The most recent session of our Business Mastery Program continued into Accounting for Your Business as part of Module 6 on Financial Management. Here is what we touched on from my notes during our session:
- Where the line is between small and medium business – and what are actually micro businesses
- The most important reports for a cash based business vs. accural
- At what size you’ll want to consider changing between cash and accrual – and why
- How to differentiate between what you have and who owns it
- The differences between current, near current, and long term resources
- The differences between outside owners and company owners
- How to get paid in capital and profits
- The difference between current profits and retained earnings
- The “Language of Accounting”
- How to tell the difference between current liabilities and long term liabilities
- What you can turn into cash quickly – and what you can’t
- How to categorize Intellectual Property on your Balance Sheet
- How to calculate your Current Ratio and your Debt to Equity Ratio – and when/why those are used
- What most businesses get wrong and causes their untimely demise that’s right in their reports
- Calculating your Net Profit
- How often you want to be reviewing your Balance Sheet and P&L based on business size
- When to use an external bookkeeper and accountant – vs when to have one on staff
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