Business Income & Expenses

Christy Steinman

Level of Difficulty: Beginner

From the Instructor: In this video, we’re covering the income and expenses for your business bookkeeping. An important thing to keep in mind when you’re coming up with your income and expense categories is that you don’t want to overcomplicate things. Set up the categories that work for you. Another very important point is that you be consistent when categorizing your income and expenses. Income includes the categories for all the income generated from your business, whether it's from selling products, providing services, or any other sources of income from your business. Set it up so that it makes sense for you and will be beneficial as you look up and compare your income and expenses from year to year.

Watch The Video Here!

Topics Covered in this Video:

• Defining various forms of income to ensure accurate reporting

• Finding all the potential expenses you may accrue, broken down into many possible expenses from the two main categories: Costs of Goods Sold and Operating Expenses

• Learn what constitutes expenses in advertising, automobile use, bank fees, contract labor, other fees from places like PayPal or Etsy, depreciation, insurance, interest, legal and professional services, office equipment, subscription services, tools, etc.

Although keeping track of income and expenses is a habit that isn’t the easiest to establish, Christy brings so many things to light in this video that will help you save money in the long-run. If you’re not accounting for all the dollars you spend on things you need for your business, you’re going to be paying more in taxes when you don’t need to! For extra help from our resident maker & CPA Christy Steinman, consider visiting www.steinmanaccounting.com.

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