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Bookkeeping Basics

Updated: Dec 12, 2023

Christy Steinman

Let’s talk bookkeeping. We know this isn’t the most fun topic to go over but if you’re genuinely interested in getting more serious about your business, considering all sides of the financials is really important.

Raise your hand if you have been selling things on the side for a while now and you are wondering if it has reached the point where you need to establish a business. Ok… we see you! Take some notes with Christy from as she walks us through what bookkeeping is and why it’s so vital to the health of a business. She said it best, “Bookkeeping is keeping track of your business’s financial activity by accurately recording and organizing transactions. It is very important for business owners to make sure that every transaction is accurately recorded from any source or any payment method. This helps you as a business owner so you can see the overall financial health of your business, identify & monitor trends, make informed decisions and plan for the future as well as file your taxes.”

From our perspective, one of the BEST and EASIEST things you can do to get you heading in the right direction of getting organized and making your life so much easier is to get a business checking account. To do this, you will have to get registered as an official business so if you haven’t watched Christy’s first video on Business Start-Up Basics, now would be a good time to do that! Do your homework before you just pick a bank to do business banking through because they aren’t all created equally. Some have monthly fees and minimum balance requirements but might come with more perks, while others are free and don’t make you jump through any hoops but are pretty bare bones and more for just keeping your business income and expenses straight.

Christy has a lot more to say about all of this than we do so check out the video and keep in mind that she is a professional CPA offering her services to makers like us if you need help. Visit her website if you would like to work with a CPA who is a maker herself and knows the ins and outs of small business ownership!

Consider enrolling in TMCU for full access to all of the educational content and follow along with Christy for more tips and tricks on how to:

  • Build your chart of accounts (and find out what the heck that even is!)

  • Record all your financial transactions

  • Reconcile your bank and credit card accounts

  • Understand and review your financial reports

Not a TMCU Member yet? What’s holding you back? Consider joining today to meet up with us on Zoom weekly for educational networking from a community that will have your back.


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