Financial Fundamentals - Part 1 - Business Basics for Managing your Business and Tips on How to Read Financial Statements
Upcoming SessionsThere are currently no upcoming sessions scheduled for this course
OCA Members: $200.
What you don't know CAN hurt you – especially when you are new to business
This course is geared towards teaching small contractors key business concepts. The focus will be on key fundamentals that are needed to be successful. This is a financial boot camp that will help attendees gain a better understanding of the interconnection between the statement of cash flow, balance sheet and income statement.
Other topics covered will include:
- What are key areas of the F/S to track historical performance and to see how the Company is progressing.
- Accounting impact of the prompt payment legislation
- Compensation for owners – salary vs dividends
- Concepts of gross margin versus profit margin for the company i.e. Fixed versus variable costs
- Importance of the analysis of past jobs
- How to maintain and present job costing
Case studies will be incorporated into the course material to provide practical application of the concepts covered.