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 47-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.