Every entrepreneur needs a strong bookkeeping system to help keep accurate records for a range of purposes. These include analyzing business activities, attracting investors, seeking finance, travel, lodging, and paying taxes as well as meeting reporting requirements. Under tax law, you’re required to keep records relating to income tax, GST or VAT, payments to employees, superannuation, fringe benefits tax, fuel tax credits, and business payments. It can be difficult to set up your own system without a bookkeeping background, which is why you should always consult a bookkeeping or tax professional when making these decisions. Once your system is set up the right training, effort and discipline can help you take control of your business finances.

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Modern bookkeeping is the recording of all financial transactions, and is part of the process of accounting in business, which ultimately has tax consequences that any entrepreneur should be cognizant of. These financial transactions include such things as purchases, sales, receipts, and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as “real” bookkeeping, any process for recording financial transactions is a bookkeeping process.

The bookkeeping process primarily records the financial effects of day-to-day transactions. In the Digital Age most business accounting is done electronically, which records financial transactions and simultaneously posts them to the relevant account. In the normal course of business, a document is produced each time a transaction occurs. For example, sales and purchases usually have invoices or receipts. Likewise, deposit slips are used when lodgements (deposits) are made into a bank account.

The execution of good accounting principles can seem overwhelming, which is why this course will help you understand what you should and should not be doing. In addition, our course will touch upon the question every Christian entrepreneur has, which centers around tithing and other tax deductible giving. Check out the video below for a quick look at how you can budget a small Christian owned business.

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Just like an individual, businesses must pay keep good financial records, which ultimately have an affect on taxes. Taxes come in several varieties, namely federal, state, and local. Unlike individuals there are different types of taxes affecting business activities, like selling taxable products or services, using equipment, owning business property, being self-employed versus having employees, and of course, making a profit. In this course we will touch upon good bookkeeping practices, which ultimately have an affect on taxes. We will also discuss the effect of different business structures on taxes along with some of the key concepts listed below.

The income statement, also known as the statement of financial results, profit and loss account, or P&L statement is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues (also known as the “top line”) are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for). The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported.

In financial accounting, a balance sheet (otherwise known as a statement of financial position or a statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, partnership, corporation, or other business structure. A balance sheet is often described as a “snapshot of a company’s financial condition.”

In financial accounting, a cash flow statement, which is also known as a statement of cash flows is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow statement is concerned with the flow of cash in and out of the business. As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills and service debt (like a mortgage).

The primary bookkeeping record in single-entry bookkeeping is the cash book, which is similar to a checking account register, except all entries are allocated among several categories of income and expense accounts. Separate account records are maintained for such things as petty cash, accounts receivable, and other relevant transactions such as travel expenses.

A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system in which every transaction or event changes at least two different nominal ledger accounts, hence the word “double” in the name.

As we progress through the course you will encounter abbreviations for things, like A/P  which stands for Accounts Payable. You will be familiarized with these terms and their application.

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COURSE INSTRUCTOR

AMANDA DE KONING
AMANDA DE KONINGFinancials & Taxes
Mrs. de Koning has been in the bookkeeping industry for thirteen years and has worked with clients across various industries. She has always had an entrepreneurial spirit and started her own business in November 2012. Amanda is a mother of two young boys, sits on the PTA board at their school and is an avid Ultra Trail Runner in her spare time. Amanda’s affection towards helping others shows in her work and the attention she gives to her clients. She values each client’s business as her own and only finds success when her their enterprises are thriving. Amanda is QuickBooks Online Certified and consistently takes Continuing Education classes to maintain and augment her knowledge base.

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