Financial Statement Review 101: How to Find Errors
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Financial Statement Review 101: How to Find Errors

Entrepreneurs: Learn 13 Quick & Easy Review Tactics. No Accounting Knowledge Required
4.8 (2 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
5 students enrolled
Created by Tom Moore
Last updated 3/2017
English
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Current price: $10 Original price: $30 Discount: 67% off
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Includes:
  • 2 hours on-demand video
  • 5 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Determine the quality of their accounting.
  • Establish quick & easy monthly review process.
  • Empower their decision making process with meaningful financial statements.
  • Identify if their financial statements contain any of the 13 common errors.
View Curriculum
Requirements
  • No materials are needed and no accounting knowledge is necessary.
Description

This course is designed for small business entrepreneurs who want quality financial statements to make business decisions from and are looking for a quick and easy set of review tactics to check their financial statements for missing or incorrect numbers.  In the process of working with hundreds of small business entrepreneurs, I have observed that frequently the person doing the bookkeeping just uses the accounting system to bill customers, record bank deposits and pay bills.  They assume that with those 3 tasks, the accounting system will keep the books accurate.  That is not necessarily the case.  Some types of business transactions are not covered by those tasks.  Additionally some bills have to be entered a certain way.  If not, the financial statements will not be correct.  This course will provide 13 examples of transactions that are missed by these 3 accounting tasks or are recorded incorrectly. Without good numbers your financial statements are meaningless.

This course addresses 13 errors common in small business financial statements. This course consists of a separate lecture for each of the 13 types of errors.The lectures are a combination of video, audio, animated power point with visual financial statement examples and real life stories to reinforce the learning. Each lecture will cover a quick & easy process to assess if the issue applies to your financial statements, an explanation of what causes the issue, the consequence of the issue, a step by step process to prevent the issue and a step by step process for your bookkeeper to fix the issue.

No accounting knowledge is required for this course and it is not an objective to turn you into an accountant. At the end of the course, you will be able to a) utilize the review checklist provided to quickly verify the quality of your monthly financial statements, b) communicate issues found to your bookkeeper and monitor their resolution, and c) assess the quality of accounting work being done.

Who is the target audience?
  • Entrepreneurs with little or no accounting knowledge. This is not an accounting class. If you are an entrepreneur who never wanted to be an accountant and still don't want to be, this class is for you.
  • Entrepreneurs who want quality financial statements to make business decisions from
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Curriculum For This Course
15 Lectures
01:54:29
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Introduction to Financial Statement 101: How to Find Errors
1 Lecture 07:03

Identifies who should take this course. Describes common small business accounting situations. Describes consequence of missing or incorrect numbers. Identifies 10 areas of potential missing or incorrect numbers. Describes lecture structure utilized to cover the 10 areas.

Preview 07:03
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Thirteen Areas of Potential Missing or Incorrect Numbers
13 Lectures 01:42:16

Identifies quick and easy process to determine if all bank transactions have been entered in the accounting system.  The lecture covers the a) source of transactions, b) cause of errors, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the errors with no accounting knowledge required and e) actions your bookkeeper can take to fix the errors. 

Preview 11:51

Quiz for Lecture 1 of 13 - Financial statement review for bank accounts.

Financial Statement Review 101 - Bank Accounts
5 questions

Identifies quick and easy process to determine if petty cash reimbursements are being recorded properly and if petty cash balance on Balance Sheet is correct.  The lecture covers the a) source of transactions, b) cause of errors, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the errors with no accounting knowledge required and e) actions your bookkeeper can take to fix the errors. 

Petty Cash
06:15

Financial Statement Review 101 - Petty Cash
3 questions

Identifies quick and easy process to determine if payments from customers are being properly applied to billings to customers or if sales transactions are being duplicated.  The lecture covers the a) source of transactions, b) cause of errors, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the errors with no accounting knowledge required and e) actions your bookkeeper can take to fix the errors. 

Accounts Receivable
07:42

Financial Statement Review 101 - Accounts Receivable
2 questions

Discusses accounting for inventory and provides information for entrepreneur to 1) understand consequences of not having an inventory accounting system, 2) evaluate importance, cost, time requirements and resource requirements of implementing and utilizing an inventory system, and 3) discusses process, timing and importance of taking physical inventories.   

Inventory
10:43

Financial Statement Review 101 - Inventory
2 questions

Identifies quick and easy process to determine if prepaid expenses are properly being moved to expense.  The lecture covers the a) source of transactions, b) cause of errors, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the errors with no accounting knowledge required and e) actions your bookkeeper can take to fix the errors.  

Prepaid Expenses
05:33

Financial Statement Review 101 - Prepaid Expenses
3 questions

Identifies quick and easy process to determine if sales transactions are being duplicated. The lecture covers the a) source of transactions, b) cause of errors, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the errors with no accounting knowledge required and e) actions your bookkeeper can take to fix the errors.  

Undeposited Funds
06:53

Financial Statement Review 101 - Undeposited Funds
3 questions

Identifies quick and easy process to determine if furniture, fixtures and equipment expenditures are being properly recorded as an asset or incorrectly recorded as an operating expense.  The lecture covers the a) source of transactions, b) cause of errors, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the errors with no accounting knowledge required and e) actions your bookkeeper can take to fix the errors. 

Property and Equipment
15:02

Financial Statement Review 101 - Property & Equipment
3 questions

Identifies quick and easy process to determine if unpaid bills are being entered into the accounting system to get a proper matching of sales generated and expense incurred in the period.  The lecture covers the a) source of transactions, b) cause of issue, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the issues with no accounting knowledge required and e) actions your bookkeeper can take to fix the issues. 

Accounts Payable
06:17

Financial Statement Review 101 - Accounts Payable
2 questions

Identifies quick and easy process to determine if sales taxes are being properly recorded as a liability.  The lecture covers the a) source of transactions, b) cause of issue, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the issues with no accounting knowledge required and e) actions your bookkeeper can take to fix the issues. 

Sales Taxes
05:33

Financial Statement Review 101 - Sales Taxes
2 questions

Identifies quick and easy process to determine if credit card transactions, finance charges, fees and payments are being recorded properly.  The lecture covers the a) source of transactions, b) cause of issue, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the issues with no accounting knowledge required and e) actions your bookkeeper can take to fix the issues. 

Credit Cards
07:14

Financial Statement Review 101 - Credit Cards
2 questions

Identifies quick and easy process to determine if loan principal and interest payments are being recorded properly.  The lecture covers the a) source of transactions, b) cause of issue, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the issues with no accounting knowledge required and e) actions your bookkeeper can take to fix the issues. 

Loans
05:45

Financial Statement Review 101 - Loans
2 questions

Identifies quick and easy process to determine the accuracy of accounting for liability accounts.  The lecture covers the a) source of transactions, b) cause of errors, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the errors with no accounting knowledge required and e) actions your bookkeeper can take to fix the errors. 

Liability Accounts With Negative Balances
06:56

Financial Statement Review 101 - Liabilities With Negative Balances
2 questions

Identifies a quick and easy process to determine if year end accounting process was properly done for owner distribution accounts.  The lecture covers the a) source of transactions, b) cause of issue, c) consequence to accuracy and usefulness of your financial statements, d) how you can identify and prevent the issues with no accounting knowledge required and e) actions your bookkeeper can take to fix the issues. 

Owner Distributions
06:32

Financial Statement Review 101 - Owner Distributions
2 questions
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Conclusion
1 Lecture 05:10

Summarizes course lecture process. Summarizes resource tools provided with the course and describes outcomes from taking the course.

Conclusion
05:10
About the Instructor
Tom Moore
4.8 Average rating
2 Reviews
5 Students
1 Course
Financial Instructor and Advisor to Entrepreneurs

Tom retired from First Data Corporation, a financial services company, in August 2006 as a Senior Vice President and Division CFO.  Tom has over 25 years experience as the senior financial officer in companies in the financial services, retail, service, entertainment and casino industries. During his experience as a CFO in the Black Hawk, CO casino market, Tom also served as President of the Black Hawk Casino Owners Association and president of the Black Hawk Business Improvement District. Tom is a CPA (license in inactive status) and started his career at Arthur Andersen & Co. Tom's background includes experience in large and small, private and public companies.

Current volunteer activities include being a member of SCORE since 2007 ( a national US Based organization of volunteers providing seminars and mentoring to entrepreneurs to maximize the success of existing and emerging small businesses). Since 2007, Tom has been teaching monthly seminars to entrepreneurs and has mentored hundreds of entrepreneurs one-on-one.

Prior volunteer activities include serving as Treasurer and Vice Chairman of Donor Alliance, a nonprofit organ, bone and tissue recovery organization and serving as Treasurer and Chairman of Allosource, a nonprofit bone and tissue processing / distribution organization.