Financial Accounts Why They Matter to Your Business Accurate record keeping lets you understand and use all your information Money in from payments received Data on customers and vendors Record of your bank accounts Money out for checks written, refunds and other expenses Ĭash Flow: Money In and Money Out YOUR BUSINESS Money In Money Out CUSTOMERS Sales Services / Products Out VENDORS Expenses Services / Products In Information is Power What do you want to know about your business ? How much money am I bringing in? How much am I spending? Is my business making any money? What’s the value of what my business owns? How much does my business owe to others? What is my business worth? Sales Expenses Sales – Expenses Assets Liabilities EquityĢ. Apply for and establish credit with your vendors. Know and understand your customers through consolidated records. Track the money going in and out of your business. To be considered for a loan or investment, you’ll need complete financial statements. Make informed decisions – and price your product or service for profitability – with financial reports 6. Report your company’s incomes, expenses, and payroll accurately to the IRS. Six Ways Financial Management Helps Your Business Succeed 4. What is Financial Management? Process of: Running your business Recording money coming in and out Using reports to : Understand how your business is doing Make decisions Introduction to Financial Management Why Accounts are Important Using Reports Managing Essential Tasks: Practice Session Tips and Resources Appendix: Additional Concepts & Terms Financial Management Essentialsġ. A Simple Start to Managing Your Business Finances A Guide to the Essentials QB_10/2004_01

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