Basic Bookkeeping Hacks
4.3 (86 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
19,379 students enrolled

Basic Bookkeeping Hacks

How to easily get your accounting and bookkeeping done fast
4.3 (86 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
19,379 students enrolled
Last updated 4/2018
English [Auto]
Current price: $13.99 Original price: $19.99 Discount: 30% off
23 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 1.5 hours on-demand video
  • 2 articles
  • 2 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Keep better track of their revenues and expenses
  • Understand the difference between Bookkeeping and Accounting
  • No prior information required
  • No software is required
  • A Desire to more easily manage your revenue and expenses is helpful

Learn the difference between Accounting and Bookkeeping. Discover how a good bookkeeping system can save you wasted hours and dollars. How to have a conversation with your banker and accountant.

You will learn:

  • Ethics and Rules
  • Types of business organizations: proprietorship, partnership, corporation, C-corp, S-corp, LLC.
  • Basic terminology
  • Accounting concepts and principles

In this course, we share how you can make your bookkeeping tasks easier. 

  • Set up a separate business bank account
  • How to separate your personal and  business transactions
  • Basic software that can save you time and money
  • What to do with your receipts

Furthermore you will learn some basic accounting terminology to help you organize your accounting information, including:

  • Assets – economic resources owned by the business
  • Liabilities – creditor’s claim to the asset
  • Owner’s Equity – owner’s claim to the assets
Who this course is for:
  • All small and medium businesses
  • Solopreneurs, SOHO and Bookkeepers
Course content
Expand all 28 lectures 01:40:42
+ Introduction
4 lectures 17:04

Why knowing the correct terminology is important to making life easier and your business function smoother. 

Preview 03:28

Bookkeeping is the daily recording of your business, while accounting is the reporting of what your business does. The accounting process gives you tools to know how your business is doing.

Preview 05:20

Who is Dwayne Richards ? Learn in this lecture. Then go to the Q&A and introduce yourself.

Introduce Yourself
+ Bookkeeping vs. Accounting
5 lectures 28:53

Why you need both working for you. In this section, we learn about Ethics and Rules, Types of organizations, Debits and Credits, as well as Core Concepts and Principles.

Preview 02:24

Be honest. Know the rules. Ignorance is no excuse.

Ethics and Rules

Learn about Sole Proprietorships, Partnerships, Corporations, C-corps, S-corps, LLC. Some are applicable to Canada and some only to the US.

Types of Business Organizations

In this lecture, we go over the important terminologies of bookkeeping and accounting. What are Debits and Credits? Check the resources for our Cheat Sheet!

Basic Terminology

Discover how to use GAAP - Generally Accepted Accounting Principles and accounting concepts to run your business.

Accounting Concepts and Principles
+ Accounting Equation – Assets – Liabilities = Owner’s Equity
4 lectures 14:53

What are assets? They are economic resources owned by the business


What are liabilities? Money owed to creditors like loans and mortgages.


Owner's Equity is the owner's claim to the assets of the company. 

Owner’s Equity
+ Types of Statements
5 lectures 13:41

An accounting system provides the business owner with valuable reports so that they can make informed decisions. There are three crucial statements or documents; Balance Sheet, Income Statement and Cash Flow Statement.


The balance sheet lists all assets, liabilities and owner's equity.

Balance Sheet

The income statement lists revenues and expenses and shows net income or net loss.

Income Statement

The cash flow statement reports cash flows from three types of activities; operating, investing and financing.

Cash Flow Statement
+ Bookkeeping Secrets Revealed
5 lectures 15:38

You can make bookkeeping a lot easier by clearly separating business transactions from personal transactions. I like to say "keep your business transactions in your left pocket and your personal transactions in your right pocket.

Separate Business and Personal Bank Accounts

Having a credit card to use just for business transactions makes bookkeeping a lot easier. You can use either a personal card or a business credit card.

Business Credit Cards

Bookkeeping software will eliminate the need to do data entry.

Basic Software Hacks

Organize your time, 15 minutes everyday is manageable. Trying to do a year's worth of bookkeeping in April when your taxes are due is stressful.

Organizing vs Procrastinating
+ Sample Transactions
2 lectures 01:17
Sample Transactions
+ Wrap Up
2 lectures 05:27
Next Steps

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+ Canadian Bonus Strategy
1 lecture 03:49

#1 reason you should register for HST if you are a business owner in Canada.