Bookkeeping Basics for Entrepreneurs: A Simple Guide to Financial Empowerment
September 30, 2024
By: Melanie Queen of Queen of Bookkeeping

As an entrepreneur, you're likely juggling multiple roles—visionary, leader, and perhaps even the sole accountant for your business. While you might be focused on product development, marketing, or customer service, understanding the basics of bookkeeping is essential to ensure your business thrives. Let’s break down the fundamentals to empower you on your entrepreneurial journey.
Why Bookkeeping Matters
Good bookkeeping is more than just balancing the books; it’s about making informed decisions. Bookkeeping is your business financial backbone. Here are a few reasons why it’s crucial:
Financial Clarity: Knowing where your money is coming from and where it’s going helps you make better business decisions.
Tax Readiness: Organized records simplify the tax preparation process and can save you money by maximizing deductions.
Funding Opportunities: Accurate financial statements make it easier to attract investors or secure loans.
Performance Tracking: By keeping track of your finances, you can identify trends, set goals, and measure your business's performance.
Getting Started: The Basics of Bookkeeping
1. Effective bookkeeping
Balanced books doesn’t have to be overwhelming
- Separate personal and business: Have separate business accounts for both your personal and your business.
- Choose the right tools- I would suggest using QuickBooks Online it is the best bookkeeping software and can grow with your business.
- Stay Consistent- Plan to do your bookkeeping at least monthly if not weekly.
- Keep receipts and records- Keep a filing folder of receipts or utilize the QuickBooks Online app feature to upload receipts.
- Seek Professional Advice- Seek professional advice when you are unsure about something in your business.
2. Set Up a Chart of Accounts
A chart of accounts is a categorized list of all accounts your business will use. Typical categories include:
- Assets: What your business owns (e.g., cash, inventory).
- Liabilities: What your business owes (e.g., loans, accounts payable).
- Equity: Owner's equity or retained earnings.
- Revenue: Income generated from sales.
- Expenses: Costs incurred in the operation of your business.
3. Keep Accurate Records
Maintaining accurate records is vital. Here are some tips:
- Track Income and Expenses: Record all transactions, including sales, purchases, and operating expenses.
- Organize Receipts: Keep digital or physical copies of receipts for all business expenses. Apps like Expensify can help streamline this process.
- Use Accounting Software: Consider software like QuickBooks Online or Wave Apps to automate and simplify bookkeeping tasks.
4. Reconcile Your Accounts Regularly
Reconciling is when you review what is in your accounting software verse what is in your bank account. Regularly reconciling your accounts ensures that your records match your bank statements. This practice can help you catch errors early and keep your finances in check.
5. Prepare Financial Statements
At a minimum, you should prepare:
- Profit and Loss Statement (P&L): Shows your revenues, costs, and expenses over a specific period, giving you insight into profitability.
- Balance Sheet: Provides a snapshot of your assets, liabilities, and equity at a specific point in time. A balance sheet is like a scale: Assets = Liabilities + Equity. Both sides must balance.
- Cash Flow Statement: Tracks the flow of cash in and out of your business, helping you understand liquidity. A Cash Flow Statement is a combination of the P&L and Balance Sheet.
6. Plan for Taxes
Stay on top of your tax obligations by estimating your tax payments throughout the year. Consider working with a tax professional to ensure you’re compliant and taking advantage of all available deductions.
Final Thoughts: Take Control of Your Finances
As an entrepreneur, mastering bookkeeping is a powerful way to take control of your business’s financial health. While it may seem daunting at first, breaking it down into manageable steps can make it much easier.
Investing time in understanding these basics will pay off in clarity, confidence, and ultimately, success. Remember, you’re not just keeping track of numbers; you’re building the foundation for your dreams. So, roll up your sleeves and let’s get to work!
Want to learn more? Download my free common business expenses and watch my free bookkeeping basics webinar!
Click here for more info!

Meta is rolling out its annual Community Action Grants to support nonprofit organizations serving Eagle Mountain and greater Utah County. This program offers a valuable opportunity for local nonprofits—especially those in the Chamber’s network—to gain funding, expand impact, and collaborate in new ways. What Are the Community Action Grants? Meta’s Community Action Grants are a competitive funding initiative designed to support projects that address key local needs. Eligible applicants include public schools (within the Alpine School District) and qualified nonprofits operating in Utah County. Projects should align with at least one of the following goals: Leverage technology for community benefit Strengthen sustainable, resilient communities Expand access to STEAM (Science, Technology, Engineering, Arts, Mathematics) education Applications open October 13, 2025 , and close November 21, 2025 . Grant winners will be announced in Spring 2026 , and funds are expected to be used within one year of the award. Why This Matters for Our Community Meta has committed to running this grant program locally —meaning decision-makers are closer to the ground and more familiar with Eagle Mountain’s unique needs. As Evan Berrett, Director of Legislative & Strategic Services for Eagle Mountain, explained: “This is not sending off a grant application to a Meta admin somewhere far away … This is a local program from our local Meta facilities.” Importantly, these are not tax dollars. The funding comes directly from Meta’s corporate resources. Over the years, the grants have helped fuel a variety of community initiatives: technology enhancements in schools, environmental projects, STEAM expansions, and more. Because of that track record, this year’s grant cycle holds promising potential for nonprofits in our region. How You Can Get Involved Here’s how organizations in the Valley Crossroads area can make the most of this opportunity: Review eligibility and guidelines. Be sure your nonprofit or public school fits within the criteria and understands the focus areas. Draft a compelling proposal. Focus on clear outcomes, sustainability, and how your work aligns with Meta’s goals. Leverage partnerships. The Chamber is ready to support collaboration between nonprofits, schools, and local businesses to strengthen proposals. Promote awareness. We can help share this grant opportunity across our networks to ensure maximum participation. Plan for implementation. If awarded, have a structured plan for how you’ll use the funds within the one-year timeline. Why the Chamber Supports This Initiative As the Valley Crossroads Chamber, our mission is to grow and strengthen our local economy and community. When nonprofits succeed, they enhance the quality of life for residents, create stable services, and attract new families and businesses to our region. A thriving nonprofit sector is foundational to a vibrant, resilient community. We encourage all eligible organizations in our area—even if you’ve never applied for a corporate grant before—to consider submitting a proposal. The effort of applying could yield meaningful resources and relationships that benefit your organization and the entire community. If you’d like help brainstorming ideas, refining your grant narrative, or connecting with local partners, please reach out to us at the Chamber. We’re excited to see the innovative projects that come from our region—and committed to helping you succeed. Apply Here Sources: https://datacenters.atmeta.com/community-action-grants/ https://eaglemountain.gov/meta-to-launch-community-action-grants-for-em-nonprofits/

Eagle Mountain is growing — and so are the incredible resources available to families in our community! On October 17, 2025, we had the joy of celebrating the grand opening of Strides Pediatric Therapy’s new buildings right here in Eagle Mountain. Strides Pediatric Therapy has been a valued part of our local community, offering compassionate and effective pediatric services that help children thrive. Their team provides a range of therapies including occupational therapy, speech therapy, and physical therapy, all designed to support children in building confidence, independence, and essential life skills. To commemorate this exciting milestone, the Valley Crossroads Chamber of Commerce joined Strides for a ribbon-cutting ceremony complete with our ceremonial ribbon and giant scissors — a tradition that symbolizes growth, success, and community partnership. City leaders, chamber members, families, and friends all came together to show their support and celebrate the impact Strides continues to make in Eagle Mountain. This new location reflects the remarkable strides that the organization has made in supporting local families. With more space, additional resources, and a continued commitment to helping children reach their fullest potential, Strides Pediatric Therapy is poised to serve even more families in meaningful ways. We are proud to support thriving, purpose-driven businesses like Strides Pediatric Therapy and look forward to seeing their continued success in the years ahead. We’re so happy you’re here and growing!

Where Your Trash Goes After It Leaves the Curb — Inside IRL Every day, more than 2,500 tons of trash from Northern Utah arrives at Intermountain Regional Landfill (IRL), one of the largest in the state. Each load is managed with care to protect the environment and our communities. Since 2011, our team — led by Rob Richards and Brian Alba — has combined decades of experience with advanced engineering to deliver long-term infrastructure for the region while keeping operations safe, efficient, and compliant. More Than a Landfill IRL isn’t a dump — it’s a defensive fortress. Beneath the surface lies a triple-liner containment system: bentonite clay, welded HDPE liner, geocomposite fabric, and a protective soil cover — all designed to keep materials securely contained for generations. Looking ahead, IRL will also be home to a renewable energy generator, transforming landfill gas into a continuous power source to help meet our growing community’s energy needs. At the heart of it all is our team — skilled, hard-working people who operate equipment, inspect loads, and work through every season and all weather to keep the site running safely and efficiently. We’re committed to being good neighbors — maintaining clean grounds, assisting with highway litter cleanup, and supporting community events. If You’re Planning a Trip to IRL We welcome the public during regular hours — no appointment needed for most loads. Hours Mon–Fri: 8:00 am – 4:00 pm Sat: 8:00 am – 2:00 pm Closed Sundays What We Accept Household trash and municipal solid waste Construction and demolition debris (drywall, flooring, roofing, etc.) Clean dirt, rock, asphalt, and concrete Wood and green waste (no painted or treated lumber) Biosolids Impacted/contaminated soils (must meet regulations and pass TCLP test) Household hazardous waste (residential only — TVs, fridges, paints, oils, batteries, pesticides; fees may apply — tell staff when you arrive) What We Can’t Take Medical or biological waste Contaminated or hazardous materials Bulk liquids over 5 gallons Fluorescent tubes and ballasts Septic tank or chemical toilet waste Automobile bodies Radioactive materials Commercial hazardous waste (batteries, oils, paint, chemicals, pesticides) Why It Matters Every load that comes to IRL becomes part of a bigger responsibility — protecting Northern Utah’s environment for the long term. From everyday trash to the occasional unexpected find like a full-sized cardboard Wall-E, each item is handled with precision to safeguard the land, air, and water that sustain our communities. Reach out to us at: www.IRLUtah.com or (801) 930-0984.

Congrats to Daylight Donuts of Saratoga Springs - our July 2025 Business of the Month! This local favorite isn’t just known for their melt-in-your-mouth donuts—they’re also known for their friendly service, early morning hustle, and commitment to community. Family-owned and operated, Daylight Donuts brings a personal touch to everything they do, from greeting regulars by name to supporting local schools and events. They’ve turned a simple donut shop into a warm and welcoming gathering place—and we’re proud to celebrate the joy they bring to Saratoga Springs each and every day. Thank you, Daylight Donuts, for making life a little sweeter—one donut (and smile) at a time!

Congratulations to Mountain View Nursery LLC our July 2025 Home-Based Business of the Month! For over 20 years, Dave and Karen Kast have been helping Eagle Mountain residents grow beautiful, successful landscapes right from their home-based business. Mountain View Nursery is more than just a place to buy plants—it’s a trusted source of expert advice, local knowledge, and hands-on support. Their passion for gardening shines through in everything they do, from helping customers pick the perfect plants to teaching them how to care for Utah’s unique soil and climate. They’ve built a business rooted in service, education, and a genuine love for helping things grow. Thank you, Mountain View Nursery, for growing beauty, knowledge, and community—one yard at a time!

This family-run gem has been grooming pets with love and care for over two decades—with three generations carrying on the tradition! The Pink Poodle Salon isn’t just passionate about pampering your pets — they’re also incredible community champions, showing up for local events, schools, and fundraisers time and time again. They also go above and beyond behind the scenes— investing heavily in training their employees and continuing education to ensure the very best care for every pet that walks through their doors. We're proud to spotlight a business that brings heart, heritage, and hometown pride to everything they do. Thank you, Pink Poodle Salon, for making our community a better (and better-groomed) place!





