Small Business Accounting Course

Lesson 1 • Accounting Periods and Cycles

Explains fiscal vs. calendar years and the monthly close cycle. Owners learn when and why financial data is compiled and reported.

Lesson 2 • Double-Entry Bookkeeping Principles

Introduces debits, credits, and the rule that every transaction affects two accounts. Builds the mechanical skill needed for accurate recordkeeping.

Lesson 3 • Chart of Accounts Setup

Guides owners through designing a numbered account structure suited to their business. A well-built chart speeds reporting and reduces errors.

Lesson 1 • Expense Categorization and Coding

Teaches consistent coding of purchases to the correct expense accounts. Accurate coding drives meaningful profit-and-loss analysis.

Lesson 2 • Petty Cash and Reimbursements

Establishes controls for small cash outlays and employee expense claims. Proper oversight prevents leakage and simplifies reconciliation.

Lesson 3 • Bills and Accounts Payable

Manages vendor bills, due dates, and payment scheduling to avoid late fees. Controlled payables protect vendor relationships and credit standing.

Lesson 4 • Revenue Recognition Fundamentals

Covers when income is recorded under cash and accrual methods. Correct timing prevents overstated or understated profit figures.

Lesson 1 • Step-by-Step Reconciliation Process

Walks through matching each transaction and resolving differences systematically. A repeatable process ensures monthly reconciliation is completed on time.

Lesson 2 • Understanding Bank Statements

Decodes every line item on a bank statement, including fees and holds. Familiarity with statement format is the prerequisite for reconciliation.

Lesson 3 • Internal Controls for Cash

Implements segregation of duties and authorisation limits to safeguard cash. Strong controls reduce theft risk and satisfy audit requirements.

Lesson 1 • Cash Flow Statement Basics

Separates operating, investing, and financing cash flows to show actual liquidity. Owners learn why profitable businesses can still run out of cash.

Lesson 2 • Adjusting and Closing Entries

Records period-end accruals, deferrals, and depreciation before closing the books. Proper adjustments ensure statements reflect economic reality.

Lesson 3 • Profit and Loss Statement

Constructs a complete income statement from revenue through net profit. Understanding each line reveals where margin is gained or lost.

Lesson 4 • Reading Financial Statements Together

Demonstrates how the three statements interconnect and cross-validate each other. Integrated reading prevents misdiagnosis of financial health.

Lesson 1 • Payroll Fundamentals for Owners

Covers gross pay, net pay, and the employer's share of payroll costs. Understanding total labour cost is essential for pricing and budgeting.

Lesson 2 • Payroll Remittance and Reporting

Schedules tax deposits and prepares required periodic payroll reports. Timely remittance avoids penalties that compound quickly for small businesses.

Lesson 3 • Calculating Withholdings and Deductions

Applies tax withholding tables and voluntary deduction formulas to each paycheck. Accurate withholding protects employees and the business from underpayment issues.

Lesson 1 • Physical Inventory Counts

Designs a count procedure that reconciles physical stock to book records. Regular counts catch shrinkage, damage, and recording errors before they compound.

Lesson 2 • Inventory Valuation Methods

Compares FIFO, LIFO, and weighted-average costing with numerical examples. Method selection affects both taxable income and reported gross profit.

Lesson 3 • Inventory Write-Downs and Obsolescence

Records losses when inventory value falls below cost due to damage or obsolescence. Timely write-downs prevent overstated assets and inflated profit.

Lesson 4 • Cost of Goods Sold Calculation

Derives COGS from beginning inventory, purchases, and ending inventory figures. Accurate COGS is the single largest driver of gross profit accuracy.

Lesson 1 • Sales and Use Tax Obligations

Explains nexus, taxable transactions, and remittance requirements for indirect taxes. Proper collection and filing prevents significant back-tax exposure.

Lesson 2 • Year-End Tax Preparation

Organises records, reconciles accounts, and coordinates with a tax preparer efficiently. A structured year-end process reduces preparation fees and filing errors.

Lesson 3 • Deductible Business Expenses

Identifies ordinary and necessary expenses that reduce taxable income legally. Owners learn documentation standards required to defend deductions under audit.

Lesson 4 • Estimated Tax Payments

Calculates quarterly estimated payments to avoid underpayment penalties. A payment schedule aligned with cash flow prevents year-end tax surprises.

Lesson 1 • Budgeting and Variance Analysis

Builds an annual operating budget and compares actuals to plan each month. Variance analysis pinpoints where performance deviates and why.

Lesson 2 • Using Financial Data for Growth Decisions

Applies financial analysis to evaluate hiring, expansion, and capital investment choices. Data-driven decisions replace intuition with measurable return expectations.

Lesson 3 • Break-Even and Margin Analysis

Determines the sales volume required to cover all fixed and variable costs. Break-even insight guides pricing, staffing, and product-mix decisions.

Lesson 4 • Cash Flow Forecasting

Projects weekly and monthly cash inflows and outflows to anticipate shortfalls. Proactive forecasting allows owners to arrange financing before a crisis occurs.