Do I Need To Keep Records?

In this episode, Jeff discusses:

• The importance of keeping records
• Tracking your income and expenses
• Categorizing your charges and deposits
• The difference between gross income and net income

Key Takeaways:

• There is no need to give yourself more time to prepare for tax season, just a better, more consistent system. By keeping records, you’ll be able to understand where you stand financially at any given time.
• You can track your income and expenses with accounting software that connects your bank account and your business credit cards to their system, and then it pulls in every transaction on a daily basis. 
• Make it a habit to categorize your charges and deposits and do it daily, having a profit-loss statement is the lifeblood of your business. 
• The gross income is the total amount of money that you have received to date, while the net income is all the deposits you have made, less all the expenses you have incurred.

“Get a software program and use it regularly. The results will come as you stay consistent in using it and you will never miss out on a deduction again." —  Jeff Hockett

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