This session breaks down the fundamentals of the Profit and Loss (P&L) statement and the Balance Sheet, highlighting their role in monitoring and maintaining your business’s financial health. You’ll learn how different transactions—particularly those involving credit cards, loans, interest expenses, owner contributions, and distributions—flow between these reports. We’ll also cover how proper classification impacts tax returns, borrowing potential, and overall financial management, giving you the tools to spot and address inaccuracies before they cause problems.
This presentation is all about how to effectively manage your business finances, keeping in mind not only reporting deadlines such as tax filings, but also exploring how accurate and up to date financials help you to make better decisions about your business. We'll cover what bookkeeping is, why it is important, and who the users of bookkeeping reports should be. I'll also delve into how up to date record keeping can help prevent cash flow issues, assist in making business decisions, and prevent unpleasant surprises during tax time.
This training walks small business owners through essential year-end processes to ensure smooth tax preparation and compliance. You’ll learn how to prepare and file 1099s, identify which vendors require them, and gather complete and accurate financial records for your CPA. We cover critical documents—like P&L statements, balance sheets, reconciliation reports, and payroll records—and explain why they matter. You’ll also get practical strategies for reconciling accounts, reviewing reports, and organizing documents to avoid last-minute stress, reduce audit risk, and make tax season more efficient.