Financial Basics for Small Businesses

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Overview

For small business owners and employees, it can feel daunting to manage the financial side of your business. This is especially true for organizations in the United States, where tax forms and regulations can be frustrating and confusing at best.

That’s where finance expert and GoSkills course instructor Rachel Barnett comes in.  Rachel shares clear, financial basics that offer insight into how to navigate your organization's unique challenges and help you make confident financial decisions.

This focused, beginner-friendly course is designed to be a gentle introduction to the financial aspects every small business owner should know. 

In 11 bite-sized lessons, we will: 

  • Introduce Income Statements, Balance Sheets, and Statements of Cash Flows, and explain their importance.
  • Discuss the corporate entities relevant to small businesses.
  • Explore common US tax forms and tax filing options.
  • Dig deeper into Costs of Goods Sold, and how to identify expenses.
  • Distinguish between cash basis and accrual accounting methods.

By the end of this course, you'll be able to understand important financial terms and statements, allowing you to confidently make financial decisions for your small business.

If you've been looking for a way to learn the financial basics you've been missing - or could use a refresher - this course is for you! 

Financial Basics for Small Businesses
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Summary

Skill level: Beginner
Certificate: Yes
Lessons: 11
Accredited by: CPD
Pre-requisites: None
Video duration: 47m
Estimated study time: 6h for all materials

Accreditations and approvals

CPD - The CPD Certification Service. Microsoft Partner

Syllabus

1

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Income Statements

Understand how business income and expenses are recorded and summarized.

2

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Significance of the Income Statement

The Income Statement (aka the Profit and Loss) is a key to making well-informed financial decisions.

3

Balance Sheets

Understand the meaning of assets, liabilities, and equity, and how this report is different from the profit and loss.

4

Significance of the Balance Sheet

Understanding this report will help users identify errors and generally see the health of a business, regardless of it's size.

5

Cash Flows

This report tells the story of a business, where the money is coming from, and where it's going.

1

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Entities, Tax Types, Payroll, and More

Identify different terms and tax types

2

US Tax Forms for Small Businesses

Recognize terms such as sales tax, excise tax and use tax

1

Cost of Goods Sold

Learn to identify which expenses are actually a cost of sales

2

Expenses (and What are Not Expenses)

Learn about categorizing expenses

1

Accounting Methods

Identify the differences between cash basis and accrual accounting

1

Conclusion and Review

A review of our course and advice for the future

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