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Accounting and Record Keeping

Accounting and Record Keeping . It’s Your Business, Take Control… Bottom Line Solution www.cpaprofit.com 585 261-9980. Importance of Record Keeping . Taxes Profitability Control Management of Scarce Resource. What Do Good Accounting Records Look Like???. Business checking account

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Accounting and Record Keeping

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  1. Accounting and Record Keeping It’s Your Business, Take Control… Bottom Line Solution www.cpaprofit.com 585 261-9980

  2. Importance of Record Keeping • Taxes • Profitability • Control • Management of Scarce Resource Bottom Line Solutions www.cpaprofit.com 585 261-9980

  3. What Do Good Accounting Records Look Like??? • Business checking account • Pay all bills by check • Petty cash fund for small quick purchases • Record all sales • Endorse all checks • Deposit all receipts daily • Reconcile you bank account Bottom Line Solutions www.cpaprofit.com 585 261-9980

  4. Good Accounting Records Cont… • Detailed inventory records • Vendor and Customer records • Detailed aged accounts receivable • Detailed accounts payable • Key Performance Indicators (Reporting) Bottom Line Solutions www.cpaprofit.com 585 261-9980

  5. How To Use Financial Information • Taxes • Tracking profitability and margins • Budgeting and forecasting • A/R – Who owes you money and how old • A/P – Scheduling payments to vendors • Controlling assets Bottom Line Solutions www.cpaprofit.com 585 261-9980

  6. Profit and Loss (Income Statement) Bottom Line Solutions www.cpaprofit.com 585 261-9980

  7. Balance Sheet Bottom Line Solutions www.cpaprofit.com 585 261-9980

  8. Cash Flow Bottom Line Solutions www.cpaprofit.com 585 261-9980

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