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Color accounting benefits zim
- 2. What is Color Accounting?
- 3. Business Comes Alive! • Outcome: A deep understanding of how value is generated in business and my role in making that happen.
- 4. Business & Education Benefits • Enables better profit-focused decisions • Promotes engagement/financial leadership • Integrated, communicative teams • Links daily behavior with value generation • Provides essential life skill for all • Establishes strong foundation for any further accounting/business studies
- 5. Need • Look a bit deeper and management issues are often financial literacy issues. • Illiterate people disengage. • Color Accounting wakes people up and excites them to action • People think accounting is difficult. It’s not. ““My business failedMy business failed because Ibecause I misunderstood themisunderstood the word ‘Revenue’”word ‘Revenue’” ““My business failedMy business failed because Ibecause I misunderstood themisunderstood the word ‘Revenue’”word ‘Revenue’”
- 7. Why it works? • Fixes the root cause of illiteracy • BaSIS Framework™ means people can see, touch, engage • Point-ability means people communicate clearly • No gimmicks
- 8. Found a better way...
- 9. Learning Benefits • Rapid, deep learning • Immediately applicable • Tailored to your business • All levels. All styles. • Lasting • Leverages other training • Enjoyable. • Removes fear
- 10. Purchasing Comfort • Cost effective • Your trainers or ours • Flexible: time, place, format • Best of breed training • Proven. No surprises
- 11. Business Benefits • Team members: understand profit impact of role: where I fit into the big picture • Sales people: understand their clients’ businesses & purchasing motives better. Adapt their selling pitch. Explain value of services. • Clerks: perform their tasks better. “The one course that makes a difference at the screen” • Managers: manage budgets, achieve targets • Finance team: no intimidation. Get the message across.
- 12. More Business Benefits • Executives: communicate priorities, KPIs • Industries: Better understanding of profit and cash flow. e.g. Insurance reserves • Onboarding: Creates a great first impression • Board: Greater risk awareness, increased participation • Lawyers: Richer engagement of clients, colleagues, witnesses, expert advisors. Practice management.
- 13. Heard many times… • “Why aren’t all accounting courses taught this way?” • “This was the best training in my 16 years at this company” • “I learned more in a day than I learned in 2 semesters at college.”
- 14. Color Accounting and BaSIS Framework are trademarks of Brought to you by: Licensed Color Accounting Solution Provider WJ Reddin & Associates (Pvt) Ltd Email: reddin@utande.co.zw
Editor's Notes
- Color Accounting is a learning system. It is based upon a new way of graphically representing financial information. (Caution: People have on occasion thought that CA is a new way of doing accounting to be used by company’s accounting departments.)
- Ultimately Color Accounting is about business more than accounting. It addresses the root-cause of people’s disengagement, fear and sub-optimal decisions. Color Accounting delivers a solid ‘platform of understanding’. People have said of other courses “I learned about the ratios and financial measures, but I still didn’t know where the numbers came from”
- Strong business benefits from people-centric outcomes
- You will learn about the essence of business. Henry Ford, whilst massively improving the efficiency of car manufacture with his production line, turned people from carriage builders into ‘wheel putter onners’. They lost sight of the whole. Unlike the sweeper at NASA who said I’m helping send a man to the moon, workers need to be reminded of where they fit into the whole. Color Accounting delivers and understanding of how business - in essence - works. People often simplify business by describing it as about cash in and cash out. That’s an oversimplification. Business is about value generation. Articulate this cycle: - The owner takes the initiative and the most risk, and inject equity capital to start a business. If they put in a $100, they’d only be able to buy $100 worth of assets. - So they leverage their funds by borrowing ‘other people’s money’. The business incurs liabilities and uses a second source of funding. - With these two sources of funding the business acquires assets, whose purpose is to generate income. - Unfortunately it’s a fact of life that you have to destroy value as expense… - To generate value as income. Every employee is part of the tension between these two activities. - Hopefully there’s more value generated than destroyed, and the surplus goes to the owner, who took the most risk. This Value Cycle is a powerful explanation made possible only by an understanding of the BaSIS Framework.
- Color Accounting is effective and better than other systems of teaching accounting and finance because - It uses color and 3-dimensional props so that learners can see and experience accounting - Color is used logically, not gratuitously like other systems. Color usage is patented. - The system physically models how accounting truly works. So learners interact with what is actually an accounting system. - Each learner gets a pack of learning materials, which includes reference materials to keep - The learning delivers and understanding of fundamentals that other courses ‘step over’. Colour Accounting uniquely addresses issues that other courses ‘don’t realize that students need but don’t know’. An example of this is the meaning of ‘expense’ and ‘income’. - CA starts at Level 0, where other courses start at Level 2 or 3. Everything that follows is therefore weakened. The system creates point-ability. Literally, concepts that were obscure can now be pointed to. For example, a huge confusion that is addressed is the difference between income and cash. Students can be observed looking at one element when describing another. This dissonance can be highlighted and results in an ‘aha’ moment. Facilitators can both show concepts precisely and ‘get inside the heads’ of their students. Another classic misunderstanding that is clearly explained is the connection between the balance sheet and income statement. The BaSIS Framework is a graphical representation of a Balance Sheet and Income Statement. By connecting real world events > to an accounting system > to financial reports > to business analysis > to business decisions, students leave informed and empowered. Other courses put ‘lipstick on the pig’. They dress up the same old explanations to look fun, with no increase in learning result.
- Color Accounting has been used by industry leaders and many are repeat clients, year after year. The head of the accounting unit at Harvard Business School endorsed Color Accounting with the following quote: "[Color Accounting] has the advantage of showing how accounting works visually. We all tend to see problems and relationships more easily visually, so the ACA approach takes advantage of how we learn most effectively. As such, I believe that it is of value to anyone who is interested in understanding how accounting works (from high school students to undergrads to MBAs to business executives)."James R. Williston Professor of Business AdministrationHarvard Business School In banking it’s particularly useful for helping people understand money flow through the bank’s system In not for profits, it’s particularly useful for helping managers understand fund restrictions and reserves. They know more clearly when they can and can’t spend. In accounting firms, onboarding programs benefit with faster training and full grasp of accounting. And parallel experts (such as tax advisors and support staff) become less threatened by the jargon that the accountants use. Lawyers love knowing how the financial statements connect and engage clients, experts advisors and each other more confidently. All sorts of lawyers benefit, from commercial lawyers involved in equities issuance, family lawyers assessing the value of estates, to litigation lawyers understanding the commercial issues at play.
- Extremely fast learning saves money. Even an advanced accounting program can be shortened by including CA as a pre-requisite Finance professionals benefit from learning how to communicate accounting issues better. They get to understand what other people don’t understand, or what others often incorrectly think when they use certain terms. Financial people often get new insights for themselves. CA has been used for blue collar workers, and for boards of directors. It is powerfully simple, but never simplistic.
- HR executives and Learning & Development Professionals in many industries have been thrilled with the results of Color Accounting workshops. The last thing that an L&D manager wants is to trap a group of their people in a deadly dull or ineffectual workshop. The risk of that happening with a Color Accounting workshop is zero. People often pop-in to CA workshops and end up staying for hours.
- HR execs love CA because:* superior learning technology* less time off job* higher ratings
- “CA's superior learning technology means less time, more understanding, higher engagement with company financial strategies, more innovation. It more than pays for itself.” “CA directly addresses top HR priorities: engagement, productivity, talent management.” “Talent Management: CA speaks to those professionals who might have 'avoided' accounting in their careers. For example, we have lots of experience with lawyers and engineers. The result? More professionals with an understanding of finance = a bigger talent pool of future leaders.”