Bookkeeping Basics for Small Business Owners

In this video, we explain basic bookkeeping for small business owners. FREE Excel Income Statement template to do your own bookkeeping: 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):
• How to Read a Balance ...
▪ Cash Flow Statements 101:
• Small Business Account...
▪ Bench: Bookkeeping Done For You:
• Bench: Bookkeeping don...
Helpful Resources:
▪ Intro to Small Business Accounting 101:
bit.ly/31LkSBw
▪ Bookkeeping Basics for Entrepreneurs:
bit.ly/3dAzclO
▪ Tips for Automating Your Accounting Admin:
bit.ly/3Pp3QAL
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: / benchaccounting
Instagram: / benchaccounting
Twitter: / bench
LinkedIn: / 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: bit.ly/2Wt6MoY
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

[@BenchCo]

Try us for free - we’ll do one month of your bookkeeping and prepare a set of financial statements for you to keep: 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.

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I love that I didn’t have to pay to take a course when she literally just spelled it out. Win for KZbin.

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@Dom Nice compliment Dom, but: Jesus was a man; JC supposedly had a beard as an older adult; and no pictures were ever taken of Jesus at the time he roamed the earth. Furthermore, cameras didn't exist then! All images were recollections or descriptions from old ancient stories, teachings or writings, is my educated guess.

[@tiffanywangui568]

No one has ever explained book keeping in a better way than this. Just perfect

[@kuzykn]

This lady is perfect for tutorials! Please upload more!!! She has such a great voice, it is clear and concise and easy to follow along with. Thank you!!!!

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Yes, I agree that her speaking voice was pleasant to listen to. Believe me, if I am at a lecture and the orator has a horrid voice, I can't concentrate on the material.

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Couldn't agree more.

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Realexpeditetools,com helped me out with a transfer of $30,000 added to my account .They are awesome.

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Keep in mind that, like most small businesses, you are not likely to get rich from running a vending machine business. But being your own boss and calling the shots are rewarding in themselves. And if you get enough locations going, vending machines can generate a steady income for you.

[@ElliotBrownJingles]

You had me at "bookkeeping may not be the most exciting thing ever". That touched the core of my crushed soul.

[@ericcorvers1743]

This girl has found her calling... amazing delivery. So concise and engaging. Not surprising Bench is in Vancouver! Your videos are going to make self-learning basic bookkeeping & accounting for our new small business corp way easier! Thank you.

[@BenchCo]

Thanks Eric!

[@morganwheeler7417]

I'd give it 10 thumbs up if I could. Straight to content, organized delivery, accurate info, clear animated delivery.

[@michaelsimmons4883]

I wish i had two more arms so I could give this video four thumbs up!

[@JonathanBgx]

Why doesn't the school teach accounting like that? I think everyone would like the subject today. Thanks, Bench for the video.

[@blast2686]

cuz a school isn't a place to learn but a place to memorize and answer standardised tests

[@StudentLearning737]

maybe because they fear that if they sound too simple they will lose self respect and credit. beats me.

[@peted2770]

Our economy is based on the majority of people being in debt. The more financially intelligent you are the less likely you will be up to your eyeballs in debt.

[@josebessette3875]

With the help of realexpeditetools,com i received a transfer of $30,000 added to my account .

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[@Miragent]

Damn, this is better than my whole semester on financial accounting on college.

[@keystoneplumber]

Because college professors are more worried about pushing socialism and 400 genders

[@NokthulaMadondo]

I am busy preparing to file and was one of those people that didn't pay attention to the books. I have literally pulled out every hair from my head trying to figure this book keeping thing out. Benchmark's income statement gave me a head start and their blog posts helped me wrap my head around some of the accounting terms. Now I know exactly what to do and habits to build around my book keeping.

[@jayeetachoudhury7416]

The way you explained everything so clearly, its simply great. The whole presentation is beautiful.

[@TheSignseeker]

Clearest, calmest vid on intro to accounting on the interwebs. Bravo!

[@TayNorrel]

Wow! Call me a “dummy” but you just explained why I “thought” bookkeeping for my company was so complicated and I’m not even done watching! Thank you!!!!

[@hankclements1602]

Thank you! This was a great video! Amazing how you managed not to bore me and to keep me absorbed for what otherwise, become a turn the page moment! You made it simple to do and encouraging for anyone to stay and learn to do their own bookkeeping. I'm enlightened by the worst-case scenario, Bench is there to grab onto and hold the torch to light the way or Bench will just take it on for you altogether. :)

[@newsmasala701]

There are us too, this video helped us

[@Victoria-Ru45]

Her style in communicating the material was clear and concise and organized. Explained concepts well for a beginner's preview of what to expect in the course.

[@ecombalance3501]

Your video made bookkeeping a lot easier and more interesting to learn! Bookkeeping is definitely important to keep track of financial transactions, especially for small businesses.

[@dezigeorge]

Another genius, who can share information in a simple, easy to understand for us. Thank you.

[@aroldoacevedo8293]

This video is very helpful and easy to understand! The way she described the process made it so easy too understand and it did not sound too complicated like other videos!

[@MrTuancuongac5]

8 mins explanation worth 8 hours studying. Thank you so much!

[@Haneenfarwan]

this video helped so much and im generally slow when it comes to accounting and numbers thank you so much ^_^

[@nanyrodriguez3320]

Thanks for this video, God bless!

[@sightseer1027]

Thank you. I'm an accounting student and I learned so much things from your channel. 🙂

[@williamjamesayers7719]

This tutorial was very well done and very concise on the 'rules' or 'habits' of bookkeeping that would/could make it easy.

[@rogeliosoto4074]

I don’t know too much about accounting. But this explanation is just great: clear and to the point!👍

[@csr9408]

Great information! As an entrepreneur, I like earning the money, making the invoice and deposits - I don't so much like the rest of it but realize the importance of the task. I highly recommend utilizing a bookkeeping service as they are normally very affordable! It will free you (the owner) up to do what you do best..... and the bookkeeper can do what they do best! This is a great overview video! Well done!

[@vinniechan]

what you get out of your bookkeeping (your management account) gives insight to your business. of course u need to get through the boring stage of bookkeeping first

[@inea815]

Well said. I think accountants are for doing the numbers so the owner can focus on what they do best!

[@taneshiabennett4812]

Do you have a bookkeeper?

[@ryanm.mclaren9543]

She's so engaging. Thanks for the video.

[@wesszep9865]

Heartwarming encouragement, thank you a lot

[@bythewindow-soapcraftbouti2686]

Thank you for this video and keeping it simple!

[@newsmasala701]

First video that explains you clearly and to the point

[@kevweeru8477]

Thank you so much for the video. It’s given me a lot more confidence for my new business.

[@just_toko]

This is everything I didn't know I was looking for. My books have been giving me headaches. Funny thing is I watched this video about a year ago, downloaded the spreadsheet and never looked at it again smh 🤦🏾‍♀. I kept a running list of my expenses but it didn't have the income statement generator and I struggled to figure out how to categorize some of the expenses. The sheet you provide answers all the questions I had 🙄. Thank you for providing us with it.

[@evolutionclouds]

Great little video We are a small bookkeeping business and trainers in Australia I will use some of these tips when training my small businesses here! 👍👍👍

[@adeoroisrael1430]

Amazing delivery by all standards. Makes it interesting to want to learn. A wonderful ambassador for Bench, Thanks.

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Incredible program that has changed my life.

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you mean bench ?

[@lisaoldwithsomanywhys5487]

thank you for being thorough & keeping simple.

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Thank you Bench, as a startup Entrepreneur it's been a fun journey.

[@StaticBlaster]

Informative for the layman such as myself. Thank you for the financial information.

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Her professionalism is off the charts....

[@christinemoore8470]

Wow! Thank you! This video was not only inspiring, but very helpful! Thank you!!!!

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[@mesmerizingstars]

Wow thank you!! I just got a bookkeeping job recently and am waiting for my first day soon, you explained everything so well and I will be coming back to take more notes! Thank you very much ☺️

[@josephinebardot8403]

I watch this video over and over. So much information in this video - thank you for this.

[@nicreates_]

Thank you so much for all these information!

[@1STBUCKLEY]

Wow, such a calm, precise professional presentation. Thank you

[@petermativo_gbbs130]

Waaaow what I was looking for.. I love the clarity.Thanks

[@afternoon222]

Thank you so much for this video--so helpful!

[@dshep7850]

Quite informative and easy to understand. Thanks so much, I enjoyed it.

[@coolempath]

Impeccable! Perfect content, perfect delivery perfect pitch. Thank you :)

[@nikapurwati3376]

Thanks your video , I don't have experiences for bookeping but the company accept me,so I must much learning

[@rafaelandriano8121]

What a video, may the lord bless this lady and her team! REAL MVP I'm about to see my first £million

[@kennethomotayo6739]

i love this video, so easy and descriptive , you also provide the audience materials to download

[@stefaniabernard5965]

This really help me in book keeping.

[@joarmape6471]

best bookeeping video for starters !

[@dejiyussuftalk1809]

Thank You Bench this was very very helpful. I guess I will stick to Wave accounting

[@sherrybuttron1479]

very helpful , great for a refresher!

[@Billybob-sh1hx]

positive energy goes a long way thx for being awesome aiden

[@trustafc5268]

You are the prettiest account teacher i ever saw in my life ❤️❤️

[@CourtneyBerry]

This is the FIRST excel spreadsheet I've downloaded that has actually made my bookkeeping SIMPLE! I was starting to think they didn't exist. I'm so glad I found this channel.

[@BenchCo]

Glad to hear you found our diy bookkeeping spreadsheet helpful Courtney! We hope you stick around for more helpful videos :)

[@evelynmelchor7793]

I downloaded the spreadsheet as well but i have more than 603 transactions and cant seem to fix the problem so that they can keep adding up. Were you able to fix it? If so I’d appreciate the help !

[@joycesandusky4302]

Why can’t I find the Excel template? Where did you go to find the template? Also, I agree with the positive comments about this video. It’s excellent!

[@thebmwsmith]

Such a positive vibe lady most informative loved it

[@seabreezetradingco2394]

Great general overview video! (She is a great presenter! Great voice!)

[@yeahright2449]

If I decide to use a bookkeeping service I will consider Bench first because of this video. Thank you

[@seanellington8395]

Thank you so much. I loved alot

[@MuhammadAbdullahAb]

Perfect... Keep it up... Do more with your KZbin channel... Thanks for

[@nickhart4072]

Best video on this ever... to the point and stayed interesred

[@judithjoshua2192]

Wow! Just started my own small business and I am struggling with book keeping. I have learnt so much. Thank you!

[@elitemana9401]

Thank You Bench Accounting

[@ThePinayMAMA]

Thank you so much

[@kimdelaneysurratt6763]

This was great!

[@wehilanidemello4584]

Thank you for simplifying! God Bless

[@sathsah1593]

You are a great presentor

[@TeraMeraSaath]

How clearly she explained.. amazing

[@etornamtsyawo6407]

I just started my business and the whole bookkeeping thing was just turning my head around. Lots of info here. I'll implement every step and see how it goes

[@BenchCo]

Hi Etornam, glad to hear you found this video useful! For more helpful tips and resources for doing your own bookkeeping, be sure to visit the Bench blog: bit.ly/3lOk4op

[@fearlezz365]

I’m just starting my own business and all this is new to me..if u have any extra pointers I’m all ears ..

[@cynthiakerford4458]

Truly concise and easy to understand. S he is perfect for tutorials! Please upload more!!! She has such a great voice, it is clear and concise and easy to follow along with. Thank you!!!!

[@maksudrahman6858]

Thank you so much! I'm going to use your template. I'm sure it'll be great In Shaa Allah.

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Thank you so much for this video. There's a tear in my eye. I didn't know what the hell I was doing. Thanks. I'm going watch all your videos. You're a godsend.

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This is a great introduction video!

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Amazing video, very informative and easy to understand. She rocks

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This is fantastic. Very clean and precise.

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Thank you for the video! Great information!

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Love this. Great

[@rae1467]

This was an awesome video. The information was simple and concise and the woman in the video is so relatable and personable. Keep these coming please! Definitely subscribing.

[@SAHIRKM]

got a better understanding of the basics of small business owners. thank you

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So awesome and easy to follow

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She definitely holds her audiences' attention. Great content.

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This was so wonderful and helpful!! Thank you so much.

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Wow this is an amazing video its one of the best videos that i have watched in my life, the lady who was explaining the videos was so kind, Congrats to her.

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Thanks, I think you covered all matters things in easy way, thanks so much 🌹

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Great video - thank you :)!

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Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!

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She's great. Well done.

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Great tips 👍🏾

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Thank you so much for this!!!

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Such an easy and clear video to follow.

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This is very helpful. Thank you for sharing

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Great educational content. Well done!

[@veronica.the.realtor4681]

ADORABLE ❤️

[@am_vicki_gee]

What makes this video great is how she speaks. Her body language. She is good

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Thanks,the ideas meets my consern to my business.🎉

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Perfect!!!!!!!!!!!❤

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Thank you so much I’m not even in the us and I appreciate it so much

[@maicaona1458]

Thank you for this video and for the templates!