About the Video
In this video, I will break down the Profit & Loss (P&L) and Balance Sheet, which are the 2 most essential financial accounts that you need to prepare for your small business.
You will also learn through examples what assets, liabilities and equity are. I will also introduce you to the concept of business income, expenses, capital allowance, depreciation expense, cash vs accrual basis, and end the video with a summary of the accounting service you can subscribe to for your business!
๐ด ๐ฆ๐๐ฎ๐ฟ๐ ๐๐ป๐๐ฒ๐๐๐ถ๐ป๐ด ๐๐ถ๐๐ต ๐๐๐๐ฅ โก๏ธ https://www.interactivebrokers.com/mk...
๐ ๐ฆ๐๐ฎ๐ฟ๐ ๐๐ป๐๐ฒ๐๐๐ถ๐ป๐ด ๐๐ถ๐๐ต ๐บ๐ผ๐ผ๐บ๐ผ๐ผ โก๏ธ https://j.moomoo.com/00JRcf
๐๐ป ๐ฆ๐ถ๐ด๐ป ๐จ๐ฝ ๐ณ๐ผ๐ฟ ๐๐ฟ๐ฒ๐ฒ ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐ (๐๐ถ๐บ๐ถ๐๐ฒ๐ฑ ๐ง๐ถ๐บ๐ฒ)! โก๏ธ https://j.moomoo.com/00JRcf
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โฌ๏ธTimestamps:
0:00 Introduction
0:37 Responsibilities for running a business
1:39 P&L – Part A (Business income)
3:21 P&L – Part B (Business expense)
4:31 P&L – Part C (Capital allowance)
6:49 Balance Sheet
9:35 Accounting basics (cash vs accrual basis)
10:38 Accounting service
12:04 Comment down below!
๐ดTax article on TheEdge: Click Here
๐ดPart 1 of this series (Income Tax 101): โข Click Here
A Sole Proprietorship is a business wholly owned by a single individual using personal name as per his / her identity card or trade name.
Small-business bookkeeping is the process of keeping records and compiling information about what is going on in your business financially. Because sole proprietorships are closely held businesses, it is especially important to understand where your personal finances end and your business finances begin, and vice versa.
If you run your business as a sole proprietorship, you are not legally required to keep a separate bank account for your business. However, it is a good idea to do so unless your business is as simple and straightforward as a freelancing gig with a small handful of clients. If your sole proprietorship business has multiple types of expenditures, such as rent, materials and payroll, having a separate bank account makes it considerably easier to track and categorize your business activities.
โ๏ธUSEFUL LINKSโ๏ธ
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Disclaimer: This content is provided by a paid Influencer of Interactive Brokers. Influencer is not employed by, partnered with, or otherwise affiliated with Interactive Brokers in any additional fashion. This content represents the opinions of Influencer, which are not necessarily shared by Interactive Brokers. The experiences of the Influencer may not be representative of other customers, and nothing within this content is a guarantee of future performance or success.
None of the information contained herein constitutes a recommendation, promotion, offer, or solicitation of an offer by Interactive Brokers to buy, sell or hold any security, financial product or instrument or to engage in any specific investment strategy. Investment involves risks. Investors should obtain their own independent financial advice and understand the risks associated with investment products and services before making investment decisions. Risk disclosure statements can be found on the Interactive Brokers website.
Interactive Brokers is a FINRA registered broker and SIPC member, as well as a National Futures Association registered Futures Commission Merchant. Interactive Brokers provides execution and clearing services to its customers. For more information regarding Interactive Brokers or any Interactive Brokers products or services referred to in this video, please visit www.interactivebrokers.com.
