Session 1:
Accounting Basics Monday, September 10, 2018 from 5:30-8:30p When you start a new business, accounting may be one of the topics that causes you anxiety and confusion. However, understanding the principals of accounting and effectively understanding and managing your finances is essential to profitable and sustainable business.
During this session, entrepreneurs will be introduced to basic accounting principles, accounting concepts, and accounting terminology. Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. You will become familiar with accounting debits and credits and how to record transactions. You will also learn the 3 essential financial statements and how they depict the financial health of your business at given points in time. Session 2:
Strategic Planning & Financial Statements Analysis Monday, September 17, 2018 from 5:30-8:30p Once entrepreneurs understand the basic accounting principles and financial statements, it is important to understand your financial position in the context of your business plan, including short and long term goals. By determining which financial metrics are important to assessing your business’ performance, you will be in a better position to make data-driven and informed business decisions. During this session, attendees will learn how to incorporate their current financial position and goals into their strategic planning process. In addition, you will learn how to use the information you’re your financial statements to drive your business’ growth. Session 3:
Financial Management & Basic Tax Planning Monday, September 24, 2018 from 5:30-8:30p During this session, attendees will take a deeper dive into the concept of financial management as critical component of launching and growing their small businesses. Specifically, most entrepreneurs find it difficult to appropriately budget, separate personal from business accounts, properly manage debt, and operate a lean operation. Attendees will also learn best practices for effectively managing finances to ensure the financial viability, profitably, and sustainability of their business. Topics include: Budgeting Basics How Not to Comingle Personal and Business Transactions Developing a Debt Management Plan Lean Operating Concepts This series will close with a discussion on best practices for identifying financial accounting software and the right accounting/bookkeeping service provider. In order to attend, all participants must be a Certified Small and Emerging Business via Louisiana Economic Development’s Small and Emerging Business Development Program. Please note that most startups meet the eligibility requirements. To become a Certified SEBD, click
here. If you should have any questions, please email us at
wbrc@urbanleaguela.org. *Registration is non-refundable.