Leveraging the power of accounting to drive business success
What you will learn
Learn basics of accounting
Understand the key components of your business accounting
Make proper use of accounting information
Gain insights into the process of developing financial statements and financial forecasts
Comprehend the relationship between bookkeeping and tax planning
Make data-driven business and financial decisions
This course provides business owners, self-employed individuals, freelancers, and gig workers an introduction to the basics of accounting and bookkeeping. This course is designed to help you develop an understanding of key parts of your business accounting and provide you with actionable knowledge to have intelligent conversations with your accountant. Ultimately, by completing this course, you will be able to better understand your business performance, read and understand financial statements, and understand the process of developing your business financial forecast.
By the end of this course you will have learned:
- Basics of accounting
- Understand the key components of your business accounting
- Break down of balance sheet, income statement, and statement of cash flow
- Make proper use of accounting information
- Gain insights into the process of developing financial statements and financial forecasts
- Comprehend the relationship between bookkeeping and tax planning
- Make data-driven business and financial decisions
Also, on a higher level, we will explore the value of some of the performance reports such as accounts payable and accounts receivable aging schedules, cash reports, depreciation schedules, as well as some of the key controls for small businesses.
I use a demo company, Excel, and QuickBooks Online to illustrate accounting concepts in the real world. I hope you have as much fun learning through this course as I had creating it.
What this course is NOT:
A substitute for seeking professional help or individual professional advice. Students must not rely on the lesson in this course as professional advice. This course is purely designed and must be used as an educational tool ONLY.
Introduction: Why take this course?
Module 1: FOUNDATIONS: Your Business/Side Hustle and Accounting
What information accounting provides you?
What use does accounting information have for you?
Costly accounting mistakes most business owners/side hustlers make?
How does accounting affect your taxes? Accrual vs. Cash
Module 2: INTRO TO ACCOUNTING: Building Blocks
The 3 most important statements that run your business: BS, IS, CFS
Additional key reports: AP, AR, Sales Report, Cash Report
What is a chart of accounts?
How can bookkeeping save my business?
Module 3: STRATEGY: Deriving Business Intelligence & Insight From Accounting
How to read financial statements: What should I be looking for?
How is my business doing? Profitability, Cash Flow, Growth
What is the future going to look like? My Crystal ball
Bring it all together
Module 4: TAXES: Minimize or Pay the Price
How can bookkeeping help you reduce your tax bill?
Basics of business taxes: income, deductions, credits, elections
Common tax strategies to consider if you want to cut your tax bill
Module 5: RESOURCES: Finding Help
When should you seek professional help?
How do you select your accountant/bookkeeper/tax professionals?
Main accounting softwares: QBO, Xero, Waveapps, Freshbook
Conclusion: NEXT STEPS: Long-life Learning
Continue to build your knowledge
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