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Episode 23: The benefits of bookkeeping 101
Hello everyone! I am excited to introduce to you guys my friend Edrina J. Calderon who is the owner and accountant of Accounting by Edrina, LLC. She is here to talk all about bookkeeping. What is it? Why do people need to know about it? Why is it super important for us as business owners? Let’s be honest, most of us are just not that good at it.. Edrina is just a true joy, a total giver and I have loved having her as part of my online mastermind. Let’s dive into Bookkeeping 101!
In this episode we talked about:
- Edrina’s background and story about how she got into accounting
- How important bookkeeping is for you and your business
- Hiring a bookkeeper or not hiring a bookkeeper
- Common bookkeeping FAQs
- The importance of keeping good records, and billing clients consistently
- Monthly Budgeting, Planning, and Forecasting
- How to trim expenses
- Edrina’s talks about the big legal lessons she has learned over the year- contracts, biz structures, taxes, and more
Here are some quotes:
(01:57) "Bookkeeping- What is it? Why do people need to know about it? Why is it super important for us as business owners?"
(02:03) "Bookkeeping is just a fancy way of saying record keeping.."
(03:44) "The reality is most of us cannot afford to hire a bookkeeper when starting out your business. But I think if you are a business owner, you're just getting started. You are a smart, educated, savvy individual who's got enough know-how to start a business."
(04:35) "I love using systems, systems help keep things organized, helps keeps me keep me organized. So I would say find a system that you can use to keep good records and start immediately start."
(06:12) "..have your bank accounts separated."
(09:15) "My hourly rate is x and I worked 2.3 more hours for you. We need to be responsible and we need to own our time. People need to respect us as clients as well. And that's the biggest thing that I would say is put on your big girl pants and be like, no. If you're going to a client, you need to respect me. You need to, you know you, you're in business to be in business, to make a profit. We're not in, we're not doing hobbies anymore. We're, we're going profit-generating machines and we're leaving our fulltime jobs to make money and we need to pay bills too."
(10:40) "I want to encourage everyone to set aside time in your normal work schedule to go through banking, credit card accounts, and your financial reports. What's that phrase? It's uh, what gets measured gets improved. You want to make sure that every month you're taking a look at the whole picture."