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7 Record Keeping Tips for Small Business Owners

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As a child care provider, I have to keep track of tons of paperwork and records. The most daunting task is always entering expenses and filing paperwork before it piles up into a giant mountain. Many people put it off until the start of the new year and then have to spend a ton of time getting everything in order, only to most likely lose out on deductions due to too much time passing leaving people forgetful of what they purchased. In this video, I share seven tips to make this year a much better year for keeping track of your tax documents so when next year rolls around, you can relax while others are scrambling! ------------------------------ HOUSE TOURS: https://www.youtube.com/playlist?list=PLNbrmIjuytLF9ckfuVyHu891s4Ct4oqr0 CHECK OUT OUR DAILY VLOGS (2016): https://www.youtube.com/playlist?list=PLNbrmIjuytLFhma9ZcL4Vu9Cv3OexxDLv CHECK OUT OUR MOST LOVED/USED ITEMS: http://astore.amazon.com/houmadofmar02-20 Finance Followers: If you want to check out Capital One 360 that we've mentioned in many videos (and LOVE), sign up for a checking or savings account using the following link, and you will earn $25: https://r.capitalone360.com/9Mhw5NEerz We SO appreciate all of our subscribers! You all are amazing human beings who make our lives so much better! Thank you for taking time out of your day to watch our silly little videos and for leaving such sweet, genuine comments. You make our days brighter! *Links may contain affiliate links to products we use and love. We never share or link to anything we don't love ourselves, but we appreciate if you click and help support our aim to spread the marital love from our little home on the internet. :) Music by Epidemic Sound (http://www.epidemicsound.com)
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Text Comments (43)
motto sno (15 days ago)
Facts this is great info
Raven The Mogul (21 days ago)
I loved all of these tips. I am launching an online boutique so every tip you provided in this video will be used so that I can keep track of my expenses. Thanks again!
Wynand Jacobs (2 months ago)
Great tips - Very practical! Thanks
Carmelle Jean-Paul (2 months ago)
This was a really helpful video! Thank You!
bozkanuae (2 months ago)
Good tips, thanks
Purpose Creates Impact (3 months ago)
Great tips, I will use these tips for my public speaking business
Kelly Hebbe (4 months ago)
Can you explain mileage for items purchased on your receipts? I’m also an in home daycare and have a horrible time tracking expenses!
Adam Shivers (2 months ago)
Kelly Hebbe She only uses her grocery receipts for mileage (proving that she drove there) She just needs to stay stocked as she has a flat meal rate that she deals with otherwise.
Kelly Hebbe (4 months ago)
Work Life Glue do you itemize what is on the receipt? How do you separate what you spend on daycare for food and supplies and what’s for your own family?
Work Life Glue (4 months ago)
I write “mileage” on the receipt and then when I record that receipt I make sure I keep track of how many miles it takes to drive to that store and back so I can multiply that by whatever the current mileage rate is for tax deductions, if that makes sense.
BEATRIXKIDDO14 (6 months ago)
meme day. yay!
Smart Ledgerz (6 months ago)
Thank you for those helpful tips. BTW the ink on those bills fade over time. So its better to paste the bills on A4 categorizing expense wise and filing it so it will be less exposed.
Ana Amy&Mel (6 months ago)
Could you share your check list ? I really appreciate that [email protected]
Nancy Rodriguez (7 months ago)
Running a business ans record keeping together is a huge task. I took help of http://dua.co.uk to take care of finances of my small business. You have covered everything very well. Thanks for sharing this.
Great video thank you for sharing
Yessica Diaz (10 months ago)
Very very informational thankyou
Brenda Story (11 months ago)
Just out of curiosity, what would you say is your average yearly hours "Time spent without the kids" .. like doing the paperwork, meal and activity planning, cleaning, morning set up, etc. etc.. ?
Bert Bote (1 year ago)
hi, good advice, thanks. just one question, on your tip #5, you said on groceries you only claim for mileage. aren't you supposed to claim for foods for the kids as well? although, it might be different from australia where i am residing.
Work Life Glue (1 year ago)
+Bert Bote Here in the states we can claim the "standard meal allowance" if we keep track of how many meals were served to how many kids. I do that because it's way easier.
Jade (1 year ago)
Your videos are such a great help I love every one of them. I've just opened my own home day care, I live in the UK
Emily (1 year ago)
I'm planning on opening my own daycare, these videos have been incredibly helpful! Thanks you 😊
zaid shaikh (7 months ago)
Emily ohh great
lotusmom Alicia (1 year ago)
Hello Sarah, Just wanted to say thank you for sharing all your tips. You are encouraging me to continue to work forward.
Ok thank you so much didn't even know that was an option
And I will have to read his books thanks again
Hi do you use a state food program and you mentioned that you don't track the amount spent on groceries just keep receipts because you use food allowance cost I believe can you explain that please I'm in middle of doing my daycare taxes😫
Bert Bote (1 year ago)
hi, just posted a comment similar to this one. what would be the easiest formula to compute all the food cost for claiming. you said your latter option would be a nightmare, thus, i'll go former then if you can pls explain how. thanks!
Work Life Glue (1 year ago)
+dominique lewis I do use a state food program, but even if I didn't I would just use the higher tier amounts multiplied by all my meals to calculate food costs. Tom Copeland who is a daycare tax guru Cala this the standard meal rate or something like that and you can claim that amount instead of actual food costs which to me would be a nightmare to try to calculate.
Stacey Rowe (1 year ago)
I am in love with your methodology for child care. you rock!
Fun Cooking and More (1 year ago)
I'm so bad at being organized. When it's tax season that's when I'm inputting all the info
Iris Brown (1 year ago)
soooooo blessed by this thank you!!!!
mariamakesup (1 year ago)
i have to keep track of some specific records too. I've definitely found its easier to do something every day rather than occasionally
Adam Shivers (2 months ago)
mariamakesup Yes and maybe once a week would be better for me.
Sarah Ferreira (1 year ago)
thank you
Sarah Ferreira (1 year ago)
Hey sarah! thank you so much for the tips, I will definitely take it to consideration. I read tom copeland books and he does mention the minute menu. How much does it cost? Is payment yearly or monthly? and is there different types of programs to choose from from the minute menu or is it just 1 program? Thanks.
Work Life Glue (1 year ago)
+Sarah Ferreira I think it is now switching to Kid Kare. The website says it is $8/month. I get it through my food program though.
Miss Italics (1 year ago)
Very helpful, thank you!
Freedom In A Budget (1 year ago)
Great tips! I love the tips of putting all paperwork in a central location!
Christina D (1 year ago)
do you take "taxes" out of each of your paychecks every week? if so how much of a percentage do you take out? I have talked to a couple tax people and they say since I am just watching the one child at the moment *almost fully licensed, yay!* and make less then $10,000 a year I don't even file taxes next year so don't set anything aside. If I make more then $10,000 this year to take out 15%. Does that sound right?
Work Life Glue (1 year ago)
+Christina D Yep, I'm taking 15% out and I've oversaved due to how much I've spent on expenses this year. San gets money taken out of his paycheck as well so we are hoping to. It have to pay any more in than I've paid in quarterly taxes!

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