ENTR-8049A Confidently Manage Your Financials

Prerequisites None
Don’t be afraid of your numbers! Learn how to manage your small business financials with confidence. Explore accounting principles and tools used in small business accounting. Understand basic financial statements and how to report income and expenses as well as understanding important financial metrics that drive sustainable profit.

Contact Hours: 15

• Explain why accounting is important and list the users of financial information
• Understand and prepare common business financial statements and corresponding relevant financial ratios
• Understand how business plan decisions result in financial outcomes
• Understand how to define a preliminary operating budget

• Overview of basic accounting principles (revenue & matching principles) & concepts (accrual versus cash)
• Brief introduction to bookkeeping - introduction to QuickBooks online and why this tool can help you understand what is going on in your business
• Understand basic financial statements, key ratios, and how to report income and expenses utilizing schedule C as a template
• Practice at how business plan decisions contribute to financial outcomes (scenario-based planning) - showing business owners how decisions made flow into their financials
• Pricing for profit
• Management accounting - fixed costs, variable costs, breakeven point. Create an operating budget/cash flow
• Resources and next steps

All assignments must be completed.  Active participation is required.

Upon successful completion, this course will appear on the student’s Macomb Community College non-credit transcript.

Textbook
Accounting Demystified, 2nd Edition by Leita Hart-Fanta, CPA.

ISBN: 978-0071763738