Key Business Skills: Understanding Profit & Loss and Cash Flow
The training presented by Knecht Income Tax Service, LLC (KITS) will be specific for small business owners to expand their current thoughts around Cash Flow, Balance Sheets, Profit & Loss statements. The Whys and Hows and Whats of these documents so that you can increase your business knowledge.
First, we will discuss the skeleton of your business finance, also known as the Balance Sheet. Here we talk about the things your business owns and how it is financed. We will talk about how and with whom you use this document. How to structure it, and how frequently you should update it.
Then we will discuss flows of money in, around, and out of the system, and the report that reflects this is called a Profit and Loss or Income Statement. We will use Quickbooks/Xero to illustrate the ways it is built and filled with facts. You won't need to have QuickBooks/Xero, but it will give us a jumping-off point for our knowledge.
Carina "Cina" Knecht is a woman business owner and an immigrant from Sweden and a 4th generation entrepreneur with formal education in Business and a BA in Political Science, Masters in Risk Management, Certified Financial Planning Candidate and a Masters in Sustainable Development. Her family includes her husband, five natural children, and an assortment of bonus individuals who have called her house a home for a time. Each has enriched her life.
She serves as an ambassador for the Utah Women's Networking Group and is a member of
NAWBO. Her current goals include learning to surf and successfully grow a tomato plant.
About Knecht Income Tax Service, LLC
About four years ago, when looking to expand its presence, KITS, LLC found Sheryl Taylor, owner of Taylor Income Tax Service, LLC. Sheryl had relocated from IL about 15 years ago after retiring from full-time tax and bookkeeping but wanted to continue to keep her skills alive.
Knecht Income Tax Service, LLC wanted a presence in St.George to go along with their satellite location in Upland, CA, as they traveled from Orem. Taylor Income Tax Service was for sale as Sheryl wanted to retire. KITS took over the name Taylor Income Tax for its St.George office located at the corner of South Valley View and Dixie. Originally, only about 200 clients were clients, and now In the third full year of running the office, KITS has just under 300 clients in the surrounding area, including many business owners.
Come visit us @ knechtincometaxservice.com and check out all of our services (Taxes, Bookkeeping, Financial Planning, Business Set up, and more).