Start Business

Session: 8
Before you start your business, you will need to learn how to keep score (basic accounting) and how to maintain cash in your bank account (cash flow control). This session explains both in simple terms.

* Step One: Gain the knowledge

* Step Two: Select an accountant
o Methods of Accounting
+ Cash Basis Method
+ Accrual Method
o Tax Liability Issues
+ Income taxes
+ Payroll taxes
o Financial and Technical Assistance
o Internal Controls
o Quarterly Returns
o Bank Account Reconciliation
o Employee Benefits Policy

* Step Three: Do your own bookkeeping!
o The Three Major Financial Statements
+ The Balance Sheet
+ The Income Statement
+ Cash Flow Control