Introduction
                                    
                                        Why is financial record keeping important?
                                            
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                                1. Create a Qualitative Business Plan
                                    
                                        Financing a small business
                                            
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                                        Sales forecasting
                                            
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                                        Forecasting expenses
                                            
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                                        Cash flow management
                                            
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                                        Forecasted financial statements
                                            
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                                2. Capture Basic Business Data
                                    
                                        Wasatch Medical Center and paper records
                                            
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                                        A simple spreadsheet
                                            
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                                        Basic accounting software
                                            
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                                        Payroll record keeping
                                            
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                                3. Small Business Income Taxes
                                    
                                        Types of books
                                            
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                                        Business income tax report: US Schedule C
                                            
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                                        Separating personal from business expenses
                                            
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                                4. Prepare Financial Reports to Be Shown to Outsiders
                                    
                                        Reliable financial reports
                                            
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                                        Financial reports for banks, potential investors, and partners
                                            
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                                        Earnings management and user skepticism
                                            
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                                        Auditors
                                            
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                                5. Determining the Value of a Business
                                    
                                        Valuing a family-owned business
                                            
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                                        Using price-earnings (P/E) ratio for valuation
                                            
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                                        Using price-to-book (P/B) ratio for valuation
                                            
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                                        Using price-to-sale (P/S) ratio for valuation
                                            
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                                        Establishing the credibility of income forecasts
                                            
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                                        Managing internal controls
                                            
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                                Conclusion
                                    
                                        Setting up your business for success
                                            
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                                    Glossary_Financial_Record_Keeping.zip
                                    
                                        (102 KB)