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

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

3. Bottom Line Solutions www.cpaprofit.com 585 261-9980 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

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

5. Bottom Line Solutions www.cpaprofit.com 585 261-9980 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

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

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

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