Landscape Business Records

Plant: Winter Daphne

Term: Accounting

Winter DaphneDaphne odora

• (Pronounced Daffney)• Plant type: Evergreen Shrub • USDA Hardiness Zones: 7a to 9b • Height & Spread : 3-5’ • Exposure: partial shade• Bloom Color: Pink, Purple • Bloom Time: winter • Leaf Color: Green • Growth Rate: slow • Short lived plants – live 8-10 years• Can’t be transplanted or moved• Very fragrant

Accounting

• Recording, classifying, and interpreting financial transactions

Business Records

• Financial Records are important tools for making business decisions

• Business managers cannot make decisions of the do not know their financial status

• 3 most important reports:– Profit and Loss statement– Balance Sheet– Cash Flow Report

Most important reports

• Profit and Loss statement– Show income and expenses over a specific period of

time: ie month, quarter, year

• Balance Sheet– Shows what you have or own vs what you owe to

someone else at a specific point in time: usually the end of a reporting period

• Cash Flow Report– Shows money due in vs money due out if you use or

extend credit

If you needed . . .

• To know if you made money on a job, which report would you look at:– Profit and Loss statement– Balance Sheet– Cash Flow Report

• If you wanted to know if you have enough money in your checking account to pay off your debts, which would you look at?– Profit and Loss statement– Balance Sheet– Cash Flow Report

Answers

• The profit and loss tells you if you made or lost money on any particular job or time period

• The balance sheet tells you your assets (what you have) and your liabilities (what you owe)

Accounting

• The small business administration provides business training to start-up businesses– There is an office in most cities– They have excellent on-line resources

• Businesses may contract-out the bookkeeping and accounting tasks for their business

• Business owners must still know their financial status at all times

SBA

• The SBA has an excellent primer on accounting

• Follow this link to take the on-line class• You must register for the class – just fill in

the information• Print out the certificate of completion and

turn it in when you are done