SBDC Presents Business Classes
Two important issues for small business owners are managing financial statements and business tax savings. The Small Business Development Center at Jamestown Community College is hosting experts from the Bonadio Group to provide information on these topics on Nov. 5.
The first program will be “Understanding Your Financial Statements” held from 10-11 a.m. Understanding your cash flows is crucial to successfully managing your business. The cash and accrual methods of accounting each have advantages and disadvantages. You’ll see that using a 13-week rolling cash flow is a practical way to manage your day-to-day cash flow so you can react in real time.
The second program is “Have You Maximized Your Business Tax Savings Under the New Tax Law” from 2-3 p.m. Learn about substantial savings available under the Qualified Business Income provisions of the new tax law. Understand how a conversion from an accrual to a cash basis of accounting could reap significant savings for your business in 2019. We’ll explore the possibility of eliminating inventory from your tax reporting requirements. Finally, for any individuals in the construction industry and anyone who deals with long-term contract arrangements we will look at the advantages that can be gained by changing from percentage of completion accounting to completed contract accounting.
The cost is $10 per course. You are welcome to enroll in one course or both. For more information and to register, contact the SBDC at 338-1024.