Making Sense of Accounting and Bookkeeping

A basic knowledge of accounting can help you manage your business more effectively and feel more confident when dealing with your accountant and banker.  This two part workshop covers accounting definitions and concepts, understanding financial statements, and the steps in the accounting cycle. It is not a bookkeeping course, but provides an introduction to the accounting concepts you need to understand in order to use your financial information for making management decisions.

Many small business owners send their financial information to their bookkeeper or accountant in order to meet income tax requirements, but they don't know how to use the financial information generated for management decisions.  Others do their own bookkeeping without really understanding how the accounting cycle works - they view it as a necessary evil.  Having a basic knowledge of accounting can save time and money whether the business owner does their own bookkeeping or has someone else do it.  

 Topics: 

• Purpose of Financial Statements
• The Accounting Cycle; Accounting Definitions
• Accounting Concepts and Principles
• Cash vs Accrual Accounting
• The Chart of Accounts
• The Income Statement
• The Balance Sheet
• Double Entry Accounting
• Changes Caused by Business Transactions

Learning Outcomes:

Participants will gain: 

• the ability to communicate more effectively with their bankers, bookkeepers or accountants  
• an understanding of accounting terminology
• the ability to read and understand financial statements  
• the ability to analyze the impact that transactions will have on their financial statements   

Presenter: