Funding provided by USDA’s Office of Partnerships and Public Engagement Outreach Education and Technical Assistance for Beginning, Small, Socially Disadvantaged,

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Presentation transcript:

Funding provided by USDA’s Office of Partnerships and Public Engagement Outreach Education and Technical Assistance for Beginning, Small, Socially Disadvantaged, and Veteran Farmers Dr. Saima Bashir, Project Director Dr. Erick Kitenge, Co-Project Director Dr. Fidelis Ikem, Co-Project Director Mrs. JoAnn Danik, Project Administrator College of Business Mr. Paul Salchak Veteran Owned Business (VOB), Ohio

What is Bookkeeping? Bookkeeping is the fact of keeping records on Financial and non- financial activities related to an organization (e.g. a Farm, a Store, a House, etc.)

Why Bookkeeping is important?

Implement of a Bookkeeping System Understand Basic Accounting Develop systems for Tracking your activities (Financial and non- Financial) Track and Measure your Progress Plan for growth and profit

Example of an Activities Tracking System

Example of an Activity Tracking System… The information reported in the table can be used for: Cash flow statement Income Statement Balance Sheet Pricing decisions Budgeting decisions Forecasting decisions Tax filing Loan or grant applications Etc.

Potential Links for further Assistance: U. S. Small Business Administration: https://www.sba.gov/