Chartered Accountant,	Cost & Works Acct , Passed CISA and CISSP, BA Eco(Hons) St Stephens College, ISC St Columba's School, Delhi

Rakesh Sud

Second part of Nine things your Accountant did not tell you for entrepreneurs. Things which an Accountant knows which you help the entrepreneur in his lonely endeavour.
It is a Course to educate Entrepreneurs on what their Accountant should have taught them or told them relating to their business/entrepreneurial venture. An entrepreneur is GOD to his/her employees but a Servant and at the beck and call of everyone else. Aspiring entrepreneurs must learn to grasp accounting and finance tools, rather than merely develop the ability to regurgitate formulas and
reproduce financial statements in carefully controlled environments. This Course hopes to further educate the entrepreneur
to the extent his Accountant can.

English

9 Things your Accountant did not tell you - For Entrepreneurs - Part 2

Management

Personal Finance

Chapter one is the introduction. It introduces you to the other Chapters like Internal Controls, Develop KPI’s, Areas of Expertise of Accountants, Cut costs, Don’t hesitate to get a competing quote, gives you financial inputs for decision making, establish financial information needed for investors, the buck stop with you, not the Accountant, you can Outsource Accounting.

Introduction and Overview

This lesson elucidates Internal Controls.Businesses handle a lot of data and money, which presents countless
opportunities for errors, embezzlement and fraud. Through countless ages and generations, it has been proved time and
again that humans are susceptible to these temptations. Accounting systems enable setting up regular checks and balances
through a constant process of measuring, recording and reporting. A good accounting set up should necessarily have a
built-in robust internal  control framework.

Internal Controls

This lesson talks about Key Performance areas (KPI's).Key performance indicators (KPIs) are useful for developing credit and
collection plans. It explaains how to develop KPIs and which ones will be the best measurement of your progress in
improving business processes.

KPI for Receivables

This lesson gets into Areas of expertise of Accountants i.e.,  Business advisory services, Accounting and record-keeping, Tax
advice and  Auditing. It looks at these areas from different views and advices how the entrepreneur can use the
accountants inputs/hlp/training in these areas.

Areas of Expertise

This lesson focusses on Cutting Costs. It looks at Costs critically. While cutting costs we must clearly understand where the
economy of the cost is real.

Cut Costs

This lesson urges the Entrepreneur not to hesitate to get competing quotes, not only for accounting work but for all work
he gets done and all purchases he makes. Monopoly means you pay more. Do not LET YOUR ACCOUNTANT or any
supplier/contractor/service provider become a monopoly to you. Shop around and get the quote from competing entities.

Competing Quotes

This lesson looks at financial inputs for decision making. Accountants have a good feel for numbers and the entrepreneur
needs to get familiar with relevant numbers and learn the correct questions to ask.

Financial Inputs for Decision Making

This lesson establishes financial information needed for investors. The purpose of financial statements is is discussed. One of
the primary purposes of financial statements is to facilitate the exchange of capital between investors and companies. The
extent to which investors rely on the information reported in financial statements depends on the credibility of those
financial statements – that is, the trust or faith investors have in the financial statements presented to them.

Financial Information for Investors

This lesson tells the entrepreneur that the buck stop with him, not the Accountant. The main question asked is Who will take
the fall if the business fails and this is built on. The answer to that is the answer we are looking for.

Buck Stop With You

This lesson talks about outsourcing, accounting, and any other function. Outsourcing is a practice in which an individual or
company performs tasks, provides services or manufactures products for another company -- functions that could have been
or is usually done in-house. Outsourcing is typically used by companies to save costs but we look at it to improve things
by getting expert inputs and experience.

Lessons

10 lessons • 1h 12m

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Introduction and Overview

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Internal Controls

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KPI for Receivables

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Areas of Expertise

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Cut Costs

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Competing Quotes

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Financial Inputs for Decision Making

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Financial Information for Investors

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Buck Stop With You

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Cash Flow