Learn the fundamentals of financial statements for for-profit organizations in this comprehensive session. Gain a clear understanding of the critical four financial statements and their analysis. Discover key performance indicators (KPIs) to monitor your organization's health and learn how to benchmark your financial performance against similar organizations. Join us on Wednesday, August 2nd, from 2:30 to 4:30 pm to enhance your financial statement knowledge and make informed decisions for your business.
Session 1: Financial Statement Overview
Overview of key financial statements and their analysis for for-profit organizations.
Learning objectives:
Identify the critical four (4) financial statements of a For Profit Organization.
Identify the Key Performance Indicators (KPIs) to monitor the organization's health.
Identify sources for benchmarking financial performance against similar organizations.
If selected to join the Financial Fitness cohort, you are required to attend all 4 weeks of the program
Additional Sessions In This Program
The Prince George's County Economic Development Corporation and the W2 Group LLC have partnered for a series of Quickbooks-based financial training sessions aimed at educating small businesses in Prince George's County. These sessions cover various topics, including financial statement analysis, performance dashboards, compliance and certification, and understanding indirect rates for government contracting. Participants will gain valuable insights and skills to strengthen their financial management capabilities, enhance business performance, and navigate the complexities of certifications and government contracts. These sessions offer a valuable opportunity for members to expand their knowledge and grow their businesses effectively.
Session 2: Performance Dashboards
Wednesday, August 9th
Creating performance dashboards using QuickBooks Online and Fathom.
Prerequisite: QuickBooks Online System.
Experience level: Intermediate.
Learning objectives:
Identify the eight (8) core areas of a business requiring monitoring.
Establish operational targets for key performance indicators.
Demonstrate creating a Performance Dashboard using QuickBooks Online + Fathom.
Session 3: Compliance, Certification, and Capital
Wednesday, August 16th, from 2:30 to 4:30 pm
Understanding minority-owned or small-business certifications and financial reporting requirements.
Learning objectives:
Identify the three (3) major minority-owned or small-business certifications.
Identify financial documents needed for certifications and capital.
Identify errors and issues in financial statements affecting certification and loan applications.
Session 4: Understanding and Identifying Your Indirect Rates for Government Contracting
Wednesday, August 23rd, from 2:30 to 4:30 pm
Exploring government contract types and calculating indirect rates using QuickBooks Online and "GovieRates" add-on.
Prerequisite: QuickBooks Online System.
Learning objectives:
Identify contract types used in government contracting.
Discuss cost accounting and its importance in rate calculations.
Demonstrate automated rate calculations and project profitability using QuickBooks + GovieRates.
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