Bookkeeping Basics #1: Understand the Fundamentals

As a business owner, entrepreneur, employee or student you may be great in your field but that doesn't mean you're strong in every area of running a business...

• A great chef may be incredible in the kitchen... Bookkeeping Basics #1: Understand the Fundamentals Udemy

• An award-winning body builder can help the most out of shape person...

• A talented web designer or graphic artist may create unbelievable designs...

But when it's time to balance the checkbook or talk to the CPA at tax time, it feels like it's a completely different language you've never learned!

Using simple, easy-to-understand discussion, illustrations and note sheets, this 4.5 hour course with over 50 video lessons teaches you the basic building blocks of how money is tracked and what that means to your business or project.

Everyday examples using common phrases and terms you already know allows the instructor to teach that "other language" and for you to feel more confident in working with vendors, customers, employees, investors, instructors and more!

After completing the course, students will feel more confident and knowledgeable on topics such as...

• What is Income and how do you track it?

• Which types of Expenses can be claimed by your business

• The difference between Assets, Liabilities and Equity

• The Five W's of Bookkeeping

• Transactions, The Fundamental Financial Equation and Charts of Accounts

• Accounts Receivables and Accounts Payables

• Reading Financial Reports

• Business Odds and Ends such as Mileage Tracking, Credit Terms, Shipping and Freight, Trade Discounts

• The Top 10 Mistakes Small Businesses Make

• The Top 6 Tips for Good Bookkeeping

CPE (Continuing Professional Education)

CPE Learning Objectives

1. Recognize the difference and the importance of tracking personal finances separately from business finances.

2. Identify the primary four types of business structures in the United States.

3. Define “transaction” as it is used by non-accounting professionals in the small business world.

4. Differentiate between revenue and other types of funds received by a business.

5. Explain the difference between Cost of Goods Sold (COGS) and other types of small business expenses (overhead).

6. Explain the differences between Assets, Liabilities, and Equity.

7. Identify the difference between Accounts Receivable and Accounts Payable.

8. State the different information included in Income Statements, Balance Sheets, and A/P & A/R Aging reports.

9. List common mistakes small business make in bookkeeping activities.

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