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ATTENTION---- URGENT INFORMATION------ Vendors, Small, home based business owners take a moment to find out how to keep track of your income and expenses during the year. This is important for IRS tax purposes, family court, verifying income, and knowing if your business is actually making a profit. Aisha Abdullah is a Lasalle University graduate, accountant and owner at Abdullah & Associates LLC. Topics covered in this presentation is accounting system, bad habits, tracking income, free ways to track income and expenses, paypal, anovia, writing a budget, and being ready at the end of the year to file your taxes. Educational purposes only. Abdullah & associates is not liable for any misrepresentations of this as financial advice. Call and schedule a consultation to discuss your actual financial situation. Information in this presentation is not intended to replace financial advise from an accountant. Hire an accountant or lawyer if you are faced with an audit.
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MAKING FINANCES
FUNDON’T BE A DUMMY JUST MANAGE YOUR MONEY
Ice breaker Turn to the business owner next to you and
tell them your name, past business, present business and a future goals!!
WELCOME
Accounting System What is it?
How you record the flow of your transactions from beginning to end.
Database
Order
Advertise
Bills
Material
Vending
Shipping
Travel
Customer!
What is your weakest point?
Mindset Putting off Thinking the little things are
insignificant Financial literacy Categorizing Financial instability/ survivalism No Bank account Receipts fade
TRACK INCOME
DONT’S
DEAL IN CASH, instead take it to the bank!
FREE WAYS TO TRACK EXPENSES
INTERNET IS YOUR BFF!
Paypal.com
Anovia
For Your Customers
Simple Application
How Do I Start?
For one month keep track of everything Sign up for a bank account Get a PayPal, so you can get a debit
cardGet away from cash
Anovia will contact you in 24hours and send the equipmentStop taking cash
WRITE A BUDGET
Monthly income: $3,000 Expenses:
Rent/mortgage: $800Household bills (utilities/electric/cable):
$125Groceries: $300Dining out: $125Gas: $100Emergency medical: $200Discretionary: $400Savings: $900
ACTUAL EXPENSES Be real with yourself No amount is too small
DO IT AGAIN !
Budget Record Actual
AT THE END OF THE YEAR Print all statements for the year Anovia Paypal Square Bank Statements Fresh Books Quick Books And receipt book for cash transactions
COME TO US
Office Address:5930 Haverford AvenuePhiladelphia, PA 19151
Off: (215) 476-7000Fax: (215) 476-7100Cell: (215) 479-2079
