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Making sense out of accounting(are we seriously talking accounting on a Friday night?)

• Investors like to know specifically where their money went

• It sucks to run out of cash

• The IRS is really scary

• It’s a great way to see how your business is doing

• Make better decisions

• Sleep at night

Why bother with accounting?

• Cash flow - cash is king. Money coming in and going out!

• Getting paid - collecting money is one of the hardest things for early stage companies to do.!

• Organization - keeping business and personal finances separate

What’s Important to Focus On?

Getting Started

• Bookkeeper vs. Accountant?

• Bookkeeper records transactions

• Accountants can analyze finances and offer advice

• What should I outsource?

• Depends on the size of business

• Pros and cons of hiring a bookkeeper

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GetDoxie.com

Digging in

Understanding the Basics

• Financial Statements

• Balance sheet: What am I Worth?

• Income Statement or Profit and Loss: What did I make over a period of time?

• Cash flow statement: How much cash do I have?

Top Mistakes Small Business Owners Make

• Not getting paid

• Not recording expenses

• Not keeping expense receipts

• Not using an accountant at year end for taxes

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