Bookkeeping Basics

Are you starting a new business, or perhaps have an existing business and are struggling with cash flow?  Are you considering whether to hire a Bookkeeper or Accountant?

“Bookkeeping Basics” is a great place to learn the basics of best practices in bookkeeping!  Bookkeeping is so much more than keeping records for tax purposes.  It’s a tool you should look at regularly to determine the health of your business.

During this 46-minute workshop, you will learn:

• The differences between a Bookkeeper and a CPA or Accountant;

• How your business legal structure affects your bookkeeping responsibilities;

• Two types of Accounting Methods:  the Cash Method and the Accrual Method;

• Why you must separate your business banking and personal banking;

• Differences between the two Record Keeping Methods: Single Entry and Double Entry;

• Things to watch out for in choosing your bookkeeping system;

• When and how to keep receipts;

• Setting up your bookkeeping system and the chart of accounts you will need;

• What you should include in tracking your income;

• How to record cash;

• The difference between Cost of Goods Sold and Inventory, and how to track them;

• Tracking your business Expenses (with examples);

• Evaluating Assets (with examples);

• The importance of managing Payroll properly;

• Documenting Independent Contractors properly;

• What to consider and look for when hiring a Bookkeeper; and

• Other helpful hints and important links.

About the Presenter:  Faith Hamilton, Owner, Pro Solutions of Alaska.  Faith has been doing business consulting and bookkeeping services since 2013.  Prior to that, Faith spent over 20 years in the automotive industry where she managed several small businesses.