NOTE: If you are unable to access the Resource Links on this page, there is a special page for Skillshare students with the Resource Links located at the Boatright Financial, LLC website. Please copy and paste the following URL into your browser's address bar to access the Resource Links from there.

https://boatrightfinancial.com/skillshare-resource-links

Class Project #1: At the end of step 2, you will know how to set up your business and personal bank accounts to help you financially organize your business to become profitable. For this project, take the handout and write down the specific bank accounts that you want to set up for your business and personal income and savings. Note: If you don't have your own business, you can either get creative and make up the business accounts or simply focus on the personal accounts.

Consider an Operating Account, Expense Account, Tax Account, Personal Checking, and a type of Savings Account at least, though more is fine. Write down how much money you want to transfer to various accounts each month. For example, 35% of cash profits going into the Tax Account each month, or 20% of your personal income transferring into your Savings/Money Market Account each month, etc.

Make sure to post the handout, whether a work in progress or completed, to the Project Gallery to show your work. And as always, feel free to ask any questions if you need help.

Class Project #2: At the end of this course (after step 10), you will be able to track and forecast your sales, cash inflow, and cash outflow. Use the spreadsheet provided (or create your own, if preferred) to forecast your cash flow 3 to 6 months out. Remember, these are just estimates, so don't let it stress you. Tip: Use last year's sales, cash inflow, and cash outflow to estimate this year's numbers. You can type in last year's sales, cash inflows, and cash outflows in the "Actual Cash Flow" tab and type in this year's estimates in the "Cash Flow Forecast" tab, estimating 3 to 6 months out.

Type in the sales categories on the left side of the spreadsheet. Type in the cash inflow and cash outflow categories on the left side as well in the places provided (i.e., rent, salary, utilities). If you don't have your own business, forecast your personal cash inflows and outflows. The formulas are in the provided spreadsheet, so the math will be applied for you once you input your numbers.

Make sure to post your forecast, whether a work in progress or completed, to the Project Gallery to show your work. And as always, feel free to ask any questions if you need help.

D. Boatright

Virtual CFO │ Tax Strategist

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