Tools Your Business Can't Live Without: The Only Accounting Guide You'll Need Part Two

 

In-Depth Cash Flow Analysis and Forecasting

Having enough cash flow to keep your business going is a primary focus for a business owner who wants a successful business. That's why we developed a series that will provide you with all the accounting tools you'll need to run a successful business. In this webinar, the following topics will be covered.

  • In-Depth Cash Flow Analysis
  • Cash-Flow Forecasting

Time: 12:00PM EST - 12:30PM EST
Date: Thursday May 24, 2018

CLICK HERE TO SIGN UP FOR THE WEBINAR TODAY!

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Assets = Liabilities + Equity

Assets = Liabilities + Equity

At the end of the company’s reporting period, a snapshot is taken of the company’s financial health. A balance sheet allows owners to get a glimpse into the company’s financial standings. The balance sheet is one of the three primary financial statements that business owners use. It allows owners to get a glimpse into the company’s financial standings and see what the company’s financial position is. It shows what assets are owned, which liabilities are outstanding, and any equity that has been made.

Assets
Assets are the things companies own and are categorized into two categories; current and non-current assets. Current assets are defined as cash and any other asset that will be turning into cash within the company’s operating cycle. Assets are the top part of the balance sheet and will be listed in the order of liquidity. Liquidity meaning that this item can be turning into cash quickly. An example of what order current assets would appear on the balance sheet is; cash, temporary investments, accounts receivable, inventory, supplies, and prepaid expenses.

Non-current assets are not intended to be turned into cash with the company’s operating cycle and are what the company owns. They’re the fixed assets such as office equipment, building property, land, long term investments, stocks and bonds.

Liabilities
Liabilities are financial contracts that require a payment of cash for compensation. Liabilities are also categorized into two categories; current and non-current liabilities. Current (or short term) Liabilities are obligations that are to be paid within 12 months or expected to be paid off within its normal operating cycle. Some examples of current liabilities are accounts payable, wages, and rental payments.

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Cash is king! How to improve cash flow by focusing on your invoicing process.

I've seen it numerous times...it happens in law firms, accounting firms, consulting firms, and any company where employees are the "product" upon which revenues are based.

The problem with the professional services industry is that a large key to success is cash flow management. That means that you must effectively manage the time between when your resources perform the work and when the customer pays. Let's take a look at the whole process.

Part 1 : Time and Expense reporting

To effectively get your personnel to report their time and expenses, it must be simple. Some of the ways to address this are :

- enable your team to enter their time and expenses through a simple to use web portal, or even a mobile device. That way it doesn't take a significant amount of time out of their day to "get their paperwork in".

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