Basic Bookkeeping

Some of us enjoy dealing with numbers while others may have a fear of them, or even a phobia. For those of you who have already recognized and appreciate the impact that numbers actually have on just about everything, you deserve a cookie. Welcome to Basic Bookkeeping!

Basic Terminology - What are the key words and phrases you will hear thrown about?
# Balance Sheet
# Assets
# Liabilities
# Equity
# Income Statement
# Revenue
# Cost of Goods Sold
# Expenses
# Accounting Period
# Accounts Receivable
# Accounts Payable
# Depreciation
# General Ledger
# Interest
# Inventory
# Journals
# Payroll
# Trial Balance

Keeping track of your business is daunting, but once you have a grip of the basics you are on your way!
# Accounts Payable - what do you owe to who?
# Accounts Receivable - who owes you what?
# Journal - where you track your transactions
# General Ledger - record of all business finances
# Cash Management - collect, managing and investing cash

What about Payroll?
# Gross Wages
#Net Wages
# Employee Tax Withholding's
# Employer Tax Expenses
# Salary Deferrals
# Employee Payroll
# Employee Benefits
# Tracking Accrued Leave

Financial Planning, Budgeting and Control
# Reasons for Budgeting
# Creating a Budget
# Comparing Budget to Actual Expenses

Auditing
# What is an Audit?
# When and Why Would You Audit?
# Internal Audit
# External Audit

We have more information about Basic Bookkeeping available in our Resource Centre, have a look using the link below, or book a Free Consultation



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