Recently, two of my close friends started an ESports/Gaming company. This company provides entertainment from tournaments, merchandise and even sponsorships for streamers. While they are successfully running that side of the business, they have neglected the "behind the scenes" portion of their business. They have all their receipts for their expenses, but they haven't gotten organized or figured out how they were going to do the expense reports, profit and loss statements and the balance sheet. If you're not on top of this, it can become a mess down the line.
I noticed they weren't fully educated on what needed to be done, especially with Florida Sales Tax since they are making a profit from selling merchandise to their customers. I also explained to them the importance of record keeping, just in case they get audited in the future. At this point, I volunteered to help them with the Accounting side of their business. Not only does this help them, but it helps me gain experience for my future business.
I have created expense reports, profit and loss statements, balance sheets and I also organize all of their important documents. Since this business is so small, it allows me time to research what is needed as well as get a second opinion from the tax attorneys at work. This experience will provide me direction in how I can best maintain records for my future clients.
I enrolled in this class in order to gain more knowledge in the business world. I believe it will be very beneficial to my future endeavors of starting up an Accounting Firm. I'm hoping this class will point me in the right direction of where to begin and what to be aware of. I am very open minded in this process and I'm willing to put the work in to become successful.
Hey Jessica,
ReplyDeleteThis was interesting to read, and I think that it's great that you're helping your friends with the accounting aspect of their business. I am a sport management major and I am unfortunately required to take a financial accounting course, which I am now taking at Valencia college. So far after learning about all the financial statements, I can see how it's really important to keep up with all of that. I don't think there's really much you could've done better on this post.
Hey Jessica,
ReplyDeleteI think it is really cool that you're working in your field already and that you are helping your friends with your work as well. I am sure not too many people already have much entrepreneurial experience already. I definitely hope to see a few of your comments and thoughts on our work. Those last two sentences, I think, are very insightful as to what is necessary for getting the most out of this class.
-oluwayemi olajubu