Accounting for Small Businesses & Side Hustles

Name: Accounting for Small Businesses & Side Hustles
Rating: 4.2 (122 reviews)

Leveraging the power of accounting to drive business success

Created byLuntadila Paulo, CPA, MBA

Last updated 8/2021

English

What you'll learn

Learn basics of accounting
Understand the key components of your business accounting
Make proper use of accounting information
Gain insights into the process of developing financial statements and financial forecasts
Comprehend the relationship between bookkeeping and tax planning
Make data-driven business and financial decisions

Course content

7 sections • 21 lectures • 1h 40m total length

Introduction: Why take this course?2:19
Welcome to Accounting for Small Businesses & side Hustles. In this introductory video, I want to welcome you to the course, and I hope content in this course will make you a better business owner. Please, do not hesitate to contact me if you have any questions or comments.

What information accounting provides you?11:39
Think about your own business, what type of information are you currently capturing? Why does it matter for you to have the information you are attempting to obtain? Does the information you have about your business make a difference? Accounting is one of these many types of information that you want to know how to capture, process, understand, and use.
What use does accounting information have for you?5:43
In this video we breakdown the 3 use of accounting information. we use accounting information to understand past, present, and future performance of the business, the health of the business, and cash flow levels.
Costly accounting mistakes most business owners/side hustlers make?10:26
In this lesson we discuss about some of the commonly made mistakes by small business owners and side hustlers. I hope this lesson helps you make better business decisions.
How does accounting affect your taxes? Accrual vs. Cash10:12
In this lecture we talk about the two widely used accounting methods by businesses across the US: Accrual method vs. Cash Basis

The 3 most important statements that run your business: BS, IS, CFS6:34
Today's lesson is about the 3 key financial reports you need to run your business. The balance sheet, profit and loss statement, and the statement of cash flows.
Additional key reports: AP, AR, Sales Report, Cash Report3:16
In this lecture we discuss additional reports that can help you gain further insights into your business. Reviewing these report may help you make better business decisions regarding your operations.
What is a chart of accounts?3:23
Learn about the value of chart of accounts for a well set-up accounting system.
How can bookkeeping save my business?2:50
In this video we look into how bookkeeping can help your business stay organized, cut taxes, and deliver data-driven decisions.

How to read financial statements: What should I be looking for?6:37
In this lesson we learned about the how to read financial statements with the focus on the balance sheet.
How is my business doing? Profitability, Cash Flow, Growth6:30
In this lesson we learned about the how to read financial statements with the focus on the income statement and cash flow statement.
What is the future going to look like? My Crystal ball5:15
In this lecture we look into how to use historical financial information to develop expectations of the future (financial forecasts or projections).
Bring it all together1:40

Requirements

Ideally intermediate Excel user. If not, no problem. I will make it easy to follow.

Description

This course provides business owners, self-employed individuals, freelancers, and gig workers an introduction to the basics of accounting and bookkeeping. This course is designed to help you develop an understanding of key parts of your business accounting and provide you with actionable knowledge to have intelligent conversations with your accountant. Ultimately, by completing this course, you will be able to better understand your business performance, read and understand financial statements, and understand the process of developing your business financial forecast.

By the end of this course you will have learned:

Basics of accounting
Understand the key components of your business accounting
Break down of balance sheet, income statement, and statement of cash flow
Make proper use of accounting information
Gain insights into the process of developing financial statements and financial forecasts
Comprehend the relationship between bookkeeping and tax planning
Make data-driven business and financial decisions

Also, on a higher level, we will explore the value of some of the performance reports such as accounts payable and accounts receivable aging schedules, cash reports, depreciation schedules, as well as some of the key controls for small businesses.

I use a demo company, Excel, and QuickBooks Online to illustrate accounting concepts in the real world. I hope you have as much fun learning through this course as I had creating it.

What this course is NOT:

A substitute for seeking professional help or individual professional advice. Students must not rely on the lesson in this course as professional advice. This course is purely designed and must be used as an educational tool ONLY.

Who this course is for:

Small Business owners, self-employed individuals, freelancers, and gig workers with little or no accounting knowledge and or experience making less than $500,000 in revenues
Anyone interested in how accounting works outside of textbooks/college (no prior accounting experience is needed).

Accounting for Small Businesses & Side Hustles

What you'll learn

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Course content

Introduction1 lecture • 2min

Module 1: FOUNDATIONS: Your Business/Side Hustle and Accounting4 lectures • 38min

Module 2: INTRO TO ACCOUNTING: Building Blocks4 lectures • 16min

Module 3: STRATEGY: Deriving Business Intelligence & Insight From Accounting4 lectures • 20min

Module 4: TAXES: Minimize or Pay the Price3 lectures • 12min

Module 5: RESOURCES: Finding Help3 lectures • 8min

Conclusion: NEXT STEPS: Long-life Learning2 lectures • 4min

Requirements

Description

Who this course is for: