Bookkeeping for Small Businesses
Master the essentials of bookkeeping to confidently manage your small business finances, from setting up your system to preparing for tax season.
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Bookkeeping Fundamentals and System Setup
Unit 1: Understanding Bookkeeping Basics
What is Bookkeeping?
Accounting Principles
The Accounting Equation
Accrual vs. Cash Methods
Choosing Your Method
Unit 2: Setting Up Your Bookkeeping System
What is a Chart of Accounts
Creating Your Chart
Software vs. Spreadsheet
Software Setup
Spreadsheet Setup
Recording and Managing Financial Transactions
Unit 1: Understanding Financial Transactions
What are Transactions?
Types of Transactions
Source Documents
Chart of Accounts
Coding Transactions
Unit 2: The Double-Entry System
Debits and Credits
Double-Entry System
Journal Entries
Posting to the Ledger
Trial Balance
Unit 3: Managing Customer Invoices and Payments
Creating Invoices
Invoice Delivery
Recording Payments
Overdue Accounts
Payment Terms
Accounts Payable, Receivable, and Bank Reconciliation
Unit 1: Understanding Accounts Payable
What are Payables?
Invoice Processing Steps
Payment Scheduling
AP Best Practices
AP Automation Tools
Unit 2: Mastering Accounts Receivable
Receivables Defined
Creating Invoices
Setting Payment Terms
Collection Strategies
AR & Cash Flow
Unit 3: Bank Reconciliation Explained
Reconciliation Defined
Gathering Statements
Identifying Discrepancies
Adjusting the Records
Review & Approval
Financial Statements and Inventory Management
Unit 1: Understanding Financial Statements
Intro to Statements
Income Statement Basics
Balance Sheet Basics
Cash Flow Basics
Statement Connections
Unit 2: Preparing Financial Statements
Income Stmt Prep
Balance Sheet Prep
Cash Flow Prep: Part 1
Cash Flow Prep: Part 2
Review & Verify
Unit 3: Financial Statement Analysis
Ratio Analysis Intro
Liquidity Ratios
Profitability Ratios
Solvency Ratios
Trend Analysis
Unit 4: Inventory Management and COGS
Inventory Valuation
FIFO Method
LIFO Method
Weighted-Avg Method
COGS Calculation
Payroll, Taxes, and Best Practices
Unit 1: Payroll Fundamentals for Small Businesses
Payroll: Is it Needed?
Setting Up Payroll
Employee W-4 Forms
Calculating Gross Pay
Payroll Deductions
Unit 2: Payroll Taxes and Reporting
Employer Payroll Taxes
Payroll Tax Deposits
Payroll Reporting Forms
Form 941 Explained
Year-End Payroll
Unit 3: Small Business Taxes and Best Practices
Tax Obligations
Record Keeping for Taxes
Tax Deductions
Internal Controls
Cloud Accounting