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TRANSCRIPT
Finance For Non-Financial Personnel Part 2Business Driven Finance Insights For Laymen
Misconceptions About Accounting
£ ¥ € ₳ ₨$The Structure of Finance For Non-Financial Personnel
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Part 1
Part 2
Part 3
Part 4
Introduction and explain the importance of learning business driven finance
Misconceptions - to describe the common misread of the laymen about the accounting department and it practise. Fundamentals of financial knowledge-set your perspective.
Records - understand the principles that used in recording transactions & how your activities related to them. Very important but have been ignore by many.
Reports- learn evaluate financial information, perform critical ratios analysis, and read different reports. From your perspective, how to use the reports in the best way.
8 presentations altogether, if you cannot find all the links, kindly email [email protected] to request
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Misconceptions About Accounting
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Misconception 1The facts is accounting treatment is rigid due to
stringent accounting principles
Accountants’ behaviours restricted especially by
the external rules
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“ Accountants are rigid”
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Try to understand the accountants need to comply to the rules &
standards set externally.
I know the
system doesn’t allow ...
Can help me without
breaking the law?
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Misconception 1The facts is accounting treatment is rigid due to
stringent accounting principles
“ Accountants are rigid”
Accountants’ behaviours restricted especially by
the external rules
£ ¥ € ₳ ₨$
Misconception 2The prudent concept not the accountant governs
how we treat transactions and present information.
Prudence is adopted as people like to avoid unpresent surprises
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“ Accountants are prudent”
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Prudence is adopted as people like to avoid unpresent surprises
Input, process, & report -
key process
Prudence is the
virtue in reporting
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“ Accountants are prudent”
Misconception 2The prudent concept not the accountant governs
how we treat transactions and present information.
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Misconception 3You need a math whiz to be an accountant. NOT
REALLY - usually he just add or subtract numbers
Most calculations done by accounting system
and calculator
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“Math Whiz = Accountant”
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Misconception 3You need a math whiz to be an accountant. NOT
REALLY - usually he just add or subtract numbers
Most calculations done by accounting software
and calculator
We alsoProduce Report
ControlAnalyse
ConsultingCommunicate
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“Math Whiz = Accountant”
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Misconception 4Accountants don’t solve money troubles. You do
the forecast with his advice on financial technical issue.
You know how to find money, your accountant
can advise you on the behaviour of the money!
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“Accountant = Money Solver”
Accountant?
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Misconception 4Accountants don’t solve money troubles. You do
the forecast with his advice on financial technical issue.
You know how to find money, your accountant
can advise you on the behaviour of the money!
Great Sales!
What cause
sales slow down?
Most of the time, money trouble is sales trouble … there are exceptions though...
Not interested
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“Accountant = Money Solver”
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Misconception 5Not just recording & reporting
the financial numbers! Let him join in strategic planning process.
He is extremely useful when he gets involve early!
Charge!
Accounta
nt
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“Accountant = Bookkeeper”
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Charge!Boss, ROI too low, still want
to charge?
Marketing & investing are critical activities. Don’t exclude the accountant!
Accounta
nt
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Misconception 5Not just recording & reporting
the financial numbers! Let him join in strategic planning process.
“Accountant = Bookkeeper”
He is extremely useful when he gets involve early!
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● Remove the common misconceptions
● Different perception on the accountants & their functions
● Change the way you work with them
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Are You On Track?
Look For Next Presentation: Finance For Non-Financial
Personnel - Part 3
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For more information: www.3cthinktank.com
8 presentations altogether, if you cannot find all the links, kindly email [email protected] to request
All the 8 presentations are the overview, PLEASE email us if you like to get more benefits from them.