Small Business Bookkeeping

• Select your filing system that fits your organizational style | go old fashioned or use technology
• Decide whether you want to automate your accounting workflow process
• Learn your government record retention requirements
• Evaluate your bookkeeping system needs
• Choose your bookkeeping system | manual, Excel or online software platform - I like QuickBooks Online but there is also FreshBooks, Wave, Xero, Sage, Zoho to name a few
• Setup your CRA audit trails for audit ready books 

Bookkeeping entries

• Basic Bookkeeping Entries (accounts receivable, accounts payable, inventory)
• Common Bookkeeping Entries
• Bookkeeping Entries for Consignment Accounting

Checklists and Reconciliations

• Bookkeeping and Accounting Checklists
• Account Reconciliations - Are They Necessary?

How To and Heads Up

• How To Manage Petty Cash
• Capital Lease vs Operating Lease
• Watch Out For These Transactions
• Common Audit Issues 

Building Your Foundation of Knowledge | Makes it easier to read your financial statements

• Basic Accounting Concepts and Principles
• Conceptual Framework of Canadian GAAP 
• Accounting Standards for Private Enterprise (ASPE)

Financial Statement Package

• Introduction to Your Financial Statements
• Introduction to Your Balance Sheet
• Introduction to Your Income Statement
• Sample Financial Reports

Reviewing Your Business Data

• Are You Profitable?

✔ Create your own bookkeeping worksheet in Excel to do a rough calculation of your profitability.

• Introduction to Basic Ratio Analysis | Four Types of Ratios

✔Liquidity Ratios - resources available so you can pay your bills ✔Operating Ratios - how efficient you are at managing your capital ✔Profitability Ratios - your ability to control expenses and earn a return on your investment in the company ✔Leverage / Solvency Ratios - percentage of debt in your company indicating suppliers' protection or whether you can take on more debt or the chance that you may go bankrupt

Cash Management

• Basic Cash Management | Profit is not Cashflow

✔ Difference between profit and cash flow ✔ Create your own cash flow spreadsheet ✔ 5 ways to improve cash flow ✔ How to set pre-planned AP payment priorities

• Cash Flow Statement Essentials | Where Did All My Cash Go?

✔ Explains how you can be making a profit and always be short on cash ✔ How to read your cash flow statement ✔ How to use the cash flow statement in your business ✔How will the bank use your cash flow statement

• How Do I Forecast My Cash Flow?

✔ Create your own cash management spreadsheet on the back of a napkin or in an Excel spreadsheet

Focus on Yearend Bookkeeping

• Yearend Bookkeeping Preparation

✔ Reconcile bank accounts AND credit card accounts ✔ Reconcile and cleanup your accounts payable subledger ✔ Reconcile bank loan ✔ Clean up those miscellaneous over and under balances on your accounts receivable and payable reports.  ✔ Do physical inventory count ✔Reconcile your payroll account(s) ✔Reconcile your sales tax account(s) ✔Take a look at how you handled any reimbursement of expenses.

• Yearend Bookkeeping Cleanup and Q&A

✔  Closing yearend bookkeeping records ✔ Changing your fiscal yearend date  ✔  Yearend inventory count ✔ Accruing Accounts Payable ✔ Clean-up for yearend bookkeeping ✔ Accounts Payable Clean-up ✔ Outstanding CRA sales and payroll liabilities ✔ Reconciling to Government Compliance Reports Filed ✔ T4 Reconciliation