Business Finances Class
Entertainment Business Finances honestly has been one of my most challenging classes in school so far this year. Let’s be honest here. I don’t budget my money well, and in order to become a better business man I needed to learn how to handle finances. When this class rolled around it stressed me out. I’ve never been a huge fan of math. I love the creative side of business and talking to people. Doing the books has always freaked me out. As this class comes to a close I can say that has changed. First, I just want to say that there is nothing more boring than a business finance book. There were moments I had to read the same paragraph twice to get it, but once I did it stuck. I always understood what a profit was, but I never understood the breakdown until I had to work on it for this class. For our final project we do finances for our business that we plan on starting. We had to project month to month for the first year and then project one and two years into the future. It’s taken some time to do, but it’s helped to see costs and working out what I charge for products/services. One thing this class has really helped me with is figuring our depreciation costs and what other costs I am able to deduct from taxes. It’s important to know these things when starting out in business because it helps prepare you and forces you to think if this is a good investment or not. There were things I thought I understood and was wrong about, such as interest costs and payroll taxes. Between the lectures, notes, and book, I feel like I have a handle on what my business’ finances should look like. For anyone planning a business, i would strongly suggest taking a business finances course or workshop. It’s important for you as a business owner to understand the money aspect of your business. Accountants are great and you need one, however, you should understand what it’s costing you to do business without one.