LSA2011 BDT S18 Budgeting, Bookkeeping & Accounting Visuals.

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LSA2011 BDT S18 Budgeting, Bookkeeping & Accounting Visuals

Budgeting & Accounting What is budgeting? Why do we budget? What are your budgets? – Session 17 Financial Planning Cash Flow & Profit / Loss Model – Start-up Budget

Budgeting & Accounting What is accounting? Why do you account for your money?

Bookkeeping & Accounting What is bookkeeping? What is the difference between bookkeeping & accounting?

Managing Cash Flow: Insolvency & Liquidity What happens when you do not have enough money in the business? Debt Inability to pay bills – loss of supplier relationships = no business Inability to buy raw materials / stock – inability to supply products / services = no business Inability to supply services / products = loss of customers & no money = no business Inability to pay rent – possible eviction from premises = no business Key Lesson: Always Make Sure That You Do Not Run Out Of Money!

Start-Up Budget