Running a start-up? Juggling numbers? Need a quick plain-English course on accounting? This course is for you.
What you will learn
Understand the different between a balance sheet, profit and loss statement and income statement
Understand how to interpret your profit and loss statements and income statement.
Understand how to interpret your balance sheet
Understand differences between UK and US balance sheet layout
Have an intelligent conversation about your accounts with your accountant or with prospective investors
Description
I have built two businesses from start-up to seven-figure sale. I’ve met lots of entrepreneurs and start-up founders, and I’m often surprised at how they haven’t got their head around some basic accounting concepts. This can end badly for them. Have you ever seen an episode of Dragon’s Den where the entrepreneurs get in a total mess over their numbers? If you want to be relaxed and confident when running through the numbers for your business, then try this course.
I’ll explain the difference between a P&L and a Balance Sheet and we’ll look at why both are needed. We will deal with key concepts around balance sheets and P&Ls so you can have an intelligent conversation with your accountant and, even more importantly, with potential investors.
We’ll see how a balance sheet is built up, and deal with edge case transactions like pre-payments, accruals, gift vouchers and so on. We’ll look through a set of real accounts from Companies House so you know what to look for when reviewing someone else’s accounts. We will also briefly look at UK vs US balance sheets, so you can understand the differences and you can present your balance sheet in US format, if you ever need to, without getting confused.
I’m not an accountant, so you won’t get any accounting jargon from me. Everything is explained in straightforward plain English.
(Course image by Yi Liu on Unsplash)
Content