Rookies and Newcomers: The Road to Success Daily Reconciliation Source Documents Type of Entity Funding Sources Balance Sheet Profit & Lost Cash Flow Statement.

Slides:

Advertisements

Similar presentations

Accounting and Financial Reporting

Advertisements

Financial Records & Statements Ch PoB 2011.

Financial Management F OR A S MALL B USINESS. FINANCIAL MANAGEMENT 2 Welcome 1. Agenda 2. Ground Rules 3. Introductions.

The Office Procedures and Technology

Unit 2 – Finance Topic 1 - Accounting

How to read a FINANCIAL REPORT

EBT Method of reporting and recording financial activity of a business.

2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Chapter 1&2 Into to Acct Chapter.

4.01 Accounting and Finance. What is Accounting? Method of reporting financial activity of a business Financial transactions recorded in an orderly fashion.

© Pearson Education New Zealand 2007 Contents 1. The Statement of Accounting PoliciesThe Statement of Accounting Policies 2. Balance Day adjustments (review)Balance.

McGraw-Hill/Irwin Understanding Business, 7/e © 2005 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 1717 Understanding Financial Information.

2–1 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

1. Classify the following as: Asset, Liability, Owner’s Equity, Revenue or Expense and give the Normal Balance Cash Accounts Receivable Accounts Payable.

GAAP PowerPoint #4.  A formal record of the financial activities of a business  Includes four basic financial statements: ◦ Balance Sheet (Statement.

Accounts Interpreting Accounts. Key Accounting Documents Public Limited Companies in the UK are required to publish their accounts This will usually consist.

C HAPTER 2 Basics of Financial Accounting Accounting and Finance for Entrepreneurs EBD-301 Dr. David P EchevarriaAll Rights Reserved1.

Accounting and Financial Reporting Back to Table of Contents.

Securities offered through J W Cole Financial Inc., member FINRA/SIPC Sankofa Financial Group LLC and Island Flavors Restaurant Present Accounting and.

Accounting. Raising capital How can businesses raise capital? Is there a difference in how incorporated and unincorporated businesses raise capital? Define.

Section 36.2 Financial Aspects of a Business Plan

 Arranging Cash › Smaller Denominations Should Start On The Right And Proceed Up  Recording Sales › Cash Registers And Point Of Sale (POS) Terminals.

The Office Procedures and Technology Chapter 6 Processing and Understanding Financial Information Copyright 2003 by South-Western, a division of Thomson.

Principles of Business, Marketing, and Finance Lesson Four

Click to begin Click to begin Mr. Thomas Chapter 12.

Basic Accounting Course YESCO 2009 Office Managers Conference.

Stock Market Analysis and Personal Finance Mr. Bernstein The Three Primary Financial Statements September 2015.

Financial Puzzle FINANCIAL STATEMENTS By PresenterMedia.com PresenterMedia.com.

Financial Accounting 1 Lecture – 41 Profit and Loss Account Shows profit earned or loss sustained from the operations of the business during the period.

WEEK 1 INTRODUCTION Interpret Financial Information.

Chapter 8 Creating Financial Statements using data from Work Sheet.

Essential Standard 4.00 Understanding the role of finance in business. 1.

CDA COLLEGE BUS235: PRINCIPLES OF FINANCIAL ANALYSIS Lecture 1 Lecture 1 Lecturer: Kleanthis Zisimos.

CDA COLLEGE ACC101: INTRODUCTION TO ACCOUNTING Lecture 11 Lecture 11 Lecturer: Kleanthis Zisimos.

Part nine. A financial statement (or financial report) is a formal Record of the financial activities of a Business, person, or other entity. financial.

List of Words for Chapter 6 Checking account Endorsement Blank endorsement Special endorsement Restrictive endorsement Postdated check Bank statement.

WORKSHEET. STEP 1: WRITE THE HEADING  WHO  WHAT  WHEN  ACROSS THE TOP OF THE WORKSHEET.

1 The Magic of Financial Statements Presented by: Robert E. Mark Chief Financial Officer Rowe Incorporated.

CDA COLLEGE ACC101: INTRODUCTION TO ACCOUNTING Lecture 1 Lecture 1 Lecturer: Kleanthis Zisimos.

Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

McGraw-Hill/Irwin Understanding Business, 7/e © 2005 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 1717 Understanding Financial Information.

Standard 4.00: Understand Business Activities and Careers Essential Question: 4.01 What are tasks and careers associated with Accounting and Finance?

C A Service Business CashM BPayroll.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO5 Prepare a statement of cash flows for.

Preparing Financial Documents The Income Statement & Balance Sheet.

Section Objectives Explain the important role accounting plays in business. Explain the accounting system for a small business. Describe the importance.

TWO IMPORTANT FINANCIAL STATEMENTS SBM 110. INCOME STATEMENT The income statement’s primary role is to show a profit or loss over time. Using the difference.

Keeping Tabs On Your Cash. Records Provide Information About profitability To make sound business decisions To set profitable prices To alleviate financial.

1. »Are vital because a business cannot exist without cash flow »Focus on the following: –creating up-to-date, accurate financial statements –making a.

CHAPTER 12 FINANCIAL MANAGEMENT Financial Planning FINANCIAL PLANNING Ongoing Operations Revenue – all income that a business receives over a period.

4.01, 4.02 Bluff

Getting Started Lesson 1. 2 Lesson Objectives  To gain an overview of the course and the topics to be covered  To know how QuickBooks works and how.

The Income Statement Balance Sheet –The financial condition of the company on a certain date (a snapshot on that date) –What is OWNED and what is OWED.

Unit 3.5 Final Accounts. Financial Statements ▫Profit and Loss account ▫Balance sheet ▫Cash Flow statement Financial Accounting Management Accounting.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 12 SLIDE Financial Records and Financial Statements 12.

Accounting and Record Keeping It’s Your Business, Take Control… Bottom Line Solution

Chapter 36 Financing the Business Section 36.1 Preparing Financial Documents Section 36.2 Financial Aspect of a Business Plan Section 36.1 Preparing Financial.

Accounts. Key Accounting Documents Public Limited Companies in the UK are required to publish their accounts This will usually consist of three key accounting.

Cash Preservation Cash Management: Is How A Business Survives!

Business Entity Concept

Financial Statements – Income Statement

FINANCIAL RESOURCES MANAGEMENT

Chapter 7 Cash Flow Statements.

Introduction of Accounterlive - Online accounting software

Basic Financial Statements

Understanding Financial Statements

Business Financial Records

Point 6 Financial Statements

Financial Statements.

Accounting 1 Review #2 State Test.

Computer accounting with quickbooks 2018

Presentation transcript:

Rookies and Newcomers: The Road to Success Daily Reconciliation Source Documents Type of Entity Funding Sources Balance Sheet Profit & Lost Cash Flow Statement Financials Cradle to Grave

Financing and Credit Type of Entity LLC –Simple to Incorporate (Most Common) Sub – S –Owner takes a small salary which can be sent directly to “Uncle Sam” for taxes Partnership Sole Proprietor

Financing and Credit Funding Sources SBA Senior Bank Officers of Local Banks Some smaller banks are more aggressive Industry Financers Vendors- stretch out payments Landlords- leasehold improvements *Tip-Wise: Strongest negotiating time is before you sign or buy!

Financing and Credit Start Up/Construction Costs Total Cost = $796, 074

Financing and Credit Source Documents *Tip-Wise: Owners should spot check the total sales from the source documents with the amount recorded on the Daily Reconciliation below. Register Reports Party Software Reports Credit Card Reports Cash Transfer Box Log Petty Cash Log

Financing and Credit Daily Reconciliation POS (Point of Sale) software that categories your Gross Sales by cash, credit, and gift card. This reconciliation should provide you with your expected cash deposit. *Tip-Wise: Owners should check the cash deposits against the Daily Reconciliation.

Financing and Credit Profit & Loss What you own versus what you owe and the difference or “Net Equity.” Statement of Cash Flow Balance Sheet Revenue, Expenses, and the “Bottom Line” Changes on your balance sheet are the basis for the net increases or decrease in your cash flow, not the P&L’s bottom line.

Financing and Credit Profit & Loss

Financing and Credit Cash Flow

Financing and Credit Balance Sheet

Financing and Credit Attractions Financial Analysis

Financing and Credit Size Does Matter 10,000 Sq Ft or less, best if owner operated Employee Larger chain competitors International buyers Check with vendors, insurance, & financing companies Industry insiders – Good source Exit Strategies

Daily Reconciliation Source Documents Type of Entity Source of Funding Balance Sheet Profit & Lost Cash Flow Statement