This week, we're interviewing Olivia from Frolic Bookkeeping to discuss the importance of bookkeeping for female entrepreneurs. We're covering topics like what bookkeeping is, choosing a bookkeeping method, the challenges of using accounting software, setting financial goals, understanding business bank accounts, common mistakes in bookkeeping, paying yourself from your business, preparing for slow seasons, and the difference between wealth and riches.
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Big Takeaways
Bookkeeping is essential for business owners to understand their financial health and make informed decisions.
Using a spreadsheet or accounting software like QuickBooks or Xero can help with bookkeeping.
Regularly reviewing and categorizing income and expenses is crucial for accurate financial reporting.
Paying yourself from your business can be done through owner's draws or setting up payroll.
Preparing for slow seasons and living within your means are important for financial stability.
00:00 Introduction and Guest Introduction
04:00 The Importance of Bookkeeping
05:13 What is Bookkeeping?
06:07 Choosing a Bookkeeping Method
08:16 The Challenges of Using Accounting Software
10:14 The Importance of Regular Bookkeeping
11:43 Setting Financial Goals
13:05 Understanding Business Bank Accounts
14:19 Common Mistakes in Bookkeeping
19:50 Paying Yourself from Your Business
22:46 Different Methods of Paying Yourself
24:28 Preparing for Slow Seasons
26:56 Living Within Your Means
30:20 Wealth vs Riches
