Bookkeeping and Payroll Essentials

In this episode, Bonnie Yam hosts an expert in bookkeeping to explore its critical role in business growth. The discussion distinguishes bookkeeping from accounting, offering clarity for business owners. Listeners are introduced to recommended tools and software to streamline bookkeeping tasks. The episode addresses common bookkeeping errors and evaluates the pros and cons of DIY bookkeeping versus hiring a professional. Key payroll topics include essentials for business owners, the distinction between employees and contractors, and implementing a smooth payroll process. The importance of timely payroll is highlighted to avoid penalties. The episode concludes with an audience Q&A on payroll setup.

(0:00) Introduction and guest background in bookkeeping
(1:13) Importance of bookkeeping for business growth
(2:26) Understanding bookkeeping vs. accounting
(3:24) Top bookkeeping tools and software recommendations
(5:13) Tackling common bookkeeping mistakes
(7:02) To DIY or hire a bookkeeping professional?
(9:59) Payroll essentials for business owners
(12:48) Employee vs. contractor classification
(16:58) Implementing an effective payroll process
(20:00) Ensuring timely payroll to avoid penalties
(21:03) Audience Q&A on payroll setup