Bookkeeping is not just about having things reconciled and all the payables entered.
The Balance Sheet is one of the best tools in the Bookkeeper’s toolkit.
If you need to better understand how the Balance Sheet is arranged and what the content represents this is a great opportunity to have a practical bookkeeping focused explanation.
Presented by Master Bookkeeper Leaine Jones, founder of Jones Business Solutions and Smart Books, this session will give you an understanding of the Balance Sheet and what the numbers are telling you.
Leaine will walk you through an example Balance Sheet, explain the components, and provide examples of how to sniff out things that are ‘not quite right’.
Leaine has managed her bookkeeping business for over 15 years, is also a Tax Agent, and via Smart Books regularly delivers training for Best Practice Bookkeeping.
Session Outline:
- The Accounting Equation
- Report Types (Types of assets / liabilities / equity)
- Solvency versus Insolvency
- Red flags (Overdrawn shareholder accounts, high inventory, owe more than are owed (Creditors more than Debtors)
- Balance Sheet Demo (Difference between Sole Trader and Company)