Profit & Loss and Balance Sheet

Event description

Profit & Loss and Balance Sheet

The session will explain the fundamentals of the Profit and Loss (P&L) statement and the Balance Sheet, highlighting their crucial roles in monitoring and maintaining your business's financial health. Through practical examples, you will learn how various transactions interact with both statements, particularly focusing on credit cards and loans, and the impact of interest expenses.

Additionally, we will explore owner contributions and distributions, detailing how these should be recorded. By the end of this session, you will understand how transactions in your business interact with these reports and the impact of incorrect classification. Accurate information on these reports can influence both your tax return and your eligibility for loans and other business funding. This presentation is for any small business owner looking to gain understanding of their financial statements and improve their financial management skills.

Instructor: Holly Morton, owner of Accrual Mistress Bookkeeping & Consulting

As the founder and owner of Accrual Mistress Bookkeeping and Consulting, Holly is dedicated to helping businesses achieve financial success through meticulous record keeping. She entered the accounting field in December 2016, and since then, has become a trusted expert in bookkeeping and business consulting. With a strong background in Accounting and extensive experience in using QuickBooks, Holly brings a wealth of knowledge and expertise. She prides herself on delivering accurate and insightful financial solutions that empower businesses to make informed decisions and reach their goals. When she’s not working, Holly can often be found reading, knitting, or adventuring with her husband and puppy.