:: Instructor-led Classes

Small Business Accounting

To register, visit the SBDP website.

Course Details

Small Business Accounting is a practical introduction to basic accounting concepts and the primary financial statements – balance sheet, income statement and cash flow statement. Students will learn how these statements interact and the language of accounting – cost of goods sold, depreciation, capitalization, LIFO/FIFO, and the differences between profit and cash flow.

Course Objectives

Upon completion of this course, the participant should be able to:

  1. Understand the basic components of the primary financial statements – balance sheet, income statement, and cash flow statement
  2. Understand the interaction between different statements and individual accounting entries
  3. Apply these basic accounting concepts to a small business
  4. Use the knowledge from this class as a foundation for working with an accounting software package

Business Success Skills Certificate Program

This class is eligible for the Business Success Skills Certificate Program. Participants who complete six classes will receive a framed gold seal Business Success Skills Certificate jointly from both The University of Texas at Austin Professional Development Center and City of Austin Small Business Development Program.

Rationale

Accounting provides the framework to evaluate the financial health and success of a business. Additionally, the primary statements tell a story about the business and give the stakeholders a context for making decisions. By establishing some basic accounting knowledge and skills, small business owners will be better able to evaluate new opportunities, manage current operations, insure timely and accurate tax compliance and attract new partners or investors. This course should provide a foundation for using accounting concepts as an essential tool in managing a small business.

Required Material

  • The Accounting Game, Basic Accounting Fresh from the Lemonade Stand -- this book will be provided to each class participant
  • Note taking materials
  • Pens and/or pencils

Prior to Class

Email Instructor a short bio of work experience, education, and expectations for the course

Type of Course

Short course -- 6 hours

Course Outline

SESSION I -- Laying the Foundation -- 2 hours

  • Introduction
  • Overview of Course
  • Balance Sheet -- Assets/Liabilities
  • Income Statement -- Revenue/Expenses
  • Cash Flows

SESSION II -- Additional Concepts -- 2 hours

  • Loans, credit, receivables and payables
  • Service Business Issues
  • LIFO/FIFO
  • Capitalization and Depreciation

SESSION III -- Closing the Loop -- 2 hours

  • Income vs. Cash Flow
  • Taxes/liquidation
  • Analyzing the Business

Summary and Guide to Resources for Continued Development

City of Austin Small Business Development Program

Instructor(s)

Coordinator(s)

Questions about this course?

    512-232-5986
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