59. Starting Your Business Series: 4 W's of Bookkeeping

This week on the podcast we continue our Starting Your Business Series with Esme Gonzalez, Founder and CEO of Balanced Ledger

She talks about the 4 W's of Bookkeeping and why investing in bookkeeping is so important for your biz growth.

In this episode we covered:

• What is Bookkeeping: The proper definition is "the activity of keeping records of the financial affairs of a business." The simple definition is keeping track of all the financial transactions in your business
• Who needs Bookkeeping: Every business small or big needs  record keeping aka Bookkeeping in your business per IRS (pub 583)
• When should you do your Bookkeeping: There is a misconception that Bookkeeping should only be done once a year at tax filing time. We recommend doing Bookkeeping on a monthly basis
• Why should you do Bookkeeping: There are so many benefits to Bookkeeping not only remaining compliant but also being able to make better informed financial decisions. 

Let me know if any of this info helped you! Send me an email to [email protected] I want to hear from you!

P.s. If launching your biz or passion project is one of your goals this year but you don't know where to start, I would love to help you! Apply for private coaching  HERE.

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