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@/Arpro Solutions “Definition of Accounting”

Step-by-step,<br>we donu2019t expect you to be an accounting expert with @/Arpro!<br>

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@/Arpro Solutions “Definition of Accounting”

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  1. Arpro Solutions, LLC Step-by-step, we don’t expect you to be an accounting expert with @/Arpro®! Florida, U.S. @/Arpro Solutions “Definition of Accounting” “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

  2. Accounting vs Bookkeeping Accounting is a system of dealing with financial information that provides information for future decision-making. Accounting The process of recording, analyzing and interpreting the economic activities. Bookkeeping A method of recording all transactions for a business in a specific format. Provided by Arpro Solutions, LLC

  3. Why is Accounting important? Accountability People who handle cash in the company are responsible for it Budgeting This allows businesses to estimate its future sales and expenses Taxation Records must be kept in order to pay taxes • What financial questions might you have about your business? • Is the business earning profit? • Are selling prices to high/low? • How much does ABC company owe me? • What is the value of my inventory? • How much did Paul Smith earn last year? • Do we have enough money to pay our bills? “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

  4. Who else may want financial information? • Government • Bankers • Lenders • Potential Investors • A Lawyer “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

  5. Categories of Accounting Tasks • Routine Daily Activities • Processing Bills • Preparing Checks • Daily Banking • Recording Transactions • Preparing Business Papers • Periodic Accounting Activities • Paychecks • Bank Accounts (balanced monthly) • Financial Reports(monthly, quarterly, yearly) • Income Tax Return (yearly) “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

  6. The Balance Sheet A statement of financial position Assets(Things owned) = Liabilities(Debts you owe) Owners Equity(The owner’s share of the assets) @/Arpro® “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

  7. @/Arpro® Accounting Equation ASSETS = LIABILITIES + OWNERS EQUITY A = L + OE “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

  8. Balance Sheet • A “freeze frame” of what a business owns, owes and the owners invested interest. • A financial picture of the business at a point in time. • The balance sheet does not indicate whether it is financially strong. Provided by Arpro Solutions, LLC

  9. The Income Statement WHAT IS AN INCOME STATEMENT? Considering that a Balance Sheet is a snapshot of a business on one day in time, an Income Statement shows what happens over a period of time: how much money a business made or lost! As a business operates it makes money from daily activities. Through these activities the business also accumulates expenses. Provided by Arpro Solutions, LLC

  10. The objective of a business Maximize profits! Revenue - Expense = Profit “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

  11. Presented by Zeno Buso Managing Consultant Arpro Solutions, LLCwww.arpro-solutions.com www.business-management-software.com www.simpleaccountingprogram.com www.arpro.it Contact Info: Paolo Bertuzzo Arpro Solutions, LLC sales2@arpro-solutions.com Phone: (407) 818-0644, (407) 534-4994 Thank you for attending our workshop. The information in this document is subject to change without notice and should not be construed as a commitment by Arpro Solutions, LLC. Arpro Solutions, LLC is not responsible for errors or damages of any kind resulting from access and use to this documentation. “The way Intellectually FUN people like to learn!” Provided by Arpro Solutions, LLC

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