Growth & Inspire

I am inspired by the vines that grow outside our house. Everyday, it climbs higher and higher. Learning is the same. If you keep learning, you will climb higher and higher. .

Bookkeeping and Payroll Essentials

S2 E13 • Mar 27, 2025 • 24 mins

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.

Key Points

Bookkeeping is essential for accurately tracking every business transaction to understand the true financial state of the business.
Choosing the right bookkeeping software, such as QuickBooks, Xero, or Wave Accounting, can simplify financial management for small and medium-sized businesses.
Properly classifying employees and contractors and ensuring accurate payroll tax withholdings are critical to avoiding costly mistakes and ensuring compliance with federal and state regulations.

Speakers

Atilio Calderon

Guest • 64%

Bonnie Yam

Host • 34%

Peter Yam

Guest • 2%

Chapters

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

Transcript

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