financial strategies 2013
DESCRIPTION
TRANSCRIPT
What Does The Word Astrape Mean?
Astrape pronounced (AS-STRAP-PAY) is a Greek word which is translated as:
“Light shining" (of the gleam of the lamp).
Our Mission
Astrape Finance aims to create a community of persons and businesses
that understand the tenets of financial management and are able to
execute clear and sound corporate and personal finance plans for growth.
Online Presence
Facebookwww.facebook.com/AstrapeFinance Twitterwww.twitter.com/MelindaLBelle Websitewww.astrapefinance.com
Online Presence
Company Bloghttp://astrapefinance.wordpress.com
Founder’s Personal Bloghttp://everydayfinancial.wordpress.com
Founder’s Bio
• Barbadian by Birth
• Attended the Alexandra Secondary School then transitioned to Harrison College (1994-1999)
• Attended the Barbados Community College and obtained an Associate Degree in Computer Studies (1999-2001)
Founder’s Bio
• Graduated from UWI Cave Hill with a BSc. Computer Studies & Management (Double Major, 2001-2004)
• Possesses seven years of experience in the accounting field, five of which were gained in the offshore banking sector
• Acquired a Certificate in Counselling from the Barbados Wesleyan District
Founder’s Bio
• Is a teacher at heart
• Has been the Founder and Financial Consultant for the past year and seven months (and counting!)
FINANCIAL STRATEGIES 2013
#bizboost
Explore Financial Strategies that Will Boost Efficiency for
2013 and Beyond
#bizboost
How Financial Strategies Boost Efficiency in Your Company
Track your company’s financial activities
- Cash flow - How much you own- How much you owe- How much income you make- How much expenses you incur
#bizboost
How Financial Strategies Boost Efficiency in Your Company
Track your company’s financial activities
- How much you make (or lose)- How much do clients owe you- How much you owe for taxes- How much do you have to pay for
salaries
#bizboost
Financial Strategy #1
Set Up An Accounting System
#bizboost
Accounting System
A tailor- made system, suitable to record the financial transactions of
your business.
#bizboost
Book Based
Cash Journal Used to record cash transactions
Purchases Journal Used to record purchases
Sales JournalUsed to record sales
#bizboost
Software Based
- Quickbooks- Accpacc- Microsoft Excel
#bizboost
Key Accounting System Tasks
- Bookkeeping- Reconciling- Accounting
#bizboost
Bookkeeping
The process of recording daily transactions of the business into books of accounts or accounting
software or both.
#bizboost
Reconciling
The process of balancing your books to reflect the correct financial picture
of your company.
#bizboost
Accounting
Using the information entered and presenting it in the form of financial
statements.
#bizboost
Financial Statements
- Income Statement - Balance Sheet- Cash Flow Statement
#bizboost
Income Statement
Comprises the following:
Revenues – Sales
Expenses – Rent, Utilities, Salaries
#bizboost
Income Statement
Shows your Net Income
Net Income = Revenues > Expenses
Shows your Net Loss
Net Loss = Expenses > Revenues
#bizboost
Balance Sheet
Comprises the following
What you own and Who owes you: AssetsE.g. Equipment, Cash, Accounts
Receivable
What and Who you owe: LiabilitiesE.g. Accountable Payable, Loans
Money invested into the company: Equity
#bizboost
Balance Sheet
Shows your financial position
Assets = Liabilities + Equities
#bizboost
Cash Flow Statement
Statement used to monitor cash movements within the company:
- Operating activities- Investing activities- Financing activities
#bizboost
Cash Flow Statement
Operating activities- Expenses
Investing activities- Purchase of equipment
Financing activities- Money invested by the owner of the
business or an investor
#bizboost
Financial Strategy #2
Employ Financial Controls
#bizboost
Financial Controls
Tools used to manage a company’s finances through planning and
performance evaluation.
#bizboost
Financial Controls
- Budget- Reconciliation- Analysis of Financial Statements
#bizboost
Budget
A Budget is a spending plan used to allocate money for specific purposes.
E.g. Rent, Salaries
#bizboost
Reconciliations
- Petty Cash
- Cheque Book
- Bank Statement
#bizboost
Analysis of Financial Statements
Make comparisons between financial years
- Determine if more or less money was spent over a specific period
- Determine if more or less money was made over a specific period
#bizboost
Financial Strategy #3
Plan for Growth via Forecasting
Forecasting
A planning tool used to project future financial events.
#bizboost
Future Events
- Sales- Expenses - Investments- Debt Repayments
#bizboost
Financial Strategy #4
Be a Prudent Business Owner
#bizboost
Step #1: Make a Plan
#bizboost
Step #2: Be Patient
#bizboost
Step #3:
#bizboost
Be Persistent
The End
Thank You!