12 Essential Bookkeeping Questions Answered: Simplifying DIY Business Finances
In this episode of Balanced, Stephanie, a seasoned bookkeeper and business owner, answers the 12 most common bookkeeping questions entrepreneurs face. From the necessity of separate business bank accounts to the intricacies of categorizing expenses, and from basic tax considerations to the difference between bookkeepers and accountants, Stephanie provides practical, jargon-free advice. Ideal for DIY business owners, the episode covers topics such as GST/HST registration, efficient bookkeeping practices, the importance of monthly bank reconciliation, and preparing for year-end taxes. Tune in for actionable tips and encouragement to manage your business finances confidently.
00:00 Welcome to Balanced the Podcast
00:43 DIY Bookkeeping for Business Owners
01:26 Essential Bookkeeping Questions Answered
02:40 Managing Business Finances Efficiently
04:27 Categorizing Expenses and Chart of Accounts
06:14 Keeping Records and Receipts
08:32 Understanding Business Write-Offs
11:03 Registering for GST/HST and Sales Tax
13:40 Paying Yourself as a Business Owner
16:20 Making Bookkeeping Easier
18:35 The Importance of Bank Reconciliation
20:35 Key Financial Reports for Business Health
22:43 Preparing for Year-End Tax Time
25:09 Bookkeepers vs. Accountants
27:30 Conclusion and Final Thoughts
Perfect For:
Entrepreneurs and small business owners
Freelancers managing their own books
Anyone using QuickBooks Online (or planning to)
New business owners want a clear financial foundation
DIY-ers who need a bookkeeping confidence boost
Resources & Links:
Follow Steph on Instagram for more tips and direct Q&A
Tools mentioned: QuickBooks Online, Hubdoc, Expensify, Dext
Want Support? Book a FREE consultation with Steph at Starlight Bookkeeping to discuss your business goals!
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