Accounting for Small Businesses
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Accounting
Profit & Loss Introduction (2:31 minutes) (FREE)
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- Definitions of Profit & Loss Statement/Income Statement
- Revenues Introduced
- Expenses Introduced
Revenues Explained (7:16 minutes)
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- How to calculate revenues
- How to manage revenue risk
- How to diversify revenues
Cost of Goods Explained (2:40 minutes)
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- Why you need to understand Cost of Goods
- Direct labor explained
- Direct material explained
- Gross margin introduced
Gross Margin Explained (6:42 minutes)
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- What Gross Margin measures
- Why Gross Margin is more important than revenues
- Using Gross Margin to manage products and customers
Fixed Costs Explained (6:24 minutes)
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- When to take on fixed expenses
- How to measure fixed expenses
- How fixed expenses affect your net profit
Variable Expenses Explained (3:57 minutes)
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- Review fixed expense strategy
- Definitions of variable expense
- Examples of variable expense
Net Income Explained (2:17 minutes)
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- Profit & Loss quick review
- Bottom line explained
- You can show a profit and still go bankrupt
- Where taxes are captured on the P & L
Breakeven Explained (5:27 minutes)
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- Why the breakeven point is crucial
- How to find the breakeven point
- How to use breakeven to manage in up or down markets
Example of an Income Statement (5:00 minutes)
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- Income Statement example shown
- Revenue trends explained
- Expense trends explained
Cash Flow Statement Introduction (1:11 minutes)
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- Why the Cash Flow Statement is so crucial
Cash Flow – Managing Receivables (7:24 minutes)
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- Why managing payment terms is key
- How to manage invoicing
- Client management secrets
Managing Your Cash Position (7:03 minutes)
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- Why cash is different from revenues
- How to manage your cash risk
- How to manage client risk
Example of a Cash Flow Statement (5:00 minutes)
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- Cash receipt trends explained
- Cash disbursements explained
- Seasonal cash flows explained
Balance Sheet Explained (8:18 minutes)
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- How the Balance Sheet measures net worth
- Current & Fixed Assets Explained
- Current & Long Term Liabilities Explained
- Owner's Equity Explained
- How to Increase Owner's Equity
Example of a Balance Sheet (5:00 minutes)
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- Assets Explained
- Liabilities Explained
- Owner's Equity Explained
