Bookkeeping Basics For Small Business Owners (Avoid These Mistakes)

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  • Опубликовано: 21 июл 2024
  • Joining us for this addition to the channel is our gracious host Toby Mathis and a special guest Troy Butler. Together they will be going over bookkeeping basics for small business owners and how to avoid these common mistakes.
    Now, bookkeeping is something every business has to manage. No matter what the entity structure is or the focus of the business, each and every one of them must manage their books.
    "The way we structure is so that it's simpler on your bookkeeper" 10:13
    It's not just a matter of doing it for oneself but satisfying legal obligations too.
    Let Anderson’s expert real estate bookkeepers handle your books so you can create more time in your day and put more money in your pocket come tax season.
    aba.link/oyb
    By clicking this video, you have welcomed the idea of learning how to accomplish what that one to many fail to do.
    In under 30 minutes, you will have a better understanding of how to keep your books through acquired knowledge brought on here.
    Hopefully, you will learn a few new tricks that will help you succeed. With that, we wish you luck.
    We would like to thank you for stopping by and watching our content.
    If you enjoyed being a part of our growing audience, we hope you will consider doing one of the following actions:
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    Comment (Question and suggestions always welcomed)
    Once again thank you and good luck with your future endeavors.
    Show Notes:
    0:00 Intro
    0:23 Bookkeeping at its Most Basic
    8:23 Common Mistakes of Bookkeeping
    14:51 Storytime
    18:12 Chart of Accounts
    21:37 Submitting for Reimbursement
    25:42 Last Minute Advice
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    ABOUT TOBY MATHIS
    Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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    The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
    #bookkeeping #bookkeepingservices #smallbusiness

Комментарии • 71

  • @TobyMathis
    @TobyMathis  Год назад +4

    Have questions about this video? Sign up for a free consultation to get your questions answered by professionals. aba.link/mql

    • @dcmiracles2785
      @dcmiracles2785 Год назад

      For startup biz or very small biz, how much for bookkeeping and tax return prep? Thanks!

  • @erickindsfater
    @erickindsfater Год назад +8

    4:29 “Those are big words…”. LOL - You’re a great teacher; thanks for making the time to provide all this content.

  • @davidrounds3245
    @davidrounds3245 11 месяцев назад +4

    Keep every single receipt, have a simple manilla folder for each month of the year, put every single receipt in that folder every single month without fail. At the end of the year put all 12 in a year file for the accountant and for your file cabinet when the accountant is done with it.

  • @accountsbalance
    @accountsbalance 7 месяцев назад +2

    This is very helpful! A lot of things to learn here for business owners especially the common mistakes in bookkeeping. Setting up a chart of accounts will definitely make it easier to understand where your finances are at.

  • @johnkurtz2691
    @johnkurtz2691 Год назад +2

    Excellent Toby! From side hustles to deeply multilayered Corps all accounting boils back to the basics 1st.

  • @baby-Bubba
    @baby-Bubba 4 месяца назад +2

    Wow thanks Toby. I have given away way too much. But I'm happy that I heard your content on this subject. I guess late is better than never. 💸💸💸💸

  • @ericalouie4548
    @ericalouie4548 Год назад +4

    So helpful and thanks so much!

  • @vanessalion4834
    @vanessalion4834 2 года назад +2

    Thanks!!!

  • @gregoryunderwood4121
    @gregoryunderwood4121 Год назад +2

    Troy "The Beard" Butler!

  • @dcmiracles2785
    @dcmiracles2785 Год назад +2

    Very helpful explanation, thank you very much!

    • @TobyMathis
      @TobyMathis  Год назад

      Glad it was helpful! We hope you consider subscribing for more great content!

  • @NdeshiWay
    @NdeshiWay Год назад +1

    Toby you are top tier!! Thank you so much.

  • @lunamorris2091
    @lunamorris2091 Год назад +2

    Tons of valuable information, thank you so much. It helped me a lot.

    • @TobyMathis
      @TobyMathis  Год назад

      Great to hear! Thank you for watching!

  • @GeorgiaCrime
    @GeorgiaCrime 2 года назад +2

    Odd question, but what type of lapel mic do you use, and what type of camera and lighting? Love it. Thanks!

  • @dcmiracles2785
    @dcmiracles2785 Год назад +2

    To start out on a tax return of start up rental real estate, what descriptions categories not more than 10 categories are suggested?

  • @johnsantolucito7396
    @johnsantolucito7396 8 месяцев назад +2

    Very useful great video as always! Could you make a video on how to find a tax planning professional, accountant, or whatever they would be called for a small business. Such as the right questions to ask maybe what the difference is between all of these different titles if there is any?

    • @TobyMathis
      @TobyMathis  7 месяцев назад +1

      Great suggestion!

    • @CessnaPilot99
      @CessnaPilot99 4 месяца назад

      ​@TobyMathis . I second this... would be a great video on finding an accountant

  • @HODL-Diamond-Hands
    @HODL-Diamond-Hands 2 года назад +2

    good stuff. thank you!

    • @TobyMathis
      @TobyMathis  2 года назад

      Glad you liked it, thank you for watching!

  • @jamesodell3064
    @jamesodell3064 2 года назад +5

    Administrative access should be used a lot more by organizations. I have read about several organizations and churches that have had large amounts of money embezzled by a trusted treasurer or bookkeeper. If the members of the governing boards had administrative access this type of embezzlement would be much harder to pull off. I agree with you with the need to have a different person writing the checks then the bean counter. Some simple steps to avoid embezzlement from the trusted treasurer or bookkeeper.

  • @annedycus5477
    @annedycus5477 2 года назад +2

    Great very helpful.

  • @karikasumi888
    @karikasumi888 7 месяцев назад +1

    Great video!

    • @TobyMathis
      @TobyMathis  7 месяцев назад

      Thanks for watching!

  • @gh4885
    @gh4885 2 года назад +3

    Thank you for sharing all the knowledge, super helpful!

  • @foodzashion5294
    @foodzashion5294 8 дней назад

    Great video I love it for me to manage my own rental properties 😊

    • @TobyMathis
      @TobyMathis  6 дней назад

      Hey, thanks for the support. Hope it makes managing your rental properties a breeze!

  • @sweetiepathak6027
    @sweetiepathak6027 5 месяцев назад +1

    I appreciate your video it does help a great deal. Can you do a video on bookkeeping for a law firm? thanks

    • @TobyMathis
      @TobyMathis  5 месяцев назад

      I'm glad you found the video helpful! I'll definitely consider your request for my next video =)

  • @FlamingArrow444
    @FlamingArrow444 Год назад +3

    very informative

    • @TobyMathis
      @TobyMathis  Год назад +1

      Thank you! We hope that the information is helpful!

  • @trzagor2769
    @trzagor2769 2 года назад +5

    This is a great breakdown for any startup!!!👍👍👍👍👍👍

  • @ediethesalsafreak
    @ediethesalsafreak 2 года назад +1

    FABULOUS!!!! Love this!!!

  • @therianstrauss
    @therianstrauss 2 года назад +4

    This was very useful. Thanks for sharing.

  • @blackbeardpapa9547
    @blackbeardpapa9547 2 года назад +1

    love your videos guys!!!

  • @vchill2845
    @vchill2845 2 года назад +2

    Great video and advice thank u for breaking it down . May I ask if there are standard codes for chart to categorise type of expenditures ? Thanks

  • @elisua5719
    @elisua5719 Год назад +3

    Would Troy have a Bookkeeping course I can purchase? Thank you and excellent content.

  • @niko-sivov
    @niko-sivov 2 года назад +1

    Helpfull!! Thanks alot, guys

  • @jimraelee
    @jimraelee 2 года назад +1

    as a owner of few rentals, your tips are awesome. some I knew, some I didn't realize. thanks much.
    p.s. I stay away from journal entry, i dont understand them other than its a note. My accnt puts 2 line items in. I dont get it.

  • @roialnet
    @roialnet 2 месяца назад

    If an LLC company owns several DBAs, do you have to keep a separate bookkeeping account for each DBA? Or combining them into a single book under the LLC is enough? In the end come tax time it is the LLC that files taxes..

    • @TobyMathis
      @TobyMathis  2 месяца назад

      Great question. I recommend setting up a free consultation to discuss strategies and how they apply to your unique situation. Sign up here: aba.link/mql

    • @roialnet
      @roialnet 2 месяца назад

      @@TobyMathis no thank you i will just ask AI

  • @lesahill3241
    @lesahill3241 Год назад +2

    I wanted to say thank you to you for taking time to share truths

  • @furtrapper11
    @furtrapper11 21 день назад

    Just remember, debits on the left and credits on the right

  • @rentallogs
    @rentallogs Год назад +6

    Toby is Amazing in his explanations! He makes it easy to understand and fit the pieces together.

  • @kelanmacy658
    @kelanmacy658 Год назад +1

    What do you do with a 1031 exchange over the new year? Other Income at the bottom of the P&L?

  • @LAKitchen
    @LAKitchen 2 года назад +2

    is there contact info for Troy Butler.?

    • @TobyMathis
      @TobyMathis  2 года назад

      Are you a current client?

  • @leelowe8482
    @leelowe8482 Год назад +1

    Does Anderson offer these services?

    • @TobyMathis
      @TobyMathis  Год назад

      Hello Lee, you can find a list of our services on our website.
      andersonadvisors.com/products-and-services/

  • @lesahill3241
    @lesahill3241 Год назад +1

    How can I speak with you privately I just have problems with texing,and recovering my courage to video chat

    • @TobyMathis
      @TobyMathis  Год назад

      Hi Lesa, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Click this link and lets talk. aba.link/tobyss

    • @TobyMathis
      @TobyMathis  Год назад

      Hi Lesa, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Go to this link and lets see what we can do. aba.link/tobyss

  • @matthewellis3004
    @matthewellis3004 2 года назад +5

    Re imbursement to you= expense to the company🗣

  • @CollectiveConsciousness1111
    @CollectiveConsciousness1111 2 года назад +2

    In Australia a trust holder must do a DIRECTOR ID through mygov with a bull sht excuse about fraud. Wtf ?
    Do you know anything about this Toby?
    Great content, thanks for sharing.

  • @neetumalik3286
    @neetumalik3286 Год назад +3

    This was my first video I watched of Toby Mathis! Thank you, this was great, I haven't been using reimbursement at all and didn't realize it can have impact if taken as distributions!

    • @TobyMathis
      @TobyMathis  Год назад +1

      Glad you enjoyed it! Thank you for watching!

  • @MikeSmith-nu9wt
    @MikeSmith-nu9wt Год назад +1

    Wait a minute I moved to florida 10 years ago cause there's no income tax ??? So I don't pay no taxes ??? 🤣🤣😅

    • @MikeSmith-nu9wt
      @MikeSmith-nu9wt Год назад

      I tell everyone that ; when they ask if im paying taxes ..lol
      I reinvest everything so there aint much taxes ..I try to turn my income into assets before Monday..pay myself on Friday..

  • @richardtruitt4646
    @richardtruitt4646 Год назад +1

    I'm trying to think through the business structure with regard to anonymity as well as quickbooks structure. So if I set up a land trust for each property with a Wyoming LLC as trustee and an existing LLC holding the beneficial ownership, I am thinking I would set up the quickbooks file in the name of the LLC an use the class feature in quickbooks to list each land trust. I'm thinking this would also require me to have a bank acct for each trust that would receive the rents from a property manager and those funds would flow into the LLC for tax return purposes. Am I on the right track here?

    • @TobyMathis
      @TobyMathis  Год назад

      Hi Richard, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.