cost of goods sold, rent, advertising, payroll, etc. Over the years, I’ve had many entrepreneurs ask me the same questions about bookkeeping: which system should I use? How do I set up an account? Where do I go in this system to create an invoice or categorize my transactions? How should I categorize my transactions? What reports are important? How do I read my reports? What is a chart of accounts?
I created a series of YouTube videos to give entrepreneurs very specific answers to these questions. I hope they can help you understand and feel confident in using your accounting system yourself or directing someone else to do manage it for you. Dive into the playlist below and feel free to reach out to us for more assistance in all the other areas of growing your business.