Business Accounting Training: Build Your Financial Literacy to Grow Your Business Webinar Series – Session 1: Business Accounting 101: Basic Concepts
June 7 @ 12:00 pm - 1:00 pm
Did you start your small business because you love bookkeeping and accounting? No? You’re not alone!
Most entrepreneurs are passionate about the products and services they provide, and the clients they serve. But how can you get into business, and more importantly, stay in business, if you don’t know how your business is doing financially? It simply makes sense to learn how to gather, organize, store, and review the crucial financial data around your business that will allow you to make solid management decisions.
The Illinois Small Business Development Center (SBDC) at Bradley University is offering a 4-part educational series on financial accounting concepts and their applications in small business, at no cost to registrants. This webinar series is designed to help build a foundation of accounting knowledge and practices the small business owner can use to improve cash flow, improve profitability, and build net worth over time.
The series will consist of instruction in multiple segments:
- Business Accounting 101: Basic Concepts
- Business Accounting 201: Concepts into Action
- Application of Concepts using QuickBooks-Basics
- Application of Concepts using QuickBooks-Advanced
10 participants attending all 4 events will be drawn from a pool to receive 30 minutes of discounted time with our speaker, Grant Seshul, CPA. In addition, Grant can provide online Quickbooks at a discounted price to anyone interested.
Session 1: Business Accounting 101: Basic Concepts
Accounting can be defined as “the system of recording and summarizing business and financial transactions, and analyzing, verifying, and reporting the results.” This seminar will cover basic accounting principles and practices helpful to any small business owner. Understanding accounting concepts can assist a small business owner to establish recordkeeping and reporting practices that will save them time, trouble, and money in the long run. This presentation will prepare you to handle your income, pay your bills, and track expenditures as you establish a solid accounting system for your business.
- Establish your company as a distinct legal entity
- Don’t mix business & personal funds
- Open a business checking account/credit card
- Accrual basis vs cash basis
- Matching principle / revenue recognition
- How to save money with deductions for business equipment
- Income statement vs balance sheet vs cash flow statement
- Tips to improve cash flow
- Using leverage to scale your business
- What is a tech stack and how to use it
- When to hire a professional
- Considerations for setting up Quickbooks
- Chart of accounts
- Products and services
- Adding customers
- Adding vendors
- Sales tax set up
- Customization for your business
- Basic reporting options
- Creating reports to answer common questions and help you make good business decisions
- Customizing and managing reports
- Advanced features
ABOUT THE PRESENTER:
Grant Seshul is the owner of APEX US Financial which was founded in 2019. The firm provides a variety of consulting services and traditional CPA compliance with a non-traditional approach. We are passionate about partnering with business owners and personnel to be a trusted advisor – bringing a growth mindset, knowledge of best practices, and new ways to approach tough problems.
Grant Seshul has a 25-year career supporting organizational growth and competitiveness. Before starting APEX, Grant was a CFO of an international manufacturing and service company. Prior experience includes working in a variety of leadership roles for Caterpillar, Cat Financial, and KPMG.
PRESENTED IN PARTNERSHIP WITH:
Contact Email: email@example.com
Contact Phone: 309-677-2992