Bookkeeping 101

Yes, you can…

All bookkeeping is, really, is making lists. You make two lists. One list is the list of money that you have earned. The other is the list of money that you have spent. At the end of the year, you add up all the values of each list to get a total, and you subtract the total of the money spent list from the total of the money earned list.

Accountants have fancy labels for these lists. The money earned list is called “Gross Income”. Money spent is called “Expenses”. After you subtract expenses from income, what remains is called “Net Income”. And… in case you’re wondering, Net Income is what you’re supposed to declare as “income” in a tax filing with the IRS. For most small business, sole proprietorships, this is declared in a tax form called the Schedule C.

Don’t be intimidated by this. Our un-apps will help you make quick work of keeping these lists, and keeping them in order so that you can easily complete your Schedule C, stay compliant, and not spend a ton. You work hard for your money.

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