This week, we're interviewing Olivia from Frolic Bookkeeping to discuss the importance of bookkeeping for female entrepreneurs. We're covering topics like what bookkeeping is, choosing a bookkeeping method, the challenges of using accounting software, setting financial goals, understanding business bank accounts, common mistakes in bookkeeping, paying yourself from your business, preparing for slow seasons, and the difference between wealth and riches.

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Big Takeaways

Bookkeeping is essential for business owners to understand their financial health and make informed decisions.

Using a spreadsheet or accounting software like QuickBooks or Xero can help with bookkeeping.

Regularly reviewing and categorizing income and expenses is crucial for accurate financial reporting.

Paying yourself from your business can be done through owner's draws or setting up payroll.

Preparing for slow seasons and living within your means are important for financial stability.

00:00 Introduction and Guest Introduction

04:00 The Importance of Bookkeeping

05:13 What is Bookkeeping?

06:07 Choosing a Bookkeeping Method

08:16 The Challenges of Using Accounting Software

10:14 The Importance of Regular Bookkeeping

11:43 Setting Financial Goals

13:05 Understanding Business Bank Accounts

14:19 Common Mistakes in Bookkeeping

19:50 Paying Yourself from Your Business

22:46 Different Methods of Paying Yourself

24:28 Preparing for Slow Seasons

26:56 Living Within Your Means

30:20 Wealth vs Riches