bookkeeping basics
do you have a clear picture of where your money is going?
In the simplest terms, bookkeeping is the process of recording all of your business's financial transactions.
EXPENSES: Signing up for a mastermind, attending a conference, canva templates, ink pens, management software, storage space, tax preparation, business license, etc.
REVENUE: Product/service income (with/without an invoice), discount given, interest earned, owner investment, angel investor, grants, loan proceeds, early payment adjustments
LIABILITIES: Credit card purchases (not just payment to credit card), principal payments, interest payments, loan amounts, processing fees, bank charges, late fees
Record Everything
keep business money and personal separate.
common deductions
Advertising
Auto Expenses & Mileage
Bank Fees (bank & credit card)
Business Licenses & Permits
Commissions (Referral)
Consultation
Cost of Goods Sold
Professional Subscriptions
Education & Training
Equipment Rental
Gifts - Professional <$25
Home Office
Insurance (Professional)
Interest Expense
Legal & Professional Fees
Meals
Office Expenses
Rent
Subcontractor
Telephone
Travel& Mileage
Utilities
your books are as good as what you put in them.
**Common deductions list is a sample of possible deductions, but is not a full and detailed list. Consult with your accountant for more details.
download now!
Chart of accounts
A Chart of Accounts provides categories that help you organize and label business transactions accurately.
A basic Chart of Accounts includes records of Revenue, Expenses, Liabilities, Equity, and Assets.
Effectively using a Chart of Accounts will make reporting easier, streamline your taxes, and empower confident business decisions.
what is a chart of accounts and why do I need one?
Office Supplies
Job Supplies
Cost of Goods Sold
Service Income
Referral Commission
Product Sales
Travel Expenses
Rent
Meals
Payroll Expense
Processing Fees
Marketing
sample accounts
Assets - Liabilities = Owners Equity
balance sheet
Revenue - Expenses = Net Income
profit & loss
Cash Inflow - Cash Outflow = Net Change in Cash
cash flow
Key Financial Statements
to empower confident business decisions
It is easy to forget the daily, weekly, monthly, etc. tasks that need to be done for your books to be clean and up to date.
We created a simple checklist you can use to make your financial processes a solid habit!
download now!
Daily Tasks
Monthly Tasks
Quarterly Tasks
Annual Tasks
our bookkeeping checklist includes:
as a small business owner, there is more to do than hours in the day...
bookkeeping
checklist
when is the right time to hire a bookkeeper?
Can you keep up with the routine tasks?
Do you feel confident that the numbers are an accurate reflection of your business?
Do you feel confident paying yourself or hiring help?
Are your invoices, taxes, and other financials paid on time?
size is not the deciding factor...
if the answer is no, the solution is
outsource bookkeeping
let's work together
wouldn't it be nice to finally...
reconcile down to the penny and not be surprised at tax time!
Timely & Accurate Reporting
Access to an Expert
Ongoing Solutions
More Time in Your Business
schedule a consult
serving clients across
texas & nationwide
Houston | Dallas-fort worth | jefferson | AUSTIN | longview | SAN ANTONIO | east texas
SITE DESIGN BY EM SHOP & HIS GLORY COMPANY
© 2023 TWO ARROWS ADMIN, LLC | PRIVACY POLICY, DISCLAIMER, & TERMS
We provide simplified and modern bookkeeping to empower small businesses. We currently serve clients located in Houston, Dallas-Fort Worth, Jefferson, Longview, San Antonio, Austin, and East Texas.
We are continuing to expand our services across Texas and nationwide.
