Presentation by UK top 20 accountancy firm Wilkins Kennedy, October 2012. How to spot the early warning signs that a business is in financial trouble and the options available to improve the situation.
This is an example of a case project we completed in Accounting course where we were given a blank color coded workbook in week one of the course. Each week we were given a packet of required documentation that needed accounted for in the proper areas of record keeping. By week 7 we completed the work book providing closing documents such as bank reconciliations, adj. entries, and closing entries.
This is an example of a case project we completed in Accounting course where we were given a blank color coded workbook in week one of the course. Each week we were given a packet of required documentation that needed accounted for in the proper areas of record keeping. By week 7 we completed the work book providing closing documents such as bank reconciliations, adj. entries, and closing entries.
Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson19
This lesson is focused on understanding the structure and importance of a Cash Flow Statement. The lesson covers the three main sections of a Cash Flow Statement: Operational, Financing, and Investing. The differences between the Cash Flow Statement and other financial statements are discussed, as are the relationships.
The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.
IPSO Chief Executive Pat McLoughlin's Presentation to the Financial Services Club, Ireland, 25th February 2009. This is part of blog entry that can be found at: http://thefinanser.co.uk/fsclub/2009/03/in-ireland-its-cash-or-cheques-only.html
Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson19
This lesson is focused on understanding the structure and importance of a Cash Flow Statement. The lesson covers the three main sections of a Cash Flow Statement: Operational, Financing, and Investing. The differences between the Cash Flow Statement and other financial statements are discussed, as are the relationships.
The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.
IPSO Chief Executive Pat McLoughlin's Presentation to the Financial Services Club, Ireland, 25th February 2009. This is part of blog entry that can be found at: http://thefinanser.co.uk/fsclub/2009/03/in-ireland-its-cash-or-cheques-only.html
This document contains exported financial statements that were created as a result of various entries into an accounting system of a business created with in Peachtree accounting program. This is to show what I was trained to do through my college courses.
Improving profitability for small businessBen Wann
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3. Cash Flow
• Overdraft is always at the limit
• Returned cheques
• Banks refusing to provide a loan
• Bank has asked for facilities to be reduced
• Bank wants to introduce investigating accountants
• Bank asks for increased security
• Bank wants personal guarantees
• Bank is looking for breach of covenants
• Invoice discounting/factoring
• Refinance assets
• Stock financing
• Equity or debt for equity
4. Balance Sheets
Company Company Company Company
A B C D
Fixed assets
Property 1,000,000 1,000,000
Plant & equipment 50,000 10,000 10,000 10,000
Motor vehicles 30,000 15,000 15,000 15,000
80,000 25,000 1,025,000 1,025,000
Current assets
Stock & WIP 40,000 10,000 40,000 100,000
Debtors 85,000 10,000 50,000 300,000
Cash at bank 10,000 90,000 25,000 100,000
135,000 110,000 115,000 500,000
Current liablilities
Trade creditors/HMRCE 105,000 25,000 50,000 1,300,000
Taxation 20,000 20,000 20,000 20,000
Directors loans 180,000 115,000
Bank overdraft
125,000 45,000 250,000 1,435,000
Creditors due after 1 year 800,000
Net assets 90,000 90,000 90,000 90,000
Share capital 10,000 10,000 10,000 10,000
Retained profits 80,000 80,000 80,000 80,000
90,000 90,000 90,000 90,000
8. Creditors
• Problems
• Cash flow always tight so paying creditors is difficult - constant creditor pressure
• Can’t get stock on time because missed deadlines for payment of supplier accounts
• Cannot get new credit
• Cannot extend existing credit
• Company’s creditor days growing
• Solutions
• Communicate with creditors
• Make arrangement with creditors
• Consider CVA or administration if necessary
• Offer security or debt for equity
9. Debtors
• Problems
• Debtors are taking longer to pay
• Businesses invoice too slowly
• Debtor days are allowed to increase
• High concentration in 1 or 2 debtors making business vulnerable
• Debtor collection function too weak
• Lots of old debts
• Solutions
• Factor/invoice discount/outsourcing
• Invoice more frequently
• Better credit checks on new customers
• Credit insurance
10. Management
• Problems
• Don’t have a business plan
• Don’t have a cashflow model
• Don’t have regular management/board meetings
• Are taking big salaries and expenses
• Solutions
• Bring in interim manager
• Part time directors/non-execs
• More input from accountants
• Business improvement facilitation
• Review staffing levels and cost base
• Consider a waste audit
11. Management don’t know
• Problems
• Gross Profit - accurately
• Costs - accurately
• Sales
• Bank balances
• Where 80% of work comes from
• Where 80% of profit comes from
• Key statistics of the business
• Break even point
• Solutions
• Install a good management information system
• Obtain good staff either internally or outsource
12. Outsourcing
Benefits
• Save money but not most important reason
• Converts fixed costs to variable costs
• Reduces initial capital commitment to free capital to spend elsewhere
• As a result improves competitive advantage
• Hiring and training staff is expensive, holiday pay, sickness pay, managing staff uses
management time
• Flexible - grows or shrinks with demand
• Focus on core business - all businesses have limited resources
• Can enable small firms to act big
• Reduces risk - third party responsible for keeping abreast of legislation changes
• Scope of resources e.g. VAT, employment legislation
• Strategic v operational
13. PAYE
• Not paying deductions on 19th of the month following
• Not filed monthly returns or paid the tax deducted
• Have had penalties
• Have entered into deals with the Revenue
14. VAT
• Not filing returns or paying tax on time
• Had surcharges
• Doing deals over time with the local VAT office
15. Legal Actions
• County Court Summons – CCS’s
• County Court Judgements – CCJ’s
• Walking possession
• Statutory demand
• Winding up petition
• What to do
16. Contact Details
Stephen Grant on 01494 545570 or email
stephen.grant@wilkinskennedy.com
Vee Bharakda on 01494 545570 or email
vee.bharakda@wilkinskennedy.com
Wilkins Kennedy LLP
Anglo House
Bell Lane Office Village
Bell Lane, Amersham
Bucks, HP6 6FA