1. Finance 101 What small businesses owners need to know about their finances

2. What we will (and won’t) discuss THE GOOD Keeping track of your income and expenses Knowing how your business is doing Staying organized for taxes THE BAD AND UGLY Chart of Accounts, GAAP, Accruals Balance Sheets, Trial Balances, Inventory Turnover Ratios IRS Jargon, Audits, Tax Schedules

3. Sample Income Statement

9. TAXES Annual Income Taxes Every year Uncle Sam requires you to file & pay taxes on your small business profits (or losses) Quarterly Estimated Taxes Pay-as-you-go income taxes Jan, Apr, Jun, Sept 15 “quarterly” deadlines Sales Tax Your state requires you to collect sales tax from in-state customers, and pass it along