Basic Financial and Accounting Principles for the Business Owner – 11/30/20 & 12/2/20

This workshop will discuss financial flow and how it operates within a business. Terminology will be defined as well as explanations pertaining to the various business reports. Then a basic financial worksheet will be completed using a case study as an example, with exercises to help you better understand financial concepts. This session reviews sales and prices, financial risks and rewards, true start-up costs, ongoing operating expenses, setting benchmarks for tracking progress and the organization of all your financial information. Using a hands-on approach, you learn how to use our financial model to forecast sales revenue and build solid pro-forma financial forecasts. You will leave this workshop with templates for:

-       Cash Flow

-       Basic Profit and Loss Statement

-       Balance Sheet

Your Presenter:  Timm Ryckaert

Timm has an extensive business background in finance.  During his 20 year corporate career, he has held positions as varied as Production Supervision, Cost Accounting, Financial Planning and Analysis, and Regional Controller. Timm made the decision to leave corporate life and open up a business of his own, which he successfully ran before selling his retail operation.  He continues to run his own business investment operation. Timm joined SCORE as a volunteer in November 2019.