In this video, I want to teach you basic bookkeeping for your coaching business, make sure you
watch all the way until the end of this episode because that will teach you the finance tips
and the systems I use for more profitability and income.
Before we get started, hit the bell icon so you get notified when new episodes drop every
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All about helping you go from passion to profits in your coaching business.
Getting started with proper bookkeeping might feel like it's an overwhelming task and like
only an accountant can do, but you will see how simple this can be with a tool called
Quickbooks Online.
What I love about Quickbooks Online is that you can actually access the tool online.
You can access it, your accountant can access it, your bookkeeper can access it, and you
can enter your income and your expenses in real time.
If you've never used Quickbooks Online, you'll love its simplicity.
What I want you to do right now is get an account with Quickbooks Online and then begin
by entering your basic company information.
You want to enter your company name, your website, your address, and then begin by entering
your customers and your clients as well as your vendors and any online tools that you
might be making payments to on a monthly basis.
If you're starting to use Quickbooks Online with a brand new company, now is the ideal
time for you to really get this in place because you're starting from ground zero and from
scratch, but you can also start in the middle of the year or anywhere at any point in time
it's going to be beneficial for you to get your finances in order.
All you need to do is enter as much information as you can on your current account balances
on your current income, your customers, the payments you have from them and the payments
you expect to receive from them.
So also include future payments that are coming to you and answer all of your expenses.
If you know expenses that are upcoming, enter them when they're due, so enter future payments.
Enter recurring payments.
If you have something you paying on a monthly basis, this will make sure that your Quickbooks
file is always up to date.
Of course, you need to be entering your bank accounts, your checking account, savings account.
You also want to enter your liabilities including your bank loans and your credit card, and
then what's most important is to keep your file accurate and updated on an ongoing basis.
What I recommend to you is that you block a time on your calendar once a week when you
bring your Quickbooks file up to speed.
That's when you enter new payments, new customers, new clients.
You also enter new expenses that you have incurred during that week and then once a
month you want to perform a reconciliation, and it sounds complicated, but it's really
not.
All you need to do is download your bank statement and then compare your bank statement to what
you have entered in Quickbooks to make sure that everything is matching up on both sides.
So you'll check off items that actually cleared on your bank account and if there's anything
missing, you can enter those expenses or income once a month.
With Quickbooks Online, the beauty is that you can at any point in time see how profitable
your business is, you can take a look at your statement of cashflow, at your balance sheet
and you'll always be informed about what's actually happening in your company.
If you're looking for a more complete listing of business tools and all the different systems
you may want to consider for your coaching business, click on the link below in the description.
This is a link to our Business Tech Tools Checklist with all the different tools we
recommend to you, where to get them, and even how to use them.
As you can see, bookkeeping is not a big deal and it's not very hard for you to do.
Take some time, get your Quickbooks account, have a bookkeeping party and get yourself
on top of your finances.
You'll thank me for it later.
As always, thank you so much for watching.
If you enjoyed the episode, give me a like, maybe leave me a comment below, and then I
can't wait to see you again next week.
Thanks for watching and take care.
Do you want to build a successful online coaching business, but you're not sure how to get started
and you're scared of wasting time and money on the wrong steps?
Let me be your coach and show you the right steps to quickly launch your business, attract
the perfect clients, and multiply your income to learn more.
Go to coaching business training.com.