New Mexico Broadband Program. Internet Tools for Small Business Success. Module 3 Accounting and Finance

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1 New Mexico Broadband Program Internet Tools for Small Business Success Module 3 Accounting and Finance

2 Internet Tools for Small Business Success Class Series 1. Terminology & Planning 2. Communication & Collaboration 3. Accounting & Finance 4. Intro to Online Marketing 5. E-Newsletters 6. Websites & Blogs 7. Search Engine Optimization 8. E-Commerce 9. Intro to Social Media Marketing 10. Facebook & Twitter 11. Social Media Administration 12. Linked In 2

3 Primary Business Components Planning Operations Accounting & Finance Sales & Marketing Hiring Accounting & Finance Planning Operations Marketing & Sales Management & Hiring 3

4 How This Class Works Terminology Discussion & Demonstrations Hands-on Exercises

5 Class Framework Divided into Core Business Elements Internet Tools for each Element Terminology Realm of tools Choosing the right tool for your business Getting Started 5

6 Today s Class Goals Understand the terms bookkeeping, accounting, and finance Learn ways to finance your business Understand the benefits using online accounting tools Explore local resources for financing 6

7 Terminology Accounting The systematic recording, reporting, and analysis of financial transactions of a business. 7

8 Terminology Bookkeeping Keeping records of what is bought, sold, owed, and owned; what money comes in, what goes out, and what is left. 8

9 Bookkeeping versus Accounting Bookkeeping - systematic recording of the amounts, dates and sources of each revenue and expense transaction Accounting - the bigger picture. It is the system that tracks data, including people, and records the transaction's history. It also uses bookkeeping information to analyze the business s financial circumstances. 9

10 Other Terminology Start-up capital resources needed to launch a business Break-even when revenues equal costs Cash flow the movement of money in and out of your business. Profit and Loss Statement adds the revenues and subtracts the operating expenses, leaving the profits. A profit and loss statement measures the results of operations over a given period of time. 10

11 Why use Online Accounting Tools? The software is always current No need for IT support Data automatically backed up Ability to access from numerous locations Ability to access from any computer, Smartphone, or ipad

12 Types of Online Accounting Software Simple Electronic check book Basic Payroll, receivables, basic inventory system Standard Audit trail, multiple users (Quick Books Pro) Advanced Purchased in modules, financial reporting, job costing 12

13 Types of Online Accounting Software 13

14 How do I choose the right one? Determine your needs Be financially literate Talk to your accountant or CPA Know your Budget Talk to your IT Department Find out what similar businesses are using Determine your projected growth Create a wish list of features

15 Terminology Finance A discipline concerned with determining value and making decisions. 15

16 Financial Information Helps you to: Price your product Know if you are making or losing money Know your cash flow Work with bankers and investors Make informed business decisions 16

17 Resources for Financing your Business Personal savings Family and Friends Bank line of credit Commercial loan / Small Business loan Strategic Partners and Customers

18 Resources for Financing your Business Local and Regional organizations that can help: o o o o 18

19 19

20 20

21 21

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23 Financing Planning To start a business you need to understand what your business s initial cash requirements will be. Calculate: one-time start-up costs working capital months a reserve 23

24 Initial Cash Needs

25 Calculate Start-Up Costs Use your handout and follow the directions to begin calculating the initial start up costs of your small business.

26 Today s Class Goals Understand bookkeeping, accounting, and finance Financing your business Benefits of using online accounting tools Local resources for financing 26

27 We appreciate the time you spent with us. We hope to see you at the next training! These materials were created collaboratively by the New Mexico Department of Information Technology, Fast Forward New Mexico, and the New Mexico State Library, under grants provided by the National Telecommunications and Information Administration. These materials are not to be used for profit. Connecting you to a world of opportunities

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