Poor Bookkeeping Will Keep You BROKE!!!

[@11overcomers]

www.ContactCoachCoop.com “Poor Bookkeeping Will Keep You Broke”: A Financial Literacy Course This course will teach you the basics of bookkeeping and why it is important, especially if you plan on owning a business. It is designed to be easily understood by high school students. Course Introduction: What is bookkeeping? Bookkeeping is the process of recording all of a business's financial transactions. This includes money coming in (income) and money going out (expenses) [1, 2]. Why is bookkeeping important? Good bookkeeping helps you track the financial health of your business. It shows you whether you're making a profit or losing money [3]. This information can help make smart decisions, such as where to cut costs or how to increase sales. Without it, you're essentially flying blind [4]. Imagine trying to drive a car without a speedometer or fuel gauge - that's what it's like running a business without good bookkeeping! What happens if you have poor bookkeeping? Without accurate bookkeeping, you might not realize your business is struggling until it's too late. You could end up in debt, unable to pay bills, or even forced to close down [5]. It's like spending money without keeping track of it - you might think you have enough, but then suddenly you're broke! Chapter 1: Bookkeeping Basics The Bookkeeping Life Cycle: The bookkeeping process is like a cycle that starts with recording every transaction and ends with generating reports that tell you how your business is doing [6]. Setting Up Your System: Choose a bookkeeping method that suits your business. This could be as simple as using a spreadsheet or as sophisticated as using accounting software like QuickBooks or Xero [7, 8]. Understanding Key Terms: You will learn about different types of accounts, such as assets (what you own), liabilities (what you owe), income (money coming in), and expenses (money going out) [9]. Chapter 2: The Importance of Organization Don't Be a Shoebox Accountant! Shoebox accounting is where you just shove all your receipts and bank statements in a box and deal with them later (usually right before tax time). This is a recipe for disaster! [10] Create a Filing System: Organize your paperwork by category (sales, expenses, bank statements, etc.). This will save you a lot of headaches down the line [11]. Use Technology to Your Advantage: Accounting software can automate many bookkeeping tasks and make your life much easier. Chapter 3: Income and Expenses Track All Your Income: Make sure to record all the money your business earns, no matter how small. Use invoices to track sales and customer payments [12]. Monitor Your Expenses: Keep track of everything your business spends money on. This includes things like rent, utilities, supplies, and even that coffee you buy every morning [13]. Separate Personal and Business Expenses: This is crucial! Don't mix your personal spending with your business spending. Have separate bank accounts and credit cards [14]. Chapter 4: Debits and Credits: The Double-Entry System Understanding the Equation: Bookkeeping relies on the basic accounting equation: Assets = Liabilities + Equity [15]. Everything has to balance! The Double-Entry System: Every transaction affects at least two accounts. One account is debited (increased), and another account is credited (decreased). Think of it like a seesaw - one side goes up, the other side goes down [16]. Practice Makes Perfect: Mastering debits and credits takes practice. There are helpful resources, like the "DEAD CLIC" acronym, to make it easier [17]. Chapter 5: Goods and Services Tax (GST) What is GST? It's a tax on most goods and services sold in [some countries]. As a business, you collect GST from customers and pay GST to suppliers [18]. Registering for GST: You might need to register for GST depending on your business income. Once registered, you need to file regular GST returns [19]. Charging and Paying GST: You'll need to understand how to calculate GST, add it to invoices, and claim it back on your purchases [20]. Thank you for the oppertunity, Coach Coop P.S. Ready to take your business to the next level? Here are 6 ways I can help you: 1. Join my FREE Facebook Page: facebook.com/11overcomers/ 2. Subscribe to my FREE KZbin Channel: youtube.com/@11overcomers 3. Connect with me on my website: www.ContactCoachCoop.com 4. Schedule a 15-minute consultation: calendly.com/11overcomers 5. Watch our Podcast on The "O" Network: kzbin.info/www/bejne/lX_WkHiJZtySl9Usi=WrM7292fj3pYFWho 6. Read our latest Article Post: mailchi.mp/3304e2b13240/your-sparring-partner-is-your-first-business-partner Let's work together to unlock your business's full potential! 🎉🎉🎉🎉🎉🎉