Accounting Magic pt. 2 | Bookkeeping Basics

Friday March 28 | 11am - 1pm

Accounting Magic pt. 2: Bookkeeping Basics

at Live6 Home Base

7426 W. McNichols Rd., Detroit, MI 48221

Representatives from the University of Michigan's Ross School of Business extend their stay at the Live6 Alliance Home Base for this incredible work shop. In Accounting Magic, we reviewed the 3 financial statements that every business owner should know about, and how record keeping can improve your results.

In this follow up seminar, we dive further into the 3 fundamental financial reports, and available tools to help make bookkeeping easier to manage.

This event is free and open to all current and prospective business owners.

Complimentary lunch provided by The Live6 Alliance.

Click these links to learn more about how and the can help your business grow.

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This workshop aims to provide entrepreneurs with the foundational knowledge needed to manage their business finances effectively, using both traditional and technological tools.

1. Understanding the Three Financial Statements:

Income Statement: Shows your business's profitability over a specific period. It details revenue, expenses, and net profit or loss, helping you understand how well your business is performing financially.

Balance Sheet: Provides a snapshot of your business's financial position, showing what your business owns and owes.

Cash Flow Statement: Tracks the flow of cash in and out of your business.

2. Accounting Software and Systems:

   - Learn about different accounting software options that can help automate and streamline your financial processes. These systems track income and expenses, and generate financial reports.

3. Reconciliation:

Reconciliation involves comparing your financial records with other statements (like bank statements) to ensure they match. This process helps ensure the accuracy of your financial data for external use.

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