VIP WORKSHOP: Financial Statements 101—Understanding Your P&L and Balance Sheet
Please note: VIP Workshops are only available to VIP ticket holders. If you have a Free or Basic pass, this session will show as locked.
Who would watch the Super Bowl or World Series if we didn’t keep score? How do you keep score for your business?
Successful business owners do more than just keep an eye on their bank account balance. In this workshop, we’ll explore some basic accounting concepts and demystify the Profit & Loss Statement and Balance Sheet. We’ll track typical transactions you run through your business (invoices, deposits, purchasing inventory, paying bills) and see how a single transaction will impact multiple line items on your financial reports.
You’ll gain a deeper understanding and appreciation for these score-keeping reports for your business. We’ll also touch on cash and accrual basis and discover how a profitable business can find itself in a negative cash flow situation and vice-versa!
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Tim began full-time RV life in 2014. He works from the road helping business owners grow revenue and improve profits. Tim is a CPA, provides tax return preparation for individuals and businesses—helping self-employed RVers unload their bookkeeping burdens and avoid IRS headaches.