#21 Money Clarity for Amazon Business Owners - Part 1 of 2 - Amazing FBA - Expert Info for British Amazon Sellers
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#21 Money Clarity for Amazon Business Owners – Part 1 of 2

This Episode, #21 ,  is the first of 2 that will deal with the area of money basics and accounting. This episode is about basic principles  – the next will be much more specific to Amazon businesses.

Understanding and dealing with finances can be both intimidating and boring! Not a great combo! Sadly, this is one area of business you really cannot afford total ignorance of. However, once you gain clarity in the basic principles, it is easier to automate, outsource or even eliminate certain processes or records, meaning you get a more stable, safe business while costing yourself less money, less time and less worry.

SHOW NOTES FOR EPISODE #21 -Money Clarity Part 1 of 2

  • Basics of accounting:
  • Books:  Phil Stone: Understanding Small Business Accounting  (Amazon link)
  • Penny Lowe:  (Penny is my accountant and advisor) Understanding your accounts (Amazon link)
    1. Balance sheet
      1. assets
        1. Current assets
          1. cash in hand
          2. bank accounts
          3. INVENTORY!
        2. Fixed assets
      2. liabilities
        1. Equity
        2. Debt
    2. P & L
      1. meaning- change in value of equity
      2. includes value of inventory!
    3. Cashflow
      1. Cashflow vs. profit
  • Types of Accounts:
    1. annual
    2. management
    3. projected
  • Capital requirements
    1. Sources of Capital
    2. Equity
        1. Your money
        2. investors
    3.  Debt
      1. bank
      2. loan from family etc.

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