This month's topic:
Financial Affairs: Bookkeeping Best Practices
Most successful small businesses result from a good idea, creative marketing plans and -- above all -- sound financial management. While adequate startup funding and an accounting system that works for your business are vital to a sound financial management system, both are only starting points in the development of a sound financial plan. Moving forward by implementing a system of effective financial practices is how you’ll ultimately gain and maintain control of both your budget and future financial success.
The term “financial practices” refers to the set of common methods or standard operating procedures you develop for carrying out accounting, financial reporting, budgeting and other activities related to business finances. Each one serves to support business policies, establish accountability and provide step-by-step instructions for completing a task or activity. It’s important to understand that while SOPs are a component in a sound financial management program, it’s the information an SOP contains rather than the SOP itself that determines whether the financial practices outlined are successful in producing a desired result.
About the presenter:
Libby Edwards-Allbaugh is the owner of The Tax Ladies, a company providing professional tax preparation and bookkeeping services for individuals and small businesses. Libby is active in the Charlottesville and Fluvanna communities, supporting many organizations through personal volunteer service and through The Tax Ladies.
The purpose of the Chamber Business Diversity Council (CBDC) is to grow and support minority businesses by facilitating the startup of new businesses and the successful running of existing businesses via presentations, discussions, networking, conferences, etc.
CBDC will also host networking events for chamber members & community*. These events are hosted in partnership with other businesses and organizations to further promote and support business diversity:
April Event to Be Announced
June Diversity Networking Mixer
September 19 Signature Event (incl. registration/fee)
December Holiday Mixer
*Dates to be announced.