Learn the difference between Accounting and Bookkeeping. Discover how a good bookkeeping system can save you wasted hours and dollars. How to have a conversation with your banker and accountant.
You will learn:
In this course, we share how you can make your bookkeeping tasks easier.
Furthermore you will learn some basic accounting terminology to help you organize your accounting information, including:
Why knowing the correct terminology is important to making life easier and your business function smoother.
Bookkeeping is the daily recording of your business, while accounting is the reporting of what your business does. The accounting process gives you tools to know how your business is doing.
Who is Dwayne Richards ? Learn in this lecture. Then go to the Q&A and introduce yourself.
Why you need both working for you. In this section, we learn about Ethics and Rules, Types of organizations, Debits and Credits, as well as Core Concepts and Principles.
Be honest. Know the rules. Ignorance is no excuse.
Learn about Sole Proprietorships, Partnerships, Corporations, C-corps, S-corps, LLC. Some are applicable to Canada and some only to the US.
In this lecture, we go over the important terminologies of bookkeeping and accounting. What are Debits and Credits?
Discover how to use GAAP - Generally Accepted Accounting Principles and accounting concepts to run your business.
What are assets? They are economic resources owned by the business
What are liabilities? Money owed to creditors like loans and mortgages.
Owner's Equity is the owner's claim to the assets of the company.
An accounting system provides the business owner with valuable reports so that they can make informed decisions. There are three crucial statements or documents; Balance Sheet, Income Statement and Cash Flow Statement.
The balance sheet lists all assets, liabilities and owner's equity.
The income statement lists revenues and expenses and shows net income or net loss.
The cash flow statement reports cash flows from three types of activities; operating, investing and financing.
You can make bookkeeping a lot easier by clearly separating business transactions from personal transactions. I like to say "keep your business transactions in your left pocket and your personal transactions in your right pocket.
Having a credit card to use just for business transactions makes bookkeeping a lot easier. You can use either a personal card or a business credit card.
Bookkeeping software will eliminate the need to do data entry.
Organize your time, 15 minutes everyday is manageable. Trying to do a year's worth of bookkeeping in April when your taxes are due is stressful.
You can help your fellow students by leaving a Review of this course. The Review lets your fellow students make the decision to take the course or not. It helps them understand how your experiences in the course helped you become more charismatic, and then they can decide if they want to follow in your footsteps.
#1 reason you should register for HST if you are a business owner in Canada.
Scott Paton has been podcasting since the spring of 2005. His podcast "Weight Loss and The Mind" hit over 375,000 subscribers in its first year and over one million downloads. He has executive produced and/or co-hosted over 35 podcasts. An internationally renowned speaker, Scott has presented to audiences from London, England to Sydney, Australia, from Vancouver, BC to New York, NY, from LA to Rwanda. Thousands of entrepreneurs and NGO's have changed their public engagement strategies based on Scott's sharing. We hope you will, too!
Scott has over 66,500 students from 176 countries taking his courses.
Scott joined Udemy in 2013. In late 2014, one of his clients inspired him to make a video course on Podcasting. He revisited Udemy and got very excited at the potential. After his course went live, Scott told his clients and many decided to make courses but needed help, so he has become a co-instructor with them, while continuing to support and build his own courses. His co-topics all include areas of life-long learning by Scott, including Stock Option Trading, Alternative Health, EFT, and Relationships.
Dwayne is a people-focused operations professional who has worked for both multi-national and privately owned Canadian corporations in 5 different industries over the past 15 years.
Dwayne is a Chartered Professional Accountant who values authentic business relationships and clear communication.
He is constantly tracking and assessing sales, marketing, and financial tools in the interest of automating operations, so that entrepreneurs have more time to do what they love.
His "why" is to alleviate the stress and anxiety around managing money and keeping up with current technology.