September marks a time to reset one’s mind, which is why we hosted a two-part Financial Statement Series workshop for entrepreneurs this month. We are constantly identifying ways to help support the growth of Philadelphia businesses.
PIDC’s Vice President of Financial Reporting, Tiffany Candy, CPA took the charge in leading both workshops. The first of which focused the discussion around understanding the balance sheet. A few takeaways included:
- The balance sheet presents the cumulative financial position of the organization at a point in time
- As managers within your organization, you can help establish its financial plan and be active in monitoring the plan
- Set financial and operational goals
- Communicate goals to key stakeholders
- Build financial analysis tools
- Understand and analyze financial position and cash flow on a timely basis
- Remember CASH IS KING!
The second workshop focused the discussion around analyzing the income statement and managing cash flow. Canady wanted the group to remember these points:
- The management of the income statement is made more effective by annual business planning and budgeting, and comparing the actual results of the organization timely to those projections
- Business owners and accountants should weigh the impact of revenue recognition policies, including: tax consequences, investor preferences
- Prepare an annual budget; compare actual results against the budget timely
- Establish revenue and expense policies early in the development of the business plan/budget
We take pride in providing quality workshops for entrepreneurs and understand their time away from the office is valuable. Everyone was asked to fill out an evaluation form and the feedback was great.
“Tiffany gave practical examples and answered every question asked by the class.”
“This has been BY FAR- my favorite class—teaching business owners the basics. Well done!”
Each participant walked away with away with a binder detailing the two-part workshop and provided a road map to improve their business operations.
To register for an upcoming workshop visit pidcphila.com/events.