Turning Your Hobby Into a Business – Unit V – Business Administration & Bookkeeping

Committing to keeping accurate records of all sales and expenses is the foundation for ensuring your business’ future success. Written transactions serve as a documented history of your business’ daily performance. Moreover, these records are then combined at key moments of each year to present an overall picture of your business’ financial health. This session is about grounding you in these record-keeping practices and teaching you how to use your records as a tool to make future decisions about your business. Examples of what we cover include: teaching.  

    – A simple system to record your transactions 

    – How to create basic financial statements that will help you understand the health of your business

    – How to determine sales tax collection obligation 

    – How to Include business’ income & expenses on your tax return