Bookkeeping 101 | Bookkeeping Basics and Tips for Business Owners

[Music] hello everyone my name is hogan i'm the regional director with the small business development center located in springfield massachusetts we're glad to have you here with us today we have a a great webinar set up for you today on bookkeeping 101 i want to thank all of the organizations here in the valley who have been helping us promote these webinars and among them are score the center for women and enterprise valley community development common capital franklin county cdc massachusetts growth capital corporation and the sbdc offices at salem state and clark university as well as our sponsors which are funders who are small business administration the state of massachusetts in the executive office of housing and economic development umass assembly schools management and as always msbtc is accredited by america's sbdc so thank you all for joining us today our presenter today will be katisha galicia she's the ceo of kg virtual cfo she is an accounting professional with over 16 years of experience in companies ranging from startups to fortune 100 and nonprofits in religious organizations she holds a degree in accounting from uh from western england university and a master of arts of spiritual formation from gordon conwell theological seminar seminary in hamilton so welcome katisha thank you for having me samalid and thank you so much for joining us today on this bookkeeping 101 webinar thank you all for seeing the importance of bookkeeping even though it may be a topic that um may be a little bit intimidating for some hopefully we'll take some of that intimidation from the topic and we'll just have a lively um hopefully a little bit of a discussion i know it's kind of hard um with the zoom platform but hopefully we can have a little bit of back and forth and you'll leave with some good sound um accounting knowledge that you can apply uh to your business bookkeeping 101 bookkeeping basics and tips for business owners let's get started all right so warren buffett said accounting is the language of business so let's take a little temperature here when you first think of accounting what are your initial thoughts about accounting or bookkeeping you know i don't know if you want to respond in the q a or not but just kind of think about that when you approach the topic of accounting and bookkeeping what are your initials thoughts are you a little apprehensive apprehensive are you rather kind of like i don't want to see i don't want to know or are you kind of excited about the topic or you're a geek like me and really love the numbers um really forgetting some reactions some people say taxes some people say yikes some people say love numbers knowledge is power you know all right i love those responses but i've heard it said what whether you think you can or you can't you're right so if you think you can get the handle on your accounting on your bookkeeping then you can but if you approach it with the mindset like oh i can't i can't handle these numbers i don't know anything about it then you're setting yourself up to make bookkeeping harder than it actually should be uh if we're going if we're going to be about you know carrying on this business if we're going to try to um go about business and be a profitable endeavor if we're going to be in business you have to learn the language and we're going to try to demystify a lot of the language that we see out there and we're going to try to take the sting away from the fear of dealing with numbers and we're just going to break it down and hopefully you'll leave with a a little better um perspective on numbers if you had an apprehensive idea in the beginning so let's get at it our objectives today by the end of this webinar the participants will be able to understand accounting the accounting cycle the bookkeeping cycle and be able to systematically number one gather your financial records or your financial documents number two record those financial transactions and then number three prepare financial statements gather those financial documents record those financial transactions whatever way you want to and then number three prepare those financial statements all right what are we here for business or a hobby the number one question is are you ready to endeavor in carrying on a business or is this just a hobby what's the difference between a business and a hobby well a business operates to make profit people engage in a hobby for sports or recreation not necessarily to make a profit so you see that little i think that's an old classic camera over to the side and we got our yarn and our knitting so if you got a camera and you just love to take pictures and you just snap pictures for fun as a hobby that's not necessarily a business but then if you go about it you buy that extra equipment and you maybe deck out a studio in your house or maybe rent some a studio to take pictures now and then you start charging people for those pictures and selling your product now you may be getting into the realm of conducting a business and the irs has set aside nine factors that it looks at when considering whether an activity is a hobby or a business and guess what the number one the first factor that it looks at when it's trying to determine if this activity is actually it a business a profit generating business or a hobby the first thing it looks at is whether of course the endeavor the activity is carried on in a business like manner and that includes number one whether you have complete and accurate books and records alright so when you decide that i'm gonna start a business first thing that in your mind that has to go into that consideration is what am i gonna do about bookkeeping i have to make sure that i have clear and concise books and records for this business because the major tax difference between a business and a hobby is that if i have a hobby i'm just taking pictures having fun and i'm and my costs or my expenses are greater than the income that i receive and i have a loss as a result of that hobby i can't deduct that loss on my tax return because it's just a personal hobby but if i go the step further and i establish this as now a business maybe i get my business certificate down at city hall or at the town or maybe i go on and establish later on down the road an llc or something like that if i generate a loss where like if you're you're in good company if you generate a loss in the first couple of years the first few years of this activity if i generate a loss and it's a business then i can deduct that on my tax return if i have earned income for whatever resource or whatever source that i may have if i have a loss of the business i can offset that loss that negative income against the income that i have but if i have a hobby then the irs is not going to let me take that loss but if you have income whether it's a hobby or a business you're supposed to report it all right so the first step remember i said the first step of this accounting this bookkeeping cycle is to gather those financial documents maybe i should pause and see if there was any questions about the bookkeep the hobby versus business if there's anything you can chime in somali but number one gather those financial documents first thing we're going to do is gather those financial documents and we're going to define those this a new it's a new age term and it's kind of new in the accounting work to call world to call that step of gathering those financial documents we call it pre-accounting let's define that pre-accounting is the system through which financial data and we'll define financial data so we have to develop a system through which financial data is gathered it's coded it's aggregated and normalized so that you can actually get to the accounting so we're not even there at the accounting stage you see that picture we're stacked with folders and and multiple colors and all these papers all over the place we're gonna gather we're gonna develop a system by which all those documents are uh number one gathered number two coded so we're going to make sure that they're categorized every piece of paper every financial document that relates to my business i gotta define it i gotta say what is this is this a inc is this an invoice then this is an income document is this a receipt then it's an expense document so i'm gonna develop this system that whenever i have financial data i'm gonna gather it i'm gonna code it or categorize it i'm gonna total it up and then i'm gonna create a system where i can start it all over again so once you gotta it's gonna take some time in the beginning to develop a system but once you have a system where you gathered it code and aggregated whenever you get a new piece of financial data that's related to your business it can go right through that system of being gathered coded and aggregated it starts all over again now that system it may be paper or it may be digital but you should have a system and that's pre-accounting all right let's talk about those financial documents and number one we're going to determine the final finance filing system so if you want to have your papers you want to keep a paper file you want to keep you know i have business owners that maybe have a folder and they have a color coded folder and they put all their receipts and one they may categorize it by month or they may categorize it by expense type but they have a system through which all those financial records uh are coded are categorized or tallied together now my history is from uh is an auditor for the internal revenue service and when i first started off auditing small businesses guess what i would get for a filing system i'd get a shoe box full of receipts and they would tell me here's all the records all my business records you look at them and tell me whether it's right that's not the way to go you have to be able if you have a shoe box make sure you maybe rubber band some receipts together some type of way to categorize all the financial records that come in if it's electronic maybe you have folders on your desktop maybe you have a google drive that is categorized by month or categorized by vendor whatever system that you have it has to work for you i can't give you the system but whatever makes sense for you make sure it's an organized system that you can gather the documents code them and aggregate them some some major financial documents of course are the bank statements and this is a place where i should pause for a caveat this is no longer a hobby this is a business so i would suggest strongly advise that you have a separate business bank account please don't intermingle your personal funds with your business funds if you can please go to the bank open up a separate bank account so that all your business income all your business expenses are coming from that business bank account number two maybe you have credit cards that are in the business's name that's a major financial document that has to be part of this pre-accounting system if um this year maybe you were able um to take advantage of the sba loans or the ppp loans and now you have loan statements or even before then maybe you had taken out a business loan and you have loan statements that's part of your pre-accounting financial records and you should have a system by which you can go and easily put your hands on those documents along the lines your business may have purchased some assets maybe you purchase that camera to a new camera or a new lens or don't don't get me to try to figure out all the different equipment that goes along with the photography business but some lighting or whatever backdrops all right uh all of that good stuff when you purchase those assets make sure you have a system by which you can gather those together purchase influence maybe your business um has a brick and mortar location make sure those really state closing documents are all in the same or a place where you can easily put your hands on maybe during this um pandemic you have started an office uh in your home and you realize that um that metal folding chair is not very comfortable so you purchased a nice ergonomic chair that's a bit and it's used for your business that's a business asset make sure you have a place where you have all those documents together now how long should you keep these documents i don't want you to be a hoarder and hold on to them forever and a day the general wreck um the general advice from the internal revenue service is that you keep those records three years from the date that you file your return so we're in 2020 you're going to get ready to file your 2020 tax return in april 2021 three years from that time you have to keep those generally keep those financial statements those financial documents so you'll be keeping those for the 2020 tax year you'll be keeping those documents for until 2024 and that's a general rule of thumb talk to your accountant if they need you to hold on to things a little bit longer maybe it's an asset that you purchased and your accountant wants to depreciate that over a longer period of time he may need you to hold on or she may need you to hold on to those documents for a longer period of time employment tax records if you have an employee um you have to keep those a year longer so four years all right other funding we talk about the major financial documents bank statement credit card statements loan documents what about those other financial documents let's drill a little bit deeper on the income side of things you're selling your product you're selling your service and you invoice your customer you need a place where you can keep those invoices sales receipts if you're pretty old school you want to write out those those paper sales receipts you have to keep those documents deposit slips when you go to your business bank account and make those deposits of cash and check make sure you hold on to those deposit slips if you have a point of sale service maybe you have a restaurant or a convenience store and you have a point of sale service uh that you use to record all the transactions and those sir uh those the point of sale systems generates reports you want to hang on to those reports those are part of your financial documents that has to be part of your system of gathering coding and totaling if you use paypal use square they offer an easy way for you to find those documents download them and save now i don't suggest generally that you use venmo or cash app for business purposes but if you do make sure that you can go in first of all make sure you have a separate cash app for business then personal separate venmo for business rather than personal and then make sure you can go in there and download and extract those business income reports hopefully this is clear and alright so another way that you can track business income is say you're a freelancer and someone that you work for paid you a total of six hundred dollars within the year doesn't have to be all at one time it just may be over the year they paid you a total of six hundred dollars they're going to at the end of the year give you a form 1099. um 1099 misc and then started in 2020 is going to be 1099 in ec for non-employee compensation those are part of your financial documents hold on to those give those to your accountant at the end of the year use those to reconcile in your accounting software whether your gross receipts is kind of close or near the that 1099 form 1099 because the irs has a a mechanism to match those 1099s to your tax return and if they see missing income you're going to get a letter that's the income side what about the expense side keep those receipts keep those paypal reports keep those cash app reports if you have bills for utilities the vendor accounts maybe you have a vendor account with staples or quill or uline or you or amazon you have a vendor account and you have these bills hold on to them make sure they're part of your pre-accounting system and then those of us and i include myself that still write checks hold on to those canceled checks they're part of your business financial documents also keep track of namely uh some of you may be just um opening your business bank account or just separating the business from the personal keep track of the money that you personally have invested in the business maybe you personally from your own funds have purchased equipment or purchased supplies for your business make sure you keep track of those make sure you include it in your pre-accounting system all right here we go what to deduct yes hi uh before we move on to the next section real quick we have two questions uh in regards to the credit card does it have to be in the name of the business or could it be a separate credit card designated just for business so uh generally um you would want to if you can get um a credit card in the business name to establish a segregation from personal to business but if you have a separate credit card that's different from the ones that you use for personal purposes as long as you have a way to document and track uh that these are specifically business related expenses that should be fine all right and then uh why do you recommend benmo or cash app in your income or sales i don't i don't but i know some people do use those i do not recommend those because because generally it's harder to obtain those reports and it's hard um not unless you have it the cash app specifically designated for the business and it's connected specifically to your business account that's cool but those type of apps they're usually used better for personal um transactions not usually business transactions but if you use it please have a good um system in place to designate what's business incoming up right excellent and then we have one more question here in the chat what if you make purchases for your business but they're in a year prior to officially launching can you still deduct those expenses okay so yeah talk to your accountant because every expense that you have paid for every investment that you've made up until the time that you officially launch as a business those are called startup expenses and your accountant may want there may be special tax treatment for those uh startup expenses so definitely put them in a place make sure they're tallied and totaled and give those to their accountant just in case there's special tax treatment for those amounts good to go good to go okay what can you deduct cost of goods sold is a these are all expenses but cost of goods sold is a special type of expense because these are the expenses that are directly related to your sale of whatever goods or services that you offer so those would be the cost of materials those would be the cost of direct labor um any storage costs that are directly related to the sale of your business now this can get a little tricky so for example if you own or operate a convenience store and you have on your shelf lots of candy and and soft drinks and drinks waters and all that other good stuff that are in your convenience store your cost of goods sold is the actual wholesale price of those auto items those are those are called caught the cost of goods sold or cogs or costs of sale there's various names but any any expense that's directly related to the sale of your product those are called cost of goods so for me i'm a service based company so i'm not selling a product but my cost of sales would be the direct salaries that i pay for my bookkeepers those that um i have on staff my cpa that i have on staff that prepares tax returns that's part of my cost of good goods sold for um so yes so for any any when you're something maybe you're bracelets and so everything you um purchase that's part of the bracelet every type of bead and every type of uh you know see i'm a left brain person so like the creative side struggles but every part of that product that's or maybe you're making a mask one of those safe masks that face mask that we make so every material that goes into creating those masks that's a cost of goods sold everything that's directly related we're looking at a calculator there on the screen so all of the cost of those little but buttons that's cost of goods sold the cost of that screen the mic the chip that's inside of that calculator that's a cost that's directly related to the sale of that cut that calculator there are other expenses that are deductible these are other expenses salaries and wages contractors rent expense interest expense any type of taxes that you may pay uh related to the business insurance costs for the business these are all the other types of deductible expenses if you use your car for business purposes say you go and when we used to travel and see each other face to face um you use your car to go out to a business appointment and meet a client track those business miles generate a log that has the date of that appointment the the the description what are you who are you meeting why are you meeting them and the number of miles that you drove in your car give that to your accountant they're gonna total up all the miles for that year and the standard mileage rate for 20 20 is 57 and a half cents total so say throughout the year you um drove your car 10 10 000 miles you drove to a business expo to display your product that's part of business miles you drove to meet a client for lunch that's part of your business mile you drove to a factory to check it out to see if you should rent that that's business miles but you also use the car for personal reasons so you can't use the total miles that you drove your car as a business deduction but you take just those business miles total those up and you get a deduction for that also if you have a specific area in your home that you use for business purposes it's designated specifically for business purposes talk to your accountant you may be able to get a deduction for the business use of the home now beware there are implications tackling tax implications once you sell your home um so make sure you beware and talk to your accountant and uh see if that would be beneficial for you i'm sure there's going to be questions um about that but that's the end of that section so if we have questions let's yes we have questions here um one of them which i started to answer because i think i know the answer but i'll confirm with you um since you work with the irs you definitely know this one um can you use gas instead of miles for deductions and my initial answer to that was one or the other like mileage or gas and maintenance expenses you can't combine both is that correct you're head on maybe you should have a job with the irs there's two separate ways of recording those car expenses either you total up the mileage and you take that deduction or you total up the gas the tolls the easy pass any repairs for your car anything that's related to directly related to your car expenses and you get a percentage of those expenses based on the mileage that you drove for business you get either or whatever is larger either the mileage or you get the actual expenses either or yeah so say for example i'm putting on my gas in my credit card which i only use for business expenses then i put my oil change in there then my car needed new tires and he needed new brakes and all that so at the end of the year i'll let up all of my car expenses and say i figured out i drove my car 20 000 miles but only 10 000 of those miles were i mean that 20 000 is a lot of miles but this is just an example but it's 50 50 of the time i use my car for expenses so i add all those expenses up and i divide them by two and i only deduct so i the only half 50 that or whatever is larger between 10 000 times 57 and a half percent 57 and a half correct correct so so yeah you you have to make that judgment you can't do both so you have to choose either you can do the mileage is 57 and a half cents or you add up all your expenses for the year and you figure out what the percentage you use the car for and you do you do that you know so and um it's okay if you use your business debit card for gas um it's fine the prop the time the the you can even have two business credit cards the point is is that you you track it separately from your from your personal so that it's easier to track um absolutely and then and then we had another question here about cost of goods sold um it's um and i and i lost it i think i um i accidentally hold on maybe somebody if i go back something about cost of goods sold on a credit card i don't know if somebody whoever answered the question could do it again that'd be great because i lost that okay so what is the difference between contractors and direct labor costs so they could be similar so if you pay a contractor for direct so say um the so say if i contract someone out to to handle um marketing and the marketing is directly related to what i do in business so maybe i'm a marketing agency and i contract someone out to do a part of that marketing that would make it cost a direct labor but if for me a bookkeeping business i hire someone for marketing because that is not my cup of tea he's just my marketer is my marketer is just a contractor for me and if i pay that person over six hundred dollars in a year i'm giving them a 10.99 right hope that makes sense great now that that's great that that makes sense and um i think i figure out the question about the credit card so critical expense um i think meaning merchant fees are those considered costs of goods sold very very good very very good yes yes so the merchant fees that you pay for stripe square paypal all of that good stuff that's part of cost of goods sold or that it's part of a net sales figure whatever it is i usually use it as cost of goods sold because that's part of me offering my services i have to pay those merchants in order to accept credit or debit cards so yes that's cost of goods sold excellent and how are wifi costs and costs to set up and maintain a website factored into the cost of goods sold so it may not be if um wi-fi is not part of your business the business that you do it may be just a direct other expense the wi-fi and website may be part of your advertising expense or utilities expense if it's just a monthly wi-fi fee it may not be related to cost of goods sold right and and one of the things that i when you do your taxes or you have your accountability there's certain categories are included in there and i it's been a while it's been since i did my taxes so i can't remember which one is a category but you know i consider those business expenses you know they go into some of those other categories expenses that are related to me running my business advertising expense for example i would consider a website you know advertising expense um and if i'm doing wi-fi for just for the business not the one that i have my house you know but the one that for my business maybe i have a hot spot or something for my business i will put that on the other type of expense business expense not necessarily cost of goods sold sure sure all right exactly so so someone here here's asked yeah would love to better understand home office expense issue when you sell your home okay so they may want to email me specifically on that um it may be a little bit out of the scope of it but generally if i so normally my home um i don't take a business deduction for my home because it's my personal residence but now if i designate a portion of my home for business it converts that portion of my home into a business asset so say if i decked out my basement to be my office and i use that exclusively for business twenty percent of my home is now not my personal residence twenty percent of my home is a business asset so then when i sell my home the twenty percent of the sales price is going to be related to the sale of a business asset that's kind of high level overview and there may be some tax like a capital gains tax that's related to that but i'd be happy if they email me i'll be happy to discuss that a little bit further right but in general though if you just have a a home office in your home like where you put your computer your you know your fax your stuff but you're not actually like having clients come to your home and you know it's not running as a business right it's not something you really have to worry about but you have to do it you can choose or choose the business use of a home is a choice you don't have to deduct that for a business purpose at all talk to your accountant and see if that makes sense for you right um um and then just to confirm for those of us who um you know so here's someone says if i can't get a business checking account for a startup dba is it okay to have a separate personal account that you know separate person can account for use for business but i i would i would almost push back on the lobby why can't you get a business checking account you know you should be able to write with a with a uh what do you need a business certificate right you need to um go and register your business at city hall town hall um and use that business certificate to take it to the bank and then you can create your dba well um so what what do you think about that katisha i mean uh i mean what people would what would be a situation where someone can't get a business checking account i mean i think you would probably let me know better than um then i could say but generally like you said if you well all right so i recently had a client that um is running into an issue getting a business certificate or a dba she lives in a local town and she lives in a condo and her condo association may not allow her to use that as a quote-unquote business address right so she may not be able to get a dba so that may be an instance where you know you may not get a business certificate which would preclude you from getting a business bank account yeah especially i think some of the folks that are doing like online businesses they're not seeing clients they're not um really handling um business transactions at home they're kind of just fulfilling things or whatnot um having a person a personal checking account to track your business financially separate may be okay um but i as you keep it separate i mean i think yeah keeping it separate from your personal fun funds is completely ideal i mean i prefer you prefer it'd be preferred to have a business account but if you can't as long as you have a separate way to track the business income separately then that's fine right and just to confirm um things that you spend in your business including any trainings that you go to that you pay for all of those things keep track of them keep the receipt those are tax deductibles those go on your on your um tax returns as the as deductions you know in one of those expense categories for sure for sure any type of webinar that you may have to pay costs for any type of educational development or coaching that you may um participate in to develop your skills in the business the line of business that you're in those are deductible business expenses and what do you have um more than one car can you deduct you know mileage in different cars i think i think if it's just mileage that you're deducting does it really matter which car you're using it doesn't matter yeah right so if you have two or three cars and you take turns between all the cars you know you drive the fun convertible for those fancy appointments and maybe you drive the 4x4 to the more you know winter appointments that's fine keep track of your expenses keep track of your of your mileage and you can do that but if you do just expenses gas and maintenance then you kind of have to track it for each car correct sure yeah anytime like that goes into your log so in your log you should denote against the day the mileage or the expense and it might be worthwhile to note if you have multiple cars this was for the jeep this is for the car just for your own way to check in your mind at the end of the year and see if it makes sense the total mileage or the total expenses for each car right right and uh there's a question here on the chat would you have to 1099 a landlord i'm not actually sure did you mention something about landlords oh so no so landlord is not a contractor that you would pay for your business um so if it's a commercial property and you pay your your the commercial landlord rent um that's a rent expense but you still won't have to issue them a 10.99 no i wouldn't issue it 10.99 for that no you kind of you you can you have a lease that extends what your rent is and you can keep track of your payments to your landlord you typically you know make a check you know for example or if you're paying cash then you want a receipt or you want to show that you paid uh cash um but i don't i don't recommend that check you don't have to give them a 10.99 yeah but you don't have to do 1099 just to answer the question um okay let's say if a business use uh credit card for purchase how will i calculate the interest on the debt if i keep balance for another month i keep the balance if a business so this is your business credit card and you you the all the purchases on that business credit card is specifically um for your business then the interest for that card is deductible yeah okay emil does that answer your question yes uh so if i use the business card the business credit card uh and i carry the the balance month to month so this interest will be count as a expense or it is it is an interest expense that's related to your business yep as long as all the purchases on that business card are for business purpose purposes it's an interest expense that's deductible for your uh tax return okay great so so we can go move on and we'll come back to some more of this question i think maybe this should have been a whole uh webinar this one section right i don't know if we're to have a chance to get through i want to be mindful of the hour timeline that we had um maybe we should have a bank we're going to 30 right okay all right all right all right all right so i'll try to move it along but good great questions i'm glad that uh there's a lot of interaction there so the first part of it the first part of our bookkeeping accounting cycle was to gather the financial documents the second step is now to record those financial transactions and now we're talking about accounting accounting is the theory and system of said that you set up to maintain the books of the business all those financial documents now you're going to tell your accounting system what they are for and that's part of this step so let's get into the little mumbo jumbo here we're going to talk a little accounting jargon please um forgive me but we're going to use some terms here accounting terms hopefully you can still hang with me um basic accounting terminology assets assets are anything of value that your business owns these represent the sources of that your that are all the resources that are owned by the business and you may have a bank account with cash in it cash is an asset you may have a business a business account that you invest with or you have a cd that's an asset an asset also is any equipment that you have those are assets and if you an asset that the useful life of it that extends beyond the year those are talk called long-term assets so if i buy a computer generally that computer is going to last me more than a year so that's going to be a long-term asset when i show that to my accountant how much i spent for it he or she may want to depreciate the cost of that long-term asset it's again it's something that the business owns but the life of it extends beyond a year so any type of equipment that i have um that vehicle that's a business vehicle my account you give that information to your accountant that's an asset but it's a long-term asset and that may be uh depreciable over a number of years so your inventory is an asset so you're selling uh prop products you're selling those bracelets you're selling um reselling cell phones you you're reselling those met those face masks that's what you have on hand those are assets of the business so think about your business and what particular assets are relevant to your type of business again if you have a customer and you give to sell them the good or you offer that service and they don't pay you right away you allow them to pay within maybe seven days or 30 days or beyond that's called accounts receivable that's an asset so it's something on the books i've already offered my services i've already sold you my product but you haven't paid me paid me yet that's an asset that i own it's an accounts receivable that money is due to me that's an asset on the other end liabilities are those those items those debts that you as a business owe to your creditors those are liabilities those are those loans that you may have taken out that's a liability that credit card that you have that's a liability if you have an account with a vendor you have an account with amazon you have an account with staples you have an account with a a vendor that you purchase your products from or materials from that that's a liability and you don't have to pay them right away you pay them in the future that's a liability that your business owns and then the difference between your assets and your liability that's called equity this equity represents uh the owners of the owner's value that they have in a company we have our assets everything that i own and then i subtract out from that everything that i owe and what's left is the value that i have in my business that's what it may be comprised of what i personally have put into the business as owner investment and it's a uh or it may be what i may have taken out from the business that's part of the equity hopefully that's i'm trying to keep it high level um but for a small business you may not have many assets you may not have many liabilities but the difference between those is your equity going further now so these three items assets liabilities and equity these three items all go on what is called the balance sheet and we'll talk about that a little bit later but all these items go on the balance sheet and it's the same this is what i love about accounting because it's equal opportunity if i pick up a balance sheet from walmart and i pick up a balance sheet from the convenience store down the street they all have assets liabilities and equity they may have various levels of those things but they all have assets liabilities and equity it's the same across the board so once you get that terminology down then you'll know how to properly record these items in your accounting system and that means everything when we come to the next step which is generating those reports these three items asset liabilities and equity goals on your balance sheet these two items revenue and expense they go on your income statement or another way to um call that is the profit and loss or p l revenue revenue again is the money that's coming in that's the inflow of money that's my sales even if i'm a non-profit that's my donations that's my grants that come in anything that the company receives when they um sell products that they have manufactured or they sell services that they have offered that's called revenue that's called income that's called sales you subtract from those things all the outflows from your business again we've already talked about that but the salaries the utilities the rents the insurance the office supplies those are all the expenses and the revenue minus the expenses if that's a positive number then that's net income and if that's a negative number that's a net loss revenue is inflows expenses are outflows of money so when you're talking about picking an accounting software you have to determine what are your needs you may not need the same type of sophisticated assault accounting software as someone else that has inventory or that has other complicated transactions um has you may i mean here are some some general um choices for accounting software you can use an excel template um these are links so if you get a copy of this presentation you click these links they'll take you directly to the website where you can see these different accounting softwares but the excel template that connects you to i believe an sba or score template but you you search you can do a google search for a profit and loss template or a balance sheet template fine if you don't need an accounting software start with excel and plug in the incoming expense and it could work just fine but when you're determining what software to use or what to use for your business in this um accounting step of the accounting cycle you have to determine what platform that you use do you need to track inventory do you need something that would capture your receipt so there's various most of these um cloud-based accounting softwares you can take a picture of your receipt and connect it upload it directly to quickbooks or freshbooks or wave or xero you so you don't have to even keep the paper version of it you can take a picture of it upload it to the software and there you have it you have an electronic version of the receipts because we know with those especially certain type of receipts on that special paper those tend to fade so it's good to have a backup so if you could take a photo of it associate it with some type of online backup system and then back that up i'm a big fan of backing up i have two and three backs up backups of my my data so uh if you take a picture of it and upload it into your google drive or upload it into quickbooks or one of these accounting softwares then you have a backup of those receipts do i need to track sales tax all of those types of needs would determine the level and the type of accounting software that you use quickbooks online of course is uh the most one of the most famous ones um and i see somali coming back on you let me know if i have any questions freshbooks is another one that starts at fifteen dollars a month wave is completely free i love that software i've been um advising that to a lot of companies that are just starting off it offers a lot of the functionalities of the cloud-based accounting softwares um but it's it's absolutely free xero is another one that starts at nine and all of these would connect directly to your business bank account so you would need your credentials you would need your username and your password and you connect it directly to one of these software platforms and all your financial transactions are downloaded and you categorize them from there are there any questions yes yes we have a few questions here someone asked here um is there an accounting software specifically for america medical practice i don't know of one offhand and i'm thinking it's almost like um um you know when you're looking at medical practices and those kind of you have the separate functions you almost have to separate the billing from the accounting and they connect they they'll connect and if you can connect your accounting software with your billing it's perfect um but um but there's some very specific ways that you need to submit your invoice your for like the erm type system where you do all your billing from that's going to be separate usually from your accounting software okay okay so it's separate it's completely separate you can't connect them well sometimes look so if you have something like quickbooks they have connections with various what they call apps so you can search in their app store and see if you can connect those two types of software sometimes there is a connection sometimes there's there's not right right and um there is a comment here she's um laurie says i've been working with katisha for a few months she recommended wave it is easy free so this is a little commercial for you katisha thank you thank you lori for that for that comment and um uh lori asked is it true that you can deduct only the well so going back to the dutchess real quick because we missed this question earlier can you deduct only the mortgage interest and not the entire mortgage if you're using part of your home as a business that's uh well so those are two separate things so the interest you take a percentage so say if i'm using twenty percent of my home for business then i would deduct twenty percent of that interest as a business expense now there is an option to depreciate um so the purchase product purchase price of your home if you again if i use 20 of my home for business i would take 20 of the purchase price of my home so i paid 100 000 for my home 20 of that is for my business so i would depreciate 20 000 dollars of that over almost 30 years your your account will tell you is 27 and a half years or 39 years you would depreciate that so those are two separate things the interest is one thing and depreciation is a number but they both can be business uh deductions based on the percentage of use for your home right okay all right you i looks like you may continue cool beans cool beans all right so let's take a quick look i think we have some time let's look at the quickbooks online subscription plans if you wanted to choose and see your options just this kind of gives you a layout of the levels of service and the different pricing options that they have so quickbooks always offer has sales it's usually fifty percent off but now they're having a labor day sale it's seventy percent off for three months but what i really wanted to get to is these levels of service so the simple start say if i just need to use the accounting software to track income and expenses i just need to tr capture my receipts and have a place to upload them i just need a way to maybe accept some payments quickbooks has a merchant account where you can ex invoice someone and they can pay the invoice and they take a merchant fee and things like that or i want to track my business miles if i even want to issue 1099s simple start may be the way to go i again it depends on your needs but then if you go over and you need maybe to track inventory or maybe you need to track time or maybe you need more users or you want to pay bills through quickbooks then you have to start upgrading your service so again assess your needs and choose the plan or the software that makes the most sense for you knowing that if you need to upgrade a service in the future that you can you may want to start small and upgrade it from then or if you don't need all the service that you have you may downgrade it any questions uh no no continue okay cool all right so let me see if i can oh all right this is a real test um screen just going to show us a quick demo of quickbooks yeah excellent excellent i i did want to share a quick story um about um a few of the folks that we work with landscapers in particular they figure out how to use quickbooks very efficiently and they send the automate their invoices to the clients right because they're on monthly payments they'll say you know i'll do your lawn for forty dollars a cot and they figure out they go there every week so they they just automate they send out those invoices every month and folks are paying with their um with like an electronic check so they don't have to use they don't have to pay merchant fees per se they're paying their quickbooks um subscription whatever that may be um but they're not have to pay an extra uh fee for credit card fees because their clients are paying with it with a checking account with a debit account so it's it's really it's one of those ways that you can use to kind of help yourself a little bit because two or three percent per credit card transaction can add up and that's money out of your pocket you know you do get a you can deduct it but you know you would you rather deduct it or have the cash in your pocket you know so there's ways to encourage your customers to use their debit card or their checking rather than always use credit card and they can still do it online that's really cool so they invoice the customer but the customer pays by check and so they do i get an email so that's i'm i'm the customer i get an email say hey somali do you owe xyz for the month of august i go in and i put in my routing number my checking account my name and i pay the bill and then i get a receipt and it's it's simple and he doesn't have to pay any merchant fees nice nice very nice perfect thank you so much for sharing that and uh there's a question here tell me about job cost on quickbooks there's a question in the chat comes from uh from from let's see on quickbooks pro job cost on quickbooks pro do you know what he's referring to job costs on frank i'm going to go ahead and on mute you so you can ask your question because we're not really sure where you're referring to hold on let me find you my list yeah frank here you go frank go ahead and ask you a question go ahead and now mute yourself and ask the question you're still muted frank sorry i think it was my fault i may have accidentally muted you again are we good you're good now we can hear you so my question is about job costs on project work okay we like to have a job costs you know beginning during and after um and quickbooks pro is kind of uh not real easy to do that sort of speak i was wondering if you might offer some suggestions on that so if you have the plus level of the subscription they do offer a function called projects and within a project you can track your costs in in that section okay so if i if you can see my screen now this is a quick book plus subscription over here in projects is where you would you can actually house all the data that's related to a relative project so if you want to um track all your invoices here if you want to track all your expenses that related to that specific job you can do it within this project's function but this is only available for the plus level or a grader okay so i have online uh quickbooks pro so i'd love to see if that that must be a step up i guess pro i'm not sure i'm not i'm not familiar with the pro now you have quickbooks online or do you have desktop uh we have online don all right so these are the levels that they have they have simple start plus i'm sorry i have i have desktop excuse me i'm sorry oh okay so that so desktop is different um from quickbooks online and i believe project functionality um i'm not sure if that's available in the desktop version you would have to do a bit of research on that okay all right thank you yeah no problem so this is a sample company if you ever wanted to kind of play around with quickbooks all you have to do is google quickbooks sample company and they will bring you to this test drive um business is called greg's design and landscaping it's always there it's always the same and you can play along with quickbooks a little bit and get your feel for it before you decide to choose it and so for craig's design and landscaping he has these are his business accounts he has a business checking account he has a business savings account and he also has a business mastercard so he has two bank accounts and a a credit card the visa looks like there's zero data there so i'm not sure if that's a functional account but so this is what happened so we're talking about the accounting section or the recording transaction section of the accounting cycle this is where the rubber meets the road and this is why i talked a little bit about the accounting terminology and all of that good stuff because this is where you're actually going to connect it to your business bank account connected to your business savings or business credit card and you're gonna categorize these transactions you're gonna call them you're gonna tell quickbooks what these transactions are and the way that you categorize them is vitally important because let's say for example so this uh so so this is his bank feed for craig's design checking account and transaction on oh that's that's in the future that that threw me off october 9th i'm like what all right anyway so um october 9th here he's gonna receive 55 so you got to tell quick right now quickbooks don't doesn't know what to do with that right now so you have to click on that transaction similar to what you would do with a wave or xero or any fresh books you would have to go in and tell them based on your accounting knowledge go back and determine whether it's an asset liability equity income expenses you have to tell it what to do this money that came in 55 dollars i'm we're going to say this is income of some sort but what type of income is it craig has already designated certain types of income that are relevant to his business which is a design and landscaping um company so this 55 dollars that came in let's say it's related to landscaping services you see that the name of the account is landscaping service but the type is income so this is not going to be an expense this is not going to be equity or assets this is income i'm going to tell quickbooks this 55 dollars that we received are going to receive is going to be income i tell it that it's going to be landscaping services which is an income account and i added it's going to be similar it may look a little different than the other platforms but the the theory of it is exactly the same um that those are monies coming in these are monies that are going out i have to tell quix books twelve hundred dollars what did i spend that on um let's find an expense uh this is for a1 rental let's say this was equipment rental it's an expense but the specific type of expense is equipment rental so i category categorize it as that and i add it why i say this is so important is because the business the the business bank account you deposit various things in it you may be depositing owners invest something that you personally your personal money that you're investing into the business you don't want to categorize that as income because at the end of the year when you give your accountant a profit and loss or an income statement that has that income in it you're overstating your income because it wasn't actually income it was an investment so say right here this 200 dollars i don't want to say that this is income maybe this is um equity so equity is let's see if i can find it on his chart of accounts he may not have it but i want to tell it that this is not equity so this is uh he needs uh owner's investments but say this instead of open opening balance equity say this was owner's investment i want to tell you this is not income that's going in my bank account this is equity so i have to tell quickbooks that it's equity so because at the end of the year i don't want to overstate my income say if you receive those ppp funds so say if this 800 dollars was um was a loan that you received hopefully you got a little bit more than that but say it was a loan that you received you don't want to categorize that as income because you're gonna overstate your income and you're gonna pay more in taxes than you actually have to you have to put on your accounting hat and you're gonna say wait a minute i'm gonna tell this i'm gonna tell quickbooks i'm gonna tell my accounting software this is not income but this is actually a loan so this is where this is why we went through all that accounting mumble jumbo because we're in this section we're going to actually tell and classify all of our business transactions and tell it exactly what these transactions are for so this is something that you would see in quickbooks that was his checking account this is a savings account he has one transaction that he received it may be a transfer now if i'm transferring money from one account to another i don't want to report that as income i want to report that as a transfer so you cl this classification this categorization section or this um process of accounting this is vitally important because this at the end of the day when you make your reports at the end of the years you want to make sure that they're accurate and they're accurate reflection of what actually happened in your business his mastercard i don't want to go too deep i know we're kind of getting pressed for time i want to move a little bit further but right here he's going to categorize these expenses so say this 150 dollars for lara's lamination this may be supplies it's an expense but it's a supplies expense i want to categorize it as such and add it and once i take it from the bank feed and add it from the bank feed it goes now to our next step what we're going to talk about in recording so we're going to talk about those financial statements that we're going to use for to report it but this accounting step is this is where you're going to actually categorize everything all right so do we have any questions on that particular portion if you could go back to the expense real quick that you just did uh before uh and i just categorized what you just did where you put it you you put it to as excess expense and i saw there that he said something about project i think that's where it supplies the supplies where you have the support okay over here customer project so if you had already created a customer project you can you know linked that to that particular country so this relates to frank's question so when he has projects and he has an expense that comes out that relates to that specific customer or that specific project and you have the plus subscription level of quickbooks online you can designate it for whatever project that it relates to so you can tell it where to go if it relates and i can see there you see they're billable or not billable so if it's built when you create an invoice it will show up that you're charging the customer for that expense you can do like i said you can these accounting softwares can be as robust and as detailed as you need them to be so yeah that's part of your business model and you need to build your clients certain expenses quickbooks offers that service as well all right and i did put in the in the chat a track a link to a quickbooks um help um page on tracking job costs on quickbooks desktop so that it shows you step by step how to do that on quickbooks that stuff i put on the chat um awesome yeah they they they have a way of doing it it's different but you know there's there's a guy there step by step um a few more questions here so if you do a subscription program say for quickbooks you know the basic can you switch to the higher um version of quickbooks without losing data is everything in the cloud with the company required to stay well sorry that was the first question so so answer it for questions so that first question if you have quickbooks online and you need to upgrade the service so say you were at simple start and now you need to upgrade to plus you can do that seamlessly at any time of the month you can just change that um subscription level and the data stays exactly the same you won't lose anything at all similarly if you need to downgrade you can do that without losing any data at all right and the same thing with desktop you think well the desktop is in your computer right you have the save files in your computer so if you're upgrading to another quickbooks software um then you can technically just update your save files yeah and i apologize i'm not that well versed in a desktop version but if you need to backup i know there's a function where you can back up your desktop data and you and i recommend you doing that frequently and even if you want to convert from desktop to online you can do that as well right right um and is everything in the cloud with the company are you required to stay with the product the company you started said you couldn't go from quite books to any of the other type of like xero or or the other type of softwares you have to kind of stay with that you know if you start there unless you're starting a whole new account with the other folks i mean i if you're changing i recommend you do it um maybe like at the end of the year or something just so that you have a full year's data with one accounting software and then before you switch to another but you can always download all your data and upload it on another cloud-based platform that's no problem at all but just for your own sanity i recommend kind of you staying with something until there is like a cutoff point which usually is the year in right the year end um and how do you since you're already in quickbooks here do you categorize a loan payment how would you categorize a loan payment as an expense here in the quickbooks yeah so say if this 8.99 came in oh a loan payment now yeah yeah so you took a loan to buy a piece of equipment or maybe you know it's a new building or something you you got to pay you know your loan payment um on that how would you categorize it yeah all right so this um may get a little in the weeds but say if you took out a loan and you're paying down that loan um and of course with any loan payment a portion of that goes to principal and a portion of that goes to interest so in a software like quickbooks you want to actually it offers that functionality to split so say if this is a loan payment i would have to split it between um say if i fi does he have a loan on the books let's see uh say if he has a note payable on the loan payable on the books and say of that 150 100 of it is principal so i would put a hundred dollars there and then 50 of that is interest i would split that and find interest expense if it's in here it's interesting i i see i see what you're doing so you're separating the amount paid for the principle of the loan and the interest into two two entries but related to that loan payment for that month one entry but it's split a one entry but sorry yeah yeah so the the total amount is 150 but i'm segregating 100 of it as principal and fifty dollars of it as interest right okay so that's how you would do it on you know once a month when you're making the payment okay yeah you would have to split it between uh so for some folks who are going to try this they're going to connect it to their bank account right and so the bank account that negative 150 will show up that they made a check or a payment electronic payment to whomever for a loan and so when they get that that's what every month they need to go back and reconcile it right like go back and categorize all of those transactions right and and does it learn to to do that automatically after a while or or you have to do it every time manually well quickbooks gets smart so the more that you categorize um um transactions the more it will predict it so say if you had 150 every month it would start to categorize it as loan payable but again that principal and interest version may change every month so you want your loan statement in front of you at the end of the or whenever you're making that payment or whatever you're doing your accounting you want that loan statement in front of you and on that loan statement it'll tell you how much is principal and how much is interest so you need that in hand when you want to um record this transaction if you want to do it accurately okay and can you have um two different businesses running out of the same quickbooks account or you have to get another quickbooks account for another business so you can but it has to be with the plus level of service the plus subscription level and you would use um what is called uh what do they call it classes account classes i think they call it um let me see if i go back in here um it's called cc so quickbooks tries to get smart so every time you do something it'll say do you want to create a rule to that every time you pay larry's elimination it's for this so you can create a rule that's beyond the scope um right okay so so like one question sorry so yes i was answering the question so if you have the plus level of quickbooks online you can create separate classes for diff the different businesses and separate out separate the income and expense for each and just to to reiterate or clarify because someone asked the question what you mean by switching like from quickbooks to wave or to xero or any of that you know your data your transactional data your past history data it may not be able to come with you because those systems are not necessarily compatible necessarily but but just keep in mind do it at the end of the year like once you close your books like close your books with quickbooks or whatever you're using and you want to start using a new software so that you start fresh with that new software and you can bring over all your ending balances i guess if you will you know or you're beginning balance you stay kind of like new you know you're not bringing your history you lose that history with that software but you still have it in your other account which you kind of close out before you start the new one i would say that's correct yeah and how do you define a year year i mean some people go by um you know the 12 months of the year you know december or or it's um it's other fiscal years you know when would you do what do you do each one of those in which cities so your default if you're a sole proprietor you haven't incorporated or anything like that your default is calendar year so that means december 31st is the end of your year and that corresponds with your personal income tax return but whenever you incorporate you have the option to choose a fiscal year in and that makes the most sense for maybe nonprofits they maybe want a june 30 fiscal year in or i remember when i was auditing grocery stores they would have a january 31st fiscal year and though you make those choices when you incorp formally incorporate and that would be where you whether you choose to be a calendar year end which is the default or designate a fiscal year and to end on a specific month of the year right great thank you all right all right let's go back to i know we only have a few minutes this last section will just try to just get through it uh as quickly as possible um let's see are we do you see the uh financial prepare financial statement slide we see this live yes who means all right so we talked about gathering financial records or financial data that's the first step the second step was recording financial transactions that's the meat of it that's where you do the actual accounting this last step will make it quick and easy in case we want questions at the end is you prepare financial statements so after you have recorded all your transactions you told quickbooks what it was you told your excel pro whatever you're using you told it what it is each transaction you have the paper to back it up or you have the document to back up all the income and all the expense now you're going to prepare your financial statements and this is often talk called often times called post accounting or financial reporting and that's defined as uh the financial results of an organization that you didn't release to um maybe to your creditors they may want to see your financial statements or you may want to even i this is the part i love you use your financial statements for yourself to even just assess the health of your business or make business decisions go forward i'm gonna try to move a little bit fast so your financial start store financial statements tell you the story of your business or organization the numbers they tell it all um so you can evaluate the health of the company by reviewing and reconciling these reports on a regular basis whether it's at the end of the year whether it's monthly quarterly you should take a look at those financial statements to see how your business is doing those financial statements we talked about it a little bit earlier but those financial statements or let's talk about a little bit more about the usefulness those financial statements are used by yourself or by investors or by the loan officers or your advisors and others to review your performance make business decisions maybe assess the con maybe you um decided to launch a new product line and you want to see how profitable that product line is use your financial statements analyze your financial statements to see how much income or revenue came in and the expenses that are related to offering that new product line and assess how profitable that is that's a use a useful way to use your financial statements they're also used for credit worthiness so this was a big thing when i was helping small business owners apply for those sba covert related funds uh that we needed to generate financial statements and some of the businesses did not have those financial statements in place and we had to go back and reconstruct it but these quick so it's important not only to prepare your taxes because you do need your financial statements to prepare your taxes but it's good to have those prepare those on a regular basis so if you ever need a loan um so maybe i mean like most businesses they've their revenue has dipped 50 or more in these past six months and so now they maybe need a little gap loan to get them through you need the financial statements you go to your bank and say this is the profitability of my business and pass we may be having some issues right now but this is how the performance has been can we get a loan okay the balance sheet shows the assets um and the liabilities the assets are what the company owns the liabilities as we talked about is what the company owes the equity is the difference between the two i apologize if i'm moving a little quickly but this is craig's design and landscaping balance sheet you see his assets are lined up there his accounts his bank accounts his accounts receivable he sold some things on credit and he has five thousand dollars coming in remember this is as of a particular point in time so as of the end of august he had five thousand dollars that he expected to come in that's his accounts receivable he also had some inventory he also had some trucks a truck that he purchased that's an asset on the liability side i apologize if you can't see this clearly hopefully you'll get the slides and you'll be able to see it a little more clearly but a liability side he has accounts payable he has those credit cards and he also has um taxes payable that's a liability he took out some loans took out a 25 000 loan that's a liability that's on the books and this is the equity this is the net income that has been retained in the business up into that point and retained earnings that has carried over for previous years and this is my favorite part about accounting assets have to equal liabilities plus equity one side has to equal the other whether you're the small convenience store or whether you're a multi-million dollar multi-billion dollar corporation the accounting equation is still the same assets equals liabilities plus equity income statement again it's called profit and loss or p l that shows your revenue that shows your expenses and the difference between the two is the net income or the net loss you should prepare those typically yearly but quarterly or monthly if that makes sense for you for analysis purposes this is an example of his profit and loss craig's design and landscaping as of 2020 as of the end of august these are all his sources of revenue his income he had a small cost of goods sold and now here's those other expenses that we talked about earlier advertising automobile rental insurance job materials these are all those expenses that relates to his business legal and professional may be paid an accountant maybe paid a lawyer those are expenses that are deductible office expenses maybe bought some supplies some paper utilities these are all part of his profit and loss and at the end of the day you uh it'd be you know ideal if this number was a positive but at the end of august 31st he had a loss of 2916 dollars so his total income uh was ten thousand and two and by the time he was deducting all of these total expenses um he got down to a loss of almost three thousand all right so that was quick and dirty um if you have any questions we can take that for the next few moments sure um hold on here we go i was just answering a question here in the q a about how often quickbooks updates your bank account information and i found it in um i found this quickbooks help desk really really helpful um and uh it looks like they do it nightly or two times two or three times per week depending on the banking institution once you link your account quickbooks will update your account information uh and you can synchronize that any time so if you want to go in there and say right manually yeah synchronize it okay so we have we have a few questions here so do um so there's a question here uh do expire costs of goods sold count towards losses for instance herbs you so here's an example herbs used to make an herbal preparation that expired you know due to moss or loss in quality for instance do those count towards losses i think that's like obsolescence like you have inventory that goes bad so that is that is uh that is an expense or a loss that you can take on your tax return okay okay so is that axe in your answer um answer your question alexandra i sent her a quick request to commute okay sure yes yes you said yes yes okay we're good excellent so um you know another question that we get um a lot katisha some folks are starting online businesses right now because that's that's what's in right everybody's home uh you're trying to figure out ways of getting your product out there so whether you have a brick and mortar and you're starting a new website for a break and mortar or you're starting a completely new online business my question to you is um you know how how would you be able to um is there a way with quickbooks to track you know your taxes um uh sales tax you know for the products you could like sex sales tax from the sales online yes so um your so your point of sale service that you may be using they um they should be able to track it for you but if you use quickbooks to sell your products quickbooks does offer the ability to track sales tax and they do offer the ability to connect with your state and actually directly pay the sales tax from directly from quickbooks so yeah they do offer that functionality excellent yeah and then yeah i was doing quite a bit of research on that on the what do they call it the the tax nexus if you have nexus in a particular state or not and it's based on you know physical you know like if you have a physical presence in that state or if you have fulfillment facilities like if you're selling stuff fulfilled by amazon for example you might have a nexus in those states but i guess like you said use the point of sale system go ahead yeah the law has changed quite a bit so definitely um check in with your accountant and do a little research because um for those online businesses you may be required even though you don't have a presence there you may be required to withhold and collect sales tax correct all right great thank you so much for that so um again i want to go ahead and thank everybody to um that attended today's webinar uh thank you so much katisha for being with us today really really appreciate it um i want to thank all of the organizations who made this webinars possible um we will make sure to send you all a copy of um of today's slides um with katish's permission i think you're okay with that right criticism worse excellent and i want to thank um all of the organizations who made these uh webinars possible i'm flashing their names on the screen these are business advisors here in the region who are available to assist you with all of your general business questions you're starting a business growing a business as well as the msbdc which is the organization that i represent the small business development center our website is on the screen and there's offices all throughout the state and uh thank you so much again katisha for being with us today um i look forward to meeting with you again maybe we'll do something like this again in the future and try the other software that you showed sure absolutely thank you so much again somalia for the invitation thank you all business owners wishing you much success in your business endeavors hopefully we'll talk again sometime great bye [Music] you

Channel: MA Small Business Development Center Network

Views: 65,410

Keywords: bookkeeping, bookkeeping basics, bookkeeping 101, accounting, business bookkeeping, intro to bookkeeping, small business center, massachusetts, msbdc

Id: k9g4EPHo0ZY

Length: 87min 24sec (5244 seconds)

Published: Thu Sep 24 2020