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Total lesson time: 30 min

Introduction

In this lesson, we look at how money moves in and out of a business. It may seem simple at first glance but to keep control of your financial operations, you need to put steps and tools into place to make all financial transactions flow. Additionally, you are required by law to keep certain records. We explore this as well.

At the end of the lesson, we have you sketch the flow of money and record keeping in your business. Like the production plan flowchart you created in a previous lesson, this sketch will help you establish how you will handle each type of money transaction, what is required to create a smooth procedure, and the tools you need to put into place.