Accounting:

• An information system that provides reports to stakeholders about the economic activities and condition of a business.
  • Financial accounting: The area of accounting that focuses on recording transactions and events so that general-purpose financial statements can be prepared.
  • Managerial accounting: The branch of accounting that aids management in making financing, investing, and operating decisions for the company.
  • The head of the accounting department in a company is called comptroller or chief financial officer (CFO).

 
Statement of stockholders’ equity: A financial statement that reports the change in financial condition due to the changes in stockholders’ equity items for a specific period of time.
 
Retained earnings: Net income retained in a corporation. (Beginning retained earnings + Net income – Dividends = Ending retained earnings)
 
Stockholders’ equity: The stockholders’ rights to the assets of a business.
Assets = Liabilities + stockholder’s Equity
 
Statement of cash flows: Provides a summary of the cash receipts and cash payments and reports the change in financial condition due to the change in cash during a specific period of time.
 
Financial Accounting Standards Board (FASB): The authoritative body that has the primary responsibility for developing accounting principles.
 
Financial accounting system: A system that includes:

• (1) a set of rules for determining what, when, and the amount that should be recorded for an economic event;
• (2) a framework for facilitating preparing financial statements; and
• (3) one or more controls to determine whether errors could have occurred in the recording process.

 
Cash basis of accounting: A system of accounting in which only transactions involving increases or decreases of the entity’s cash are recorded. (Practiced in Chapter 2)

• Under the cash basis of accounting, net income and net cash flows from operating activities are equal.

 
Accrual Basis of Accounting: A system of accounting in which revenue is recorded as it is earned, and expenses are recorded and matched against the revenue they generate.

• Under the accrual basis of accounting, net income and net cash flows from operating activities may be significantly different.
• Revenue is recorded when it is earned, expense when expense is incurred in generated revenue, and adjusting entries required in order to prepare financial statements.

Tom Gosche had the pleasure of being the guest or Frank Again.

Explore how Tom Gosche got into business development for a CPA practice as well as insight on how to build B.R.A.N.D.

Do you need to network to generate great success? Do you want to be better at networking to better position yourself, both personally and professionally?

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​Drawing from his own experiences, observations and research, Frank Agin ... entrepreneur, attorney, author and founder of AmSpirit Business Connections ... will share insights and ideas for building a better more productive life through a better understanding and execution of professional networking.

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What is a “Typical Situation” people are in when they realize they need your help?
 Anytime you have an issue with water/flooding or fire. When the cleanup is a result of fire, flood, and also biohazard. Typical examples would be- sewer backup, broken pipes or a broken appliance that spills water into your place of business or home. Many times these incidents are covered by your insurance. We also can assist with a cleanup after a fire. We also are a resource if you need mold removal. Usually this is an unexpected situation as disaster can strike at any time.
 
What is something someone might say that would lead me to think of you?
First line would be someone in this type of emergency. But normally we receive our business and jobs from Insurance agents, Property Managers, Facility Managers, and Operations Departments
 
What (Specifically) do you do (3 lines Max)?
We are the world leader in disaster recovery and restoration services. We are ready whether the job is large or small- 24 hours a day, 7 days a week
 
How do you do it (3 Lines Max)?
We respond within hours to your situation and get you back to business as soon as possible. We also can put your emergency back to its original form. It is one call, we can get you back in business. 

In order to gain favorable attention and create openings as we call on new prospects and existing clients to expand business, we find it vital to discover the meaningful outcomes that have been attained through the eyes of existing, satisfied customer relationships. To support preparation for this activity, start by contacting (ideally by phone, or face to face) the five best customers you feel are well satisfied in doing business with ________________________________

1.  The goal is to ask for feedback by way of responses to the questions below and write down as much word for word what is said, rather than summarizing.

2.  Do this with people in various levels of responsibility.

3.  This feedback is vital in crafting language that allows us to initially impact what other customers and potential prospects hear. Each of these questions is meant to be a starter question. We want to dig into initial responses as they describe the impact in their business. Each question is designed to focus on their results, not just what they say about us. You may want to write responses on the back of this sheet.

4.  DO NOT SEND THIS TO CLIENTS AND ASK THEM TO COMPLETE IT! It will take away any follow up questions.

​5.  As you accumulate responses, you will see patterns to incorporate into your approach to others. It will broaden your results, allow you to speak much more from client and prospects viewpoint, and impact the number of people with whom meaningful business conversations are possible.
•    Make 5 blank copies to start, and then continue doing with each person you have contact.
•    Put the customer’s name and position title on each sheet.
•    In contacting, ask customers if they would be open to giving some
“feedback” about their business relationship with our firm. 

Typical Situation: Our client needs funding to pay bills on time. They have orders coming in, but are not getting paid on time or “in time” to pay bills. They could also be getting a large order, that may require up front funding to vendors.

When you hear a business owner say:
·        “My cash flow is poor”
·        “I’ve got good customers but they’re paying my invoices slow/beyond terms”
·        “I received a large order but can’t pay my supplier/s”
·        “I’m too new to get bank financing”
·        “My bank won’t provide enough financing to meet my company’s needs.”
 
An Accounts Receivable Consultant provide strategic financing solutions for business to business companies.  Strategies include accounts receivable financing as well as purchase order financing, work-in-process financing and asset based loans.

How they Work The Consultant visits our client and conducts a comprehensive analysis of the client’s situation as to the history of the business, opportunities and challenges, current financial condition and current financing, if any, as well as their financing needs.

Matching Ideas with Resources: