Accounting for Small Businesses & Side Hustles

Leveraging the power of accounting to drive business success

4.75 (70 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
3,722
students
1.5 hours
content
Aug 2021
last update
FREE
regular price

What you will 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

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.

Content

Introduction

Introduction: Why take this course?

Module 1: FOUNDATIONS: Your Business/Side Hustle and Accounting

What information accounting provides you?
What use does accounting information have for you?
Costly accounting mistakes most business owners/side hustlers make?
How does accounting affect your taxes? Accrual vs. Cash

Module 2: INTRO TO ACCOUNTING: Building Blocks

The 3 most important statements that run your business: BS, IS, CFS
Additional key reports: AP, AR, Sales Report, Cash Report
What is a chart of accounts?
How can bookkeeping save my business?

Module 3: STRATEGY: Deriving Business Intelligence & Insight From Accounting

How to read financial statements: What should I be looking for?
How is my business doing? Profitability, Cash Flow, Growth
What is the future going to look like? My Crystal ball
Bring it all together

Module 4: TAXES: Minimize or Pay the Price

How can bookkeeping help you reduce your tax bill?
Basics of business taxes: income, deductions, credits, elections
Common tax strategies to consider if you want to cut your tax bill

Module 5: RESOURCES: Finding Help

When should you seek professional help?
How do you select your accountant/bookkeeper/tax professionals?
Main accounting softwares: QBO, Xero, Waveapps, Freshbook

Conclusion: NEXT STEPS: Long-life Learning

Continue to build your knowledge
Working with us

Screenshots

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Reviews

Eoghan
April 28, 2023
A very interesting course and well presented. It could do with some editing in places but the information is very useful and focused. A great course for free!
Adrien
January 22, 2023
I am a licensed CPA (PH) and I love this course! I love the way you relayed the basics to people with little to no accounting knowledge
Lavonya
August 15, 2022
I've been a non-profit accountant for 20 years and expanding into other industries. Used this course to acquire additional knowledge I may not have known previously. Course was straight to the point with very good explanations and examples.
Marina
June 11, 2022
Clear and concise, very helpful in short time. saved my time and It was the exact thing that I was looking for. Thank you alot.
Emile
February 5, 2022
As I spent more time listening to the videos I found it very insightful. Great course and I learned some considerations for my own business.

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Related Topics

4242490
udemy ID
8/15/2021
course created date
8/28/2021
course indexed date
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