Bookkeeping Systems for Busy Entrepreneurs

I'll do the bookkeeping later. These are the famous words of too many business owners. Again, another thing I hear all the time. I'll do the bookkeeping later. Today we're sharing the simple systems that saved Maria's retail shop from a 43,000 accounting nightmare and how you can set up your own bulletproof bookkeeping routine in just 5 minutes a day. In a world where chaos seems to reign supreme, where uncertainty lurks around every corner and financial markets are

now more unpredictable than ever. There's one place you can turn to to find clarity and control. Welcome to the Wealth Wisdom

Financial Podcast. Hey, I'm Brandon. And I'm Amanda. Join us as we dive deep in the world of personal and business finance to assist you in navigating through the chaos and building the financial future you deserve. We believe when conventional financial thinking doesn't get you where you want to go, you need wealth wisdom. So if you're ready to take control of your financial destiny. Tune in to the Wealth Wisdom Financial Podcast because in a chaotic world,

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Welcome back to the show. Today we're diving into the most fundamental of fundamentals, keeping clean books. Oh man, that's a hard one. Don't click away. We're going to make this exciting. This is not some boring lecture about accounting. Instead, we're going to share a real stories of business owners who've transformed their financial chaos into calm using simple systems anyone can follow. And like we promised at the top of the episode, five

minutes a day. And here's the thing, probably if you are not good at bookkeeping or thinking about that, you probably didn't click on this video. Anyway, but if you are watching it, you're the the number two that's doing all of this. Or the number one. Number one. But maybe share this episode with them and say you need to watch this episode. Yeah, great. So here's what most business owners get wrong about bookkeeping. They think it's about tracking every penny perfectly,

and it's not. It's about having a system that's good enough to help you make better decisions and keep you out of trouble. The perfect system you'll use someday isn't nearly as valuable as a good enough system you'll actually use today. And what we're actually gonna do is, for those of you that do have somebody else doing your bookkeeping, really powerful thing that we're gonna share with you today in this 5 minutes a day thing is what you can do to make sure. they get the answers they need in

the time they need them. So you're not scrambling every December or January, putting all your tax stuff together and all those kind of things. Five minutes a day literally can make it total difference. And not just at tax time too. We're gonna get into that as well. Yeah. First, a quick reminder, we again are not tax professionals. Um, we are in the financial world and, uh, do a lot of that kind of thing. AndAlso, we are, I would say, CFO. We do kind of that kind of thing. But we are

not tax professionals. This episode will empower you with knowledge and ideas to bring to your tax professional. And again, we're not giving individual advice. We have to say all that fun stuff. But these things, from our experience, has helped many business owners thrive and help them have more time, not less. OK, so you ready? We're going to give you this quick hack, this cheat code that is simply a game

changer. And this works if you're doing all the bookkeeping or if you have somebody else do the bookkeeping and you just want to give them better, more accurate information more quickly. You ready for this?The daily five-minute

money check. And here's how it goes. Step one. Open your banking app to see what's there. Log into your account. Open the app on your phone. Most business owners are already doing this daily, if not more than once a day. It's in the morning once. Well, yeah, preferably. Step one, open your bank account, see what's there. Step two, look for any transactions that need documentation.

For instance, you might take a photo of any paper receipts and store them in a receipt folder in your cloud, or a folder in your phone in your photo app, right?Receipts all go there. You might send a note to your bookkeeper or log into your accounting software to add information about any weird transactions while they're fresh on your mind. Like we talked about in the last episode, you might record your business meeting that

you know you paid for the meal. You'd record the meeting-related information, like who you met with, what was discussed, that sort of thing. So step one is open the account. Step two, look for any transactions that need documentation, do the documenting. And step three,There is no step three. That's it. Five minutes, 15 minutes tops. Maybe a lot the day before or maybe on Monday to you know track everything from the weekend that you know all hits your

account on Monday, things like that. I mean, I think that's the similar kind of concept in tracking meetings or doing the the dailies, right? So we want to do those daily habits. And the more we do that, then we can go back and notGo back a month later and say, what was that again? Who was that that I met?I forgot all the things. My memory is very bad, as she knows. So remembering four days ago is hard enough. So doing that 5 minutes really helps. Yeah. So set a daily reminder when you're

most likely to do this. For many, they just make it part of their routine, like their morning routine. Maybe think, when are you logging into your account already? And how could you make sure you've got a little bit of extra time to make this documentation, take photos of receipts, write down who the meeting was with and what the business purpose was, things like that. Now, notice we did not say go back and catch up on the days, weeks, months, or even

years when you didn't do this. Sure, you could do that, but I mean, literally, you need to schedule a lot more time, not 15 minutes, to catch up. Start the daily five-minute thing now, and then you're going to be in a better position and, you know. Yeah, and don't let any kind of guilt or shame about not doing it previously get in your way. Now let's talk about some tools to make this super easy. There's some basic tools

everybody needs, like a separate bank account for your business. Easy, non-negotiable to maybe some kind of receipt scanning app on your phone or a folder in your photo app. I know QuickBooks and other softwares have like an app you can have on your phone to take photos of receipts. The Notes app even has a scanner option. That's true. Yeah, some kind of simple bookkeeping system like QuickBooks or Xero, maybe

even a spreadsheet. spreadsheet and then set times to check in on your money, which if you are like, I got this daily five-minute check-in going, go back to the episode that we released January 15th of 2025 called Financial Systems for Seven Figure Business Growth that builds on the twice monthly, the quarterly and the annual things that you can use to build on top of the five-minute daily check-in. Yeah, those little things then add up to the big things. It's the little rocks and big

rocks idea, right?Yep. And then there's some nice to have tools. I love having a central space where all the bank and credit card feeds come into automatically. That could be your bookkeeping software. It could be one of our favorite tools that you need a budget, my app, where you can see all of your accounts in one space rather than having to log into multiple places and you can have them automatically come over. Another great thing is to.

To have some kind of automatic report that's generated by your point of sales system or wherever your incomes coming in that details where your revenue is coming from, who's paid, who hasn't, who are your top customers, what are the products most sold?Those kind of things that aren't going to be able to be seen nearly as well just from the transactions in your bank. That's a great nice to have addition here. It's not just looking at

your accounts. but also looking at your that kind of report or some kind of income report that has some of your top key performance indicators, KPIs. Yeah, and I think that's where you have a good point of sale system and a good CRM system that has those things, but you have to actually create what you're looking for. Yeah. So that's important.

When we had our former business where we have daily sales, right, and they go up and down all over the place, I was, for a while, I had a spreadsheet in Excel where I would just list every single day. And do averages and try to get above average each day. And it was a lot of fun and it actually helped grow our business. But I'm a nerd. Some tools for growing businesses, of course, automate your bill pay. That's a great way to

reduce time and effort. Having a payroll software where it can run the payroll and help with, you know, the payroll taxes, all those kind of things. And maybe also adding some inventory management that connects to your accounting software. It can be a really good thing. So for those of you who are getting a little overwhelmed, stay tuned after the break because we're going to help clear that overwhelm because you're you're not a numbers person and you're like, man, there's a

lot of things to do. And so how do you reproduce Amanda here?No. That's why we have to be part of it. How do you be like Brandon? Yeah, there you go. Stay tuned after the break if you're more like me, because you're going to want to learn what Amanda has to say about this. Ready to take the next step towards

securing your financial future?Whether you're planning for retirement, saving for your dream home, or you just want to make your money work harder for you, the team at Wealth Wisdom Financial are ready to assist you. And now it's easier than ever to see how we might give you a boost on your financial journey. Schedule a 15 minute discovery call with one of us today and let's discuss your questions and your financial goals together. Don't wait any longer. Your financial freedom

awaits. Schedule your discovery call at www.wealthwisdomfp.com/call. Now some of you are thinking, I don't have time for all of this, even 5 minutes a day. Where am I going to find that? Here's the truth. You ready for this?You don't have time not to do this. Remember

Maria?We mentioned her at the top of the episode. She ran a successful retail shop, but avoided bookkeeping because it was too complicated. She just threw receipts in a box and figured she'd sort them out when it comes to tax time, and her accountant needs more information. Then she was ready to grow, ready to expand. She needed to buy some inventory, you know, things like that. She went to apply for a business loan. And guess what? The bank needed three years of financial

statements. And Maria ended up spending $15,000 to pay an accountant to sort through her mess. Worse, she discovered that she'd been losing money on a whole product line for two years without realizing it. And that cost her another $28,000. That she didn't even know she was losing. Right. That's 43,000, just poof gone. Because she didn't take the time to make five minutes a day. And of course, that took a lot of time and effort to then fix

that whole thing. Today, Maria spends 5 minutes each morning being proactive and says it's the most profitable part of her day. She spotted a vendor overcharge last month that saved her $3000. Plus, she finally knows which products actually make money and which ones don't just, you know, make her team look busy. So chances are you're already spending a few minutes just logging into your business bank account at least once a day. All we're talking about here is taking a little extra time

to be more intentional. to make some notes, to take some photos of receipts to save you time and energy in the long run. Now, here's what I'm gonna tell you. I'm gonna tell you a secret. The secret to bookkeeping isn't knowing everything about accounting. It's having a simple system you'll actually use to make timely decisions and keep accurate records. Start with a daily five

minute check, and remember, progress beats perfection every time. So, are you ready to get started?I know you are. You're super excited about this, right?I got, I got you. I created a five-minute money check success kit that includes a simple checklist to keep by your computer, recommended applications, apps on your phone for receipt scanning that won't break the bank, and our favorite template for tracking those weird transactions that come up. It's available right now in the

Wealth Wisdom Financial Community. You can join today at wealthwisdomfp.com/community. Go join. And even if you pick one thing from this 5 minute money check success kit and you start to do it regularly, it it could transform your business and make it way more profitable and save you a lot of time. The next time you're filing taxes, applying for a business loan, looking for an investor, getting to sell your business, having clean financial data is worth it. Yes. And again, I I think again, go go

to the link. There's so many things there that comes out of this brain here that you want to download. Oh, mine too. Yeah, I think mine. Mine is pretty good. Thanks for joining us. Hit that subscribe button and live long and profit. The topics presented in this podcast are for general information only and not for the purpose of providing legal accounting. Bookkeeping, investment, tax advice on such

matters. Please consult a professional who knows your specific situation, and we'd love to help with that.