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Essential Tips for Accurate Bookkeeping

Posted on 11/22/2017 by Ray Lamboy in LAEDA News
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Camden, NJ - Wednesday, November 22, 2017 - The Entrepreneurial Development Training Program (EDTP), now in its 79th session, teaches enterprising students the skills they need to succeed in business. One of the units of EDTP is Accounting. In this four night unit, participants receive top-notch bookkeeping classes. Justin Emery of TD Bank shared his knowledge and expertise on the importance of bookkeeping, internal financial statements, external financial records and the essentials that go into the income statement and balance sheet of the business. Justin Emery of TD Bank shared his knowledge and expertise on the importance of bookkeeping, internal financial statements, external financial records and the essentials that go into the income statement and balance sheet of the business. For many business owners, financial statements are the skeletons in the closet they’d rather not think about; fortunately, with excellent instruction and explanation, the students were able to confront this critical aspect of their businesses.

Every entrepreneur is usually looking for the answer to the question, How can I increase revenue and decrease expenses? “Figuring out our sales was the hardest task because we do a little bit of both retail and service,” Rachel Franklin, a business owner in the yarn-craft industry, mentioned. “It is difficult to figure out a scenario for a realistic sale, but I used a valuable spread sheet in complete detail and figured the essentials out by going by daily operations and seeing what works for our business along with talking to other business owners in our industry, which we found to be really helpful.”

“Remembering that the Cash-Flow Projection shows what your monthly, quarterly, and annual cash positions, whereas the Break-Even Analysis shows when your business will produce cash,” Justin Emery highlighted. “You don’t want cash sitting there in your business and doing nothing for it. You always want to grow and expand your business as much as necessary.”

During the presentation, the EDTP training class learned the complexities of Cash Flows, which take into account operating, investing, and financing activities. Each entrepreneur sitting in the classroom learned that it is important to get help from an expert in these areas of business.

The presentation came to a close with an lively discussion of performing bank statement reconciliation each month – because this is a form of an informal cash analysis. “Record your transactions! Because this information is powerful, and thus can help you establish and grow your business.” Not only did students learn nuanced bookkeeping techniques from a professional banker, but they walked away with a business mantra that will guide them for years to come:

Bookkeeping is a powerful tool for managing a business, doing it consistently is the key to really having it be valuable for a business.

At the end of the presentation, Mr. Emery left the entrepreneurs sitting in the room with essential ingredients in bookkeeping: “Know how much money the business has, how much it is owed, and how much money it owes. . . Remember to treat your business’ money with respect, and not like it is some kind of piggy bank.”

For additional questions and or assistance with Bookkeeping, please contact Justin Emery at Justin.Emery@TD.com

 LAEDA offers the Entrepreneurial Development Training Program, which is a nine-week course conducted three times per year on a wide range of areas of general business practices. We welcome you to join our community of successful entrepreneurs. The program is free, but you must qualify. Visit our website at www.laeda.com or call (856) 338-1177 to learn more.