Empowered Financial Management is designed to educate owners and bookkeepers on the fundamentals of accounting and office management. This course will review the proper methods and procedures of accounting, including general ledger maintenance and financial reporting. Attendees will work through specific exercises that apply the processes and procedures needed for accurate financial reporting and will learn to properly manage an administrative department.
Class Mission
To provide the dealer with a clear understanding of how financial reporting is created, the processes that support it, and how to identify areas of opportunity thereby increasing the dealers ability to attain 15.0%+ net profit and lay a strong foundation for future growth.
Class Outline
Class Mission – Review basic accounting principals such as accounting methods, general ledger, trial balance, and the function of each major account type.
Administration Management – Learn how the structure of an administrative team evolves as a company grows. This section will cover areas of responsibility, separation of accounting functions, expectations and owner's role.
Departmentalizing – Find out why businesses need to departmentalize. This section covers the processes that need to be in place, as well as why departmentalizing financial statements is crucial to future growth and profits.
Payroll – Proper handling of payroll can be a challenge. Learn about the hiring process, selecting a payroll cycle, handling of payroll taxes, and how to accrue payroll.
Billing & Revenue Recognition – This section covers processes that ensure 100% billing, how to handle prepaid maintenance contracts and WIP.
Accounts Receivable - Most businesses fail due to poor cash flow, not their ability to make a profit. Understand collections policies and procedures that will help ensure a positive cash flow.
Inventory / Accounts Payable – Inventory is a direct link to our cash account as well as a company's net profit. This section will cover recommended purchasing polices and accounts payable management.
Additional Topics – Learn about other accounting topics that are necessary in ensuring a properly stated financial statement.
Proper Estimating & The Job Cycle – Creating a process that allows for clear communication between the sales department and the installation department is vital to a job's profitably. Review the steps necessary to get this done. This section also reviews using GPMD as an estimating tool as well as how to find your divisor.
Reporting, Month End & Implementation - Which reports should the owner be reviewing and how often? How do I know the information provided is accurate? Both questions will be answered in this section. Additionally, we will spend time analyzing sample financial statement reporting.
Samples & Working Papers – Throughout this class there will be a number of exercises class participants will be asked to complete. These exercises all tie to proper month end procedures to ensure proper financial reporting.
