Accounting Basics for Small Business

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Accounting Basics Videos

Profit & Loss Introduction (2:31 minutes)
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  • Definitions of Profit & Loss Statement/Income Statement
  • Revenues Introduced
  • Expenses Introduced

Revenues Explained (7:16 minutes)
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  • How to calculate revenues
  • How to manage revenue risk
  • How to diversify revenues

Cost of Goods Explained (2:40 minutes)
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  • Why you need to understand Cost of Goods
  • Direct labor explained
  • Direct material explained
  • Gross margin introduced

Gross Margin Explained (6:42 minutes)
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  • What Gross Margin measures
  • Why Gross Margin is more important than revenues
  • Using Gross Margin to manage products and customers

Fixed Costs Explained (6:24 minutes)
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  • When to take on fixed expenses
  • How to measure fixed expenses
  • How fixed expenses affect your net profit

Variable Expenses Explained (3:57 minutes)
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  • Review fixed expense strategy
  • Definitions of variable expense
  • Examples of variable expense

Net Income Explained (2:17 minutes)
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  • Profit & Loss quick review
  • Bottom line explained
  • You can show a profit and still go bankrupt
  • Where taxes are captured on the P & L

Breakeven Explained (5:27 minutes)
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  • Why the breakeven point is crucial
  • How to find the breakeven point
  • How to use breakeven to manage in up or down markets

Example of an Income Statement (5:00 minutes)
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  • Income Statement example shown
  • Revenue trends explained
  • Expense trends explained

Cash Flow Statement Introduction (1:11 minutes)
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  • Why the Cash Flow Statement is so crucial

Cash Flow - Managing Receivables (7:24 minutes)
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  • Why managing payment terms is key
  • How to manage invoicing
  • Client management secrets

Managing Your Cash Position (7:03 minutes)
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  • Why cash is different from revenues
  • How to manage your cash risk
  • How to manage client risk

Example of a Cash Flow Statement (5:00 minutes)
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  • Cash receipt trends explained
  • Cash disbursements explained
  • Seasonal cash flows explained

Balance Sheet Explained (8:18 minutes)
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  • How the Balance Sheet measures net worth
  • Current & Fixed Assets Explained
  • Current & Long Term Liabilities Explained
  • Owner's Equity Explained
  • How to Increase Owner's Equity

Example of a Balance Sheet (5:00 minutes)
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  • Assets Explained
  • Liabilities Explained
  • Owner's Equity Explained

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