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Finance 101 - Outright.com

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Laura Messerschmitt
Laura Messerschmitt

This presentation covers the basics of finance and is geared towards online sellers. It was presented by Outright.com at the HelloEtsy Conference.

BusinessTechnology
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Finance 101 What small businesses owners need to know about their finances
What we will (and won’t) discuss THE GOOD Keeping track of your income and expenses Knowing how your business is doing Staying organized for taxes THE BAD AND UGLY Chart of Accounts, GAAP, Accruals Balance Sheets, Trial Balances, Inventory Turnover Ratios IRS Jargon, Audits, Tax Schedules
Sample Income Statement
Know Your Bottom Line SALES ,[object Object],[object Object],= PROFIT ,[object Object],= “BOTTOM LINE” ,[object Object],[object Object],[object Object]
SALES SALES = Items you sell x Price The easiest Finance 101 concept to learn; not so easy to understand ,[object Object],[object Object],[object Object],[object Object],[object Object]
Cost of Goods Sold Cost of Goods Sold (COGS) is the money you spend to make the products you sell ,[object Object],[object Object],[object Object],[object Object]
Other Expenses Other Expenses are … well… other expenses associated with running your business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
PROFIT ,[object Object],[object Object],Profit is what’s left when you subtract your COGS and Other Expenses from your sales. ,[object Object],[object Object]
TAXES Annual Income Taxes Every year Uncle Sam requires you to file & pay taxes on your small business profits (or losses) Quarterly Estimated Taxes Pay-as-you-go income taxes Jan, Apr, Jun, Sept 15 “quarterly” deadlines Sales Tax Your state requires you to collect sales tax from in-state customers, and pass it along
Annual Income Tax 24% of all small business expenses are categorized as “other expenses” for taxes ,[object Object],[object Object],[object Object],[object Object]
BOTTOM LINE A few reminders & tips to wrap up Finance 101 ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Finance 101 - Outright.com

  • 1. Finance 101 What small businesses owners need to know about their finances
  • 2. What we will (and won’t) discuss THE GOOD Keeping track of your income and expenses Knowing how your business is doing Staying organized for taxes THE BAD AND UGLY Chart of Accounts, GAAP, Accruals Balance Sheets, Trial Balances, Inventory Turnover Ratios IRS Jargon, Audits, Tax Schedules
  • 4.
  • 5.
  • 6.
  • 7.
  • 8.
  • 9. TAXES Annual Income Taxes Every year Uncle Sam requires you to file & pay taxes on your small business profits (or losses) Quarterly Estimated Taxes Pay-as-you-go income taxes Jan, Apr, Jun, Sept 15 “quarterly” deadlines Sales Tax Your state requires you to collect sales tax from in-state customers, and pass it along
  • 10.
  • 11.
  • 12.