Accounting Essentials for Startups: A Free Class | Melbourne

About this event

Like many areas, accounting has it’s own language, words and concepts. These can be confusing to startups new to the business world, or the changing needs of businesses that are growing up.

The aim of this workshop is to use plain language to explain core accounting concepts so that you, as a startup founder can understand what your bookkeeper or accountant is saying, and that you can confidently talk about your business operations from a financial perspective to bankers and investors.

Takeaways

Using direct examples that you can all relate to Standard Ledger's Founding Partner, Remco will take you through:

• What a Chart of Accounts is (hint: it’s just categories of income and expenses)
• The key financial statements: Profit & Loss, Balance Sheet and Cash Flow the accounting equation that sits behind it and the 5 key areas: Incomes, Expenses, Assets, Liabilities, Equity
• Accounts Receivable (what customers owe you) and accounts Payable (what you owe suppliers)
• Cash vs Accrual accounting (and why you’d want to know)
• The key tax basics including:
  • Sole Trader vs Company
  • Paying Yourself
  • Professional Services income
  • Employees and PAYG
  • GST