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FINANCIAL FREEDOM PowerPoint Presentation

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On : Jan 08, 2015

In : Business & Management

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  • Slide 1 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Sankofa Financial Group LLC and Island Flavors Restaurant Present Accounting and Record Keeping For Small Businesses
  • Slide 2 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC About Sankofa Financial Group Virginia Jackson – President CPA Registered Representative, JW Cole Financial Inc Tax, Investment, Business Management services Small business owner
  • Slide 3 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Elements of Sound Accounting & Record Keeping Notes Corporate Structure Record Keeping Balance Sheet Income Statement Cash Flow Budgets Payroll and Income Taxes Hiring an accountant Ways to Improve Cash Flow
  • Slide 4 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Corporate Structure Notes Sole Proprietorship Partnership Corporation LLC Corporate structure impacts Record keeping needs Cash flow needs Taxation
  • Slide 5 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Record Keeping Notes Accounting records should be kept separate from personal records (no commingling) Establish separate bank accounts Complete reconciliations monthly Setting your fiscal year end Most companies use calendar year end – December 31 Cash vs accrual basis Software Quicken Microsoft Money QuickBooks How to choose Ease of use Particular feature needed/industry supported Likelihood that vendor will be around to support product Provides a good audit trail
  • Slide 6 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Balance Sheet Notes Listing of your Assets Liabilities (debts) Equity (investment) Exhibit A Fixed as of a point in time Cumulative Usually prepared at the end of a month/quarter Must be in sync with income statement Used to judge solvency
  • Slide 7 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Income Statement Notes Summary of your profit and losses Income Expenses Exhibit B Covers a financial period Monthly Quarterly Annually Start over at start of the fiscal period (not cumulative) Must be in sync with balance sheet What is the bottom line – income or loss
  • Slide 8 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Cash Flow Notes Net income/lost does not equal cash flow Use a budget to estimate cash flow needs Include taxes in cash flow projections Sources of cash Savings Credit cards Personal loan SBA loan Venture capital Investments from family/friends
  • Slide 9 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Budgets Notes Know your income and outflow Fixed vs variable expenses Expenses cannot exceed income Earn more income Decrease outflow Write it on paper Track spending monthly Adjust periodically as circumstance change
  • Slide 10 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Hiring an Accountant Notes CPA vs bookkeeper College degree CPA examination (state licensing requirements) Continuing education and ethics requirements
  • Slide 11 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Payroll and Income Taxes Notes Paid from business cash flow Corporate form effects taxes Sole proprietorship, partnership and LLC taxes at personal income tax rate using Schedule C Corporation files separate business tax return (double taxation) File quarterly returns with estimated tax payments Self employment taxes Consider outsourcing payroll if more than a few employees
  • Slide 12 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Ways to Improve Cash Flow Sharing office space or sublet unused space Set up a home office Buy secondhand furniture and equipment Make sure prices are competitive Review business insurance coverage Print on both sides of paper for internal documents Solicit bids from new vendors/suppliers Take advantage of early bird discounts Buy airline tickets online Pay bills when due Follow up on past due receivables Work with accountants to discuss income/expense shifting Buy office supplies during back to school sales or at bulk warehouses Don’t overstock inventory Buy equipment instead of leasing Decrease advertising costs Barter Use a virtual support Use VOIP service Use interns Print your own business cards Advertise on social networking sites Use free website hosting (officelive.com) Build a referral network Go paperless Upgrade computer memory instead of buying new OpenOffice.org – free word processing, spreadsheets, presentations
  • Slide 13 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Online Resources 360financialliteracy.org Annualcreditreport.com – must pay for FICO score Dummies.com Money.cnn.com Credit.com FTC.gov (Federal Trade Commission) Feedthepig.com
  • Slide 14 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Island Flavors Restaurant
  • Slide 15 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Free Financial Check Up Schedule an appointment today for your free financial review
  • Slide 16 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Virginia Frazier Jackson, CPA www.sankofafinancial.net Virginia.Jackson@jwcmail.com 202-213-2116 Upcoming Seminars Investing for College Education Investing for Retirement Charitable Contributions and Gift Giving Tax Returns for Small Businesses: Schedule C

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