Accounting and Record Keeping It’s Your Business, Take Control… Bottom Line Solution

Bottom Line Solutions Importance of Record Keeping Taxes Profitability Control Management of Scarce Resource

Bottom Line Solutions 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 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 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 Profit and Loss (Income Statement)

Bottom Line Solutions Balance Sheet

Bottom Line Solutions Cash Flow