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ARE 5.0 Practice Management Exam Prep

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Firm Financials: Profit Plan + Annual Budget

12m 4s

In this newly updated ARE 5.0 Practice Management course, you will learn about topics such as insurance, firm financial documents and metrics, the B101, and firm legal structures. Our focused approach covers practice management topics comprehensively and succinctly, ensuring that you're prepared for each of the NCARB objectives covered on the PcM exam. Instructor Joy Meek lends an architect’s insight on topics like the standard of care, client relations, obtaining new projects, and firm management. The lesson format includes engaging motion graphics and visual learning aids to enhance your studying. When you're done with this course, you will have a thorough understanding of ARE 5.0 Practice Management content.

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Just like the PL statement, the last line of the annual budget subtracts fixed and variable expenses from the revenue section and adds the miscellaneous section to this total. The result, the expected net profit, can then be transferred to each month's PL statement in the year-to-date column. For example, the PL statement is for a period ending December 31st, so the year-to-date column will match the totals on the annual budget.

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From the course:
ARE 5.0 Practice Management Exam Prep

Duration: 8h 26m

Author: Joy Meek