Bookkeeping Basics For Small Business Owners (Avoid These Mistakes)
HTML-код
- 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:
Like
Share
Subscribe
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
---------------------------------------------------------------------------------------------------------
SUBSCRIBE
aba.link/subscribe
~~~~
FREE REAL ESTATE INVESTMENT STRATEGY SESSION
Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/mql
FREE TAX & ASSET PROTECTION WORKSHOP
Learn about Real Estate & Asset Protection from Clint Coons, Esq, and Toby Mathis, Esq. at our next all-day free Livestream from 9 am to 4 pm PT. on Saturdays. Our attorneys and specialists will answer ALL questions: Save Your Seat: aba.link/d827e1
TAX TUESDAY LIVE
Toby Mathis, Esq. and Jeff Webb, CPA will answer ALL your questions LIVE on Tax Tuesdays every other Tues 👉 aba.link/wdd
OTHER ANDERSON ADVISOR EVENTS
Learn a rich selection of subjects like tax and asset protection, business, investing, and much more. Our partners, attorneys, and other skilled experts will help you learn what you need to know in order to better your chances of success in your professional life.
aba.link/tobyevents
~~~~
FINANCIAL PLANNING & TAX RESOURCES
📚 Order Your Copy of "Infinity Investing: How The Rich Get Richer And How You Can Do The Same" Here: 👉👉 👉 aba.link/IIWbook
Order Your Copy of ”Tax-Wise Business Ownership" and find greater success by taking advantage of tax laws for your business. Here 👉 aba.link/tobyshop
Visit Anderson Advisor's website for content, like articles, podcasts, and more that we publish alongside my channel. 👉 aba.link/tobyaba
~~~~
FOLLOW US:
Instagram: aba.link/instagram
Facebook: aba.link/facebook
Twitter: aba.link/twitter
LinkedIn: aba.link/linkedin
TikTok: / tobymathisesq
~~~~
CONTACT US
Phone: 800.706.4741
Email: info@andersonadvisors.com
Fax: 702.664.0545
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
---------------------------------------------------------------------------------------------------------
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
Have questions about this video? Sign up for a free consultation to get your questions answered by professionals. aba.link/mql
For startup biz or very small biz, how much for bookkeeping and tax return prep? Thanks!
4:29 “Those are big words…”. LOL - You’re a great teacher; thanks for making the time to provide all this content.
Thank you!
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.
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.
Excellent Toby! From side hustles to deeply multilayered Corps all accounting boils back to the basics 1st.
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. 💸💸💸💸
So helpful and thanks so much!
Thanks!!!
Troy "The Beard" Butler!
Very helpful explanation, thank you very much!
Glad it was helpful! We hope you consider subscribing for more great content!
Toby you are top tier!! Thank you so much.
Thank you!
Tons of valuable information, thank you so much. It helped me a lot.
Great to hear! Thank you for watching!
Odd question, but what type of lapel mic do you use, and what type of camera and lighting? Love it. Thanks!
To start out on a tax return of start up rental real estate, what descriptions categories not more than 10 categories are suggested?
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?
Great suggestion!
@TobyMathis . I second this... would be a great video on finding an accountant
good stuff. thank you!
Glad you liked it, thank you for watching!
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.
Great very helpful.
Glad to hear it!
Great video!
Thanks for watching!
Thank you for sharing all the knowledge, super helpful!
Great video I love it for me to manage my own rental properties 😊
Hey, thanks for the support. Hope it makes managing your rental properties a breeze!
I appreciate your video it does help a great deal. Can you do a video on bookkeeping for a law firm? thanks
I'm glad you found the video helpful! I'll definitely consider your request for my next video =)
very informative
Thank you! We hope that the information is helpful!
This is a great breakdown for any startup!!!👍👍👍👍👍👍
Glad you think so!
FABULOUS!!!! Love this!!!
This was very useful. Thanks for sharing.
Our pleasure 😊
love your videos guys!!!
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
Excellent video. Thank You!!
Would Troy have a Bookkeeping course I can purchase? Thank you and excellent content.
Helpfull!! Thanks alot, guys
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.
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..
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
@@TobyMathis no thank you i will just ask AI
I wanted to say thank you to you for taking time to share truths
Thanks for listening!
Just remember, debits on the left and credits on the right
Toby is Amazing in his explanations! He makes it easy to understand and fit the pieces together.
What do you do with a 1031 exchange over the new year? Other Income at the bottom of the P&L?
is there contact info for Troy Butler.?
Are you a current client?
Does Anderson offer these services?
Hello Lee, you can find a list of our services on our website.
andersonadvisors.com/products-and-services/
How can I speak with you privately I just have problems with texing,and recovering my courage to video chat
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
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
Re imbursement to you= expense to the company🗣
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.
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!
Glad you enjoyed it! Thank you for watching!
Wait a minute I moved to florida 10 years ago cause there's no income tax ??? So I don't pay no taxes ??? 🤣🤣😅
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..
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?
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.