LF logo
by learnformula
search
Log in
search
Courses/Accounting & Tax/Management Accounting

Small Business Financials

How to read financials from a small busiess

Created byJacob Malousek
4.6
(88 reviews)
IntermediateUpdated Jun 12, 2020
Small Business Financials

What You'll Learn

check_circleLearn to interpret core financial reports.
check_circleUnderstand cash versus accrual accounting.
check_circleAnalyze profit and loss for business health.
check_circleRead and understand your balance sheet.
check_circleTrack business cash flow effectively.
check_circleImplement monthly financial review habits.

About This Course

Unlock the power of your small business's financial data with "Small Business Financials." Many entrepreneurs operate without a clear understanding of their money, leading to uncertainty and missed opportunities. This course transforms financial literacy from a daunting challenge into an empowering tool, showing you how to become an effective steward of your business's resources.

Through practical insights and real-world examples using popular accounting software like QuickBooks, you'll learn to confidently interpret and utilize your financial reports. No more operating blindly; gain the clarity needed to make informed, strategic decisions that drive growth and profitability.

Key learning outcomes include:

  • Demystifying core accounting concepts, including debits, credits, and the chart of accounts.
  • Understanding the critical differences and applications of cash versus accrual basis accounting.
  • Mastering the art of financial analysis by deeply exploring the three essential financial reports:
    • The **Profit & Loss Report**: Your "Management Effectiveness Report," detailing income, expenses, and net profit. Learn horizontal and vertical analysis to identify efficiency and areas for improvement.
    • The **Balance Sheet**: Your "Cheerleader Report," offering a snapshot of your assets, liabilities, and equity at any given moment. Track your financial health and progress over time.
    • The **Statement of Cash Flows**: Your "WTF Report" – answering "Where the heck did all the cash go?" Understand the true movement of cash in and out of your business, separate from profitability.
  • Implementing class tracking to segment your business data for more granular performance insights across different departments or locations.
  • Developing a concise, 15-minute monthly financial review process to regularly assess your business's health, identify key metrics, and spot potential issues before they escalate.

By the end of this course, you'll not only understand your financials but also possess the actionable framework to consistently leverage them for sustained success. Take control of your business's destiny by mastering its numbers.

Your Instructor

Jacob Malousek
Jacob Malousek

QuickBooks Pro

menu_book3 courses
star157 reviews

In 2003 fresh out of Business School my wife and I purchased our first business. I should have known everything there was to know about accounting. After all, I even had an accounting degree. We hired the best CPA firm for our industry and still it was a complete failure. We never even had the basic tools to know how our business was doing financially. I could use QuickBooks, but only to write checks. After we sold out and lost our tails, I came to the realization that there is a huge separation from tax accounting to accounting for what is going on in our business operations. So in August of 2009, I started a different type of accounting firm. One that focuses on helping business build their accounting systems. I was determined not to make the same mistakes that took our first business down and to help others so they would not experience that either. Since then, I have been blessed to have worked with over 2500 business teaching them how to make this software work for them. Yes, I am certified with Intuit, in fact my firm is an off the charts Elite level provider. Yet that really does not matter, we judge ourselves by the successes that so many businesses have had with our training. I am passionate about you using this software correctly. Why? I know how powerful of a tool it can be in your business. If your business grows, so does your community, and your employees lives improve; it’s a win for you and everyone involved. Join us in learning this software together.

Credit Information

Do these courses count toward my professional development requirements?

This portal is provided as a training and development resource for City of Markham employees. Every course is delivered by a qualified subject matter expert or learning organization, is quantifiable in hours, and is verifiable — you receive a documented certificate of completion for every course you finish, stored on LearnFormula indefinitely.

If you hold a professional designation (for example in engineering, accounting, human resources, or law), courses may be counted as professionally relevant, verifiable learning activities toward your continuing professional development. Individual practitioners are responsible for confirming that an activity meets the requirements of their professional body. For questions about the City of Markham's training and development policies, please speak with your people leader or Human Resources.

What Students Are Saying

4.6
Student's Choice
88 reviews

Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.