Bookkeeping Basics for Small Business (Everything You Need To Know)

[@seanstandberry4082]

Love how you tie bookkeeping services into greater profitability!

[@LYFEAccounting]

More to come!

[@brandonemmanuel5032]

A barber would link getting a hair cut with greater profitability.

[@BusinessBasics]

Just found this channel. Concepts were explained very well and the 6 steps were easy to follow. Organized documentation and storage are essential to accurate books. I've subscribed to stay tuned for more videos!

[@LYFEAccounting]

Glad it was helpful!

[@ilonabaghdasarian4837]

You guys need to fix the audio. Can hear the transitions and the background music better than the speaker

[@threedee593]

Are you serious… they are helping you for free.. get it the best way you can or get missing, basically!!!

[@jakeithappen2142]

Not to nit pick. It sounds like an outer mic (like a Webcam). Still liked the video.

[@wafflecatstudio]

The category definitions were super helpful! Great bite size info as usual.

[@LYFEAccounting]

Glad you liked it!!

[@SeanoHermano]

Thanks for taking the time to teach folks bookkeeping skills! I started a new business recently. The captions and topic descriptions were quite helpful. I got past the 4th step, and then aruond the introduction of the 5th step there was some background music playing that I found to be quite distracting from the informaton you are trying to teach. A question for you: (about Your example for the business with $1 mil. In assets and 3 months revenue in the bank). You say they might choose to shorten the “collection period” but don’t expand on this concept further. What do You mean by collection period? Are You referring to if the company were to get a bank loan? Thanks!

[@diegojohn1956]

Hey Sean, what he meant by shortening the collection period is this: each time you issue out an invoice to your clients, the term of the invoice might be net30 days. That means the customer has 30 days to make payment. So if most of your revenue is tied up in account receivables, you might not have enough cash on hand. So shortening the collection period from 30 days to net14 or net7 days helps you collect the payment faster and reduces account receivables (which is money your customers owes you).

[@SeanoHermano]

@@diegojohn1956 Thank You! That was a good example and makes perfect sense now (a year of learning through trial and error as I grow my business).

[@GarneredBeauty]

Very well explained.

[@encyclopediarealestate4797]

What editing software do you use?

[@Incitetax]

Great Video!!

[@karenwhite445]

Great job!

[@AliShan-ow5vs]

Audio of the video can get better! ...

[@LYFEAccounting]

We made some adjust in our more recent videos :)

[@grahambrown5874]

Could have been a good video, but the sound is poor. You sound too far away.

[@LYFEAccounting]

We fixed that for our newer videos, can you listen and tell us what you think?

[@itisalwaysday1]

I skipped this video due to the annoying background music

[@LYFEAccounting]

We corrected that in our latest videos

[@LYFEAccounting]

Thanks for sharing, we turned off the music in our latest videos after receiving many comments like this one. Have you seen any of our videos from July or August?

[@sofiawehabey6055]

My God! Audio is horrible. Background song is too loud. I struggled to listen to what you were saying.

[@kooners6961]

So, mute the video and turn on CC!! I didn't hear no damn music!

[@SA-ot8di]

Am I the only one who was having a huge problem hearing him

[@junior4life33]

You guys took way too long to get to the point lol

[@LYFEAccounting]

Haha thanks for the feedback! Have improved in our most recent videos for sure.

[@leenoel1]

Can you recommend a a program or software for my bookkeeping

[@fasatile7370]

Great video LYFE Accounting! By far the best organized and clearly explained video on bookkeeping for small business. Thank you for your content! Many blessings and positive thinking manifestation.

[@LYFEAccounting]

Thank you for watching! Many blessings to you too. 😊

[@ewuramaparis7194]

This is pure excellence. Thank you, God bless prosperously 💷 ✨

[@LYFEAccounting]

Thanks for watching!

[@michaelgatobu7624]

My take away for today , expenses are the costs incurred in generating revenue, thank you

[@kendramanuel968]

New small business owner here! Thank you so much for your simple explanation of this complicated stuff. I’ve got ADHD so my brain is constantly running n focusing on all the different aspects is rough but you make it easy. Thanks so much again ❤😊

[@flourishsjourney4171]

My take today is book keeping is the recording of past financial data which is used to make future business decision

[@terrellbradshaw3504]

Love your videos but whoever mixes the audio needs to turn the sound effects down....like a LOT!

[@LYFEAccounting]

Working on it! Check out our future videos and tell us if you notice a difference?

[@liscasanova9892]

The phone call sound effect was the most distracting

[@WitheringDrums]

Great video with great info. You should spell check your presentation though. Cah, beetween, etc.

[@LYFEAccounting]

Noted!

[@tofulosophy]

This was awesome. Really filled in the gaps from a bookkeeping course I took at a local college

[@glendineevans1467]

Another great video! Thank you for sharing your knowledge. This is going to help sooo many people. May God bless you All!

[@LYFEAccounting]

Wooow, thank you so much Glendine, god bless you!

[@borderm3]

Great video! I keep hearing a phone rininging, am I nuts or is this part of the video somehow? Lol!😊

[@jamestunedflat8942]

That beeping sound effect is the same as my ringtone. Very distracting

[@jasminesmendingplace1258]

wonderful . . . you guys are getting me in shape financially. . .

[@LYFEAccounting]

We love to hear that!!

[@LYFEAccounting]

Watch Next: - 101 Tax Write Offs & Deductions For Entrepreneurs - kzbin.info/www/bejne/rqPbg4prrKyFgKM

[@lavettemcclean528]

Hey can you tell me what’s a great software application to use for my book keeping please

[@bosslady991]

Audio sucks cant understand much of what u said

[@kevincorrales4080]

I got lost halfway through the video

[@mehdimirzaei3112]

Too much noise in background

[@blanketblanchette9155]

right now, i need a bigger cargo vehilce

[@laravancava]

Great video

[@LYFEAccounting]

Thanks for the visit

[@rebparker4851]

Nice job on explaining

[@malikdey-nativemoor2923]

wow! excellent lesson. much appreciated. what a great CPA for sharing some much needed information in a way it is very digestible.

[@brantleygosey1146]

what bookkeeping software do you recommend?

[@diegojohn1956]

We recommend Quickbooks. Let me know if you have any other questions.

[@johnkurtz2691]

All You guys & girls at LYFE bring back my love ❤ of accounting! It's the life blood of any business not to mention household economics👍 Knowledge is Power! Now, If only our Fed. Govt. understood accounting!😮😅

[@PaulCrouse]

Hey LYFE. I really wanted to watch your whole video, but the music and other noise were totally in the way. I had a very difficult time following what you were saying, so I gave up. Can upload a version without the background music?

[@LYFEAccounting]

Hey Paul, will upload and updated version for you next week. Thanks for the constructive criticism.

[@PaulCrousePhoto]

@@LYFEAccounting That sounds great. Thanks for being receptive. It is a shame when technical issues get in the way of communicating your ideas. I am sure that will help viewers understand your message more clearly. Good luck!

[@alfredhagono6849]

KODUS

[@evelynbrooks8558]

You are awesome! Such great and clear info!!

[@letitiamason4686]

Invaluable information. Thanks

[@kelvindumaka2907]

that's it right there "unsure on how to do it"

[@divinesilence]

👍 Great breakdown!

[@LYFEAccounting]

Thanks for watching!

[@nathanielpringle9564]

Great content!!

[@LYFEAccounting]

Thanks!!

[@elementsofelle888]

Thank you!!!

[@LYFEAccounting]

You're welcome!

[@sydniwilliams1171]

Thank you for the video!

[@japonicaferrell208]

This was awesome 😎

[@RunOs3]

Amazing, thank you for sharing your vast knowledge with us.

[@LYFEAccounting]

My pleasure!

[@Jessica-lj3op]

Thank you for the great info!

[@LYFEAccounting]

Anytime!

[@naatorkornoo7529]

Awesome.thanks

[@LYFEAccounting]

Thank you for watching.

[@kermitshamburger774]

You all at Lyfe accounting provide such great content thank you! . . I am a sole proprietor and I do freelance video and photography for individuals , Churches and business. I have one client that I do contact work for that has paid me the exact same amount every Friday for two years (1099). What is the best software for me to use to keep up with my ( fairly simple accounting) and be able to print a professional looking receipt / invoice for my clients? . .

[@LYFEAccounting]

Hey Kermit, we responded in the other comment, did you see it?

[@kermitshamburger774]

@@LYFEAccounting Thank you for all of the GREAT CONTENT

[@LYFEAccounting]

@@kermitshamburger774 Of course!

[@moramothman1774]

This is more than great ❤️

[@LYFEAccounting]

Thanks for watching.

[@miguelito1308]

Nicely done.

[@LYFEAccounting]

Thanks!

[@theaccountant2909]

Nice job!

[@LYFEAccounting]

Thank you! Cheers!