Attendees must be actively engaged in a bookkeeping or finance role.
Who is this course for?
Business owners should strongly consider this course for their accountants that they would like to transition into a senior role. Most accounting courses are technical and do not prepare accountants for the real business world. This course will provide the next steps to becoming a CFO, which include business acumen and soft skills.
As a business owner, have you experienced frustrations with your accountant? Are they able to present financials in a way that are helpful for you to make decisions? Are they able to interpret the financials and give you advice on how your business is doing and how you can improve? Are they able to advise on cash flow planning? Do they even understand your business?
Accounting courses provide a strong technical foundation for finance, but they do not often prepare students for the real world, entering businesses working with entrepreneurs who are not accountants. While most accounting training provides assumptions with black and white answers, businesses are grey where assumptions require critical thinking often there is more than one right answer.
In order for accountants to succeed in a business, they need to get out of the mindset that their job ends with the completion of financial statements that comply with accounting standards and ensuring taxes are filed on time. Through completion of this course, accountants will gain an appreciation for the everyday challenges faced by business owners, the nuances of communication between departments and learn how to apply their technical knowledge in a way that adds much greater value to a business.
Vistance Capital Advisory offers a 6 hour interactive workshop where students will be encouraged to share their experience working with businesses and receive coaching from the instructor and peers on how to improve their service offering. While plenty of content will be available, we believe students can benefit more if we apply key learnings to their personal experiences.
Instructor: Daryl Ching, CFA
Daryl Ching is the founder of Vistance Capital Advisory, a well-established full service advisory firm that provides capital raising and CFO services to small businesses. Daryl accumulated 10 years of investment banking experience starting at RBC Capital Markets gaining experience in equity and debt financing, requiring him to look at companies from an investor perspective and determining valuation. With this experience, Daryl launched his own consulting firm to provide capital raising advise to small businesses looking to raise capital from sophisticated institutional investors. For over a decade now, Daryl has acted as CFO for many small businesses in various industries, generating financial statements, KPIs, providing strategic advice on business strategy, M&A and financing.
As an entrepreneur himself and having acted in an executive capacity for small businesses, Daryl fully grasps the day-to-day challenges experienced by business owners and how accounting can help grow a business. Daryl will be sharing the accumulation of his knowledge to help accountants apply their technical training to businesses so that they are adding value rather than just providing a necessary commoditized service to fulfill tax purposes.
Part 1 – Bridging the Communication Gap
1. Understanding the psyche of the average entrepreneur: To begin to understand how to work with an entrepreneur, one must understand how an entrepreneur views accounting, the typical knowledge they possess and what their expectations are.
2. Understand the business: There is a tendency for accountants to start booking transactions before fully understanding the business. In order to be an effective accountant, you need to understand all facets of the business. This section will explore questions that should be asked before starting any accounting work.
3. Set clear expectations and goals for the accounting engagement: Entrepreneurs have varying expectations and views on what an accountant is expected to provide. In this section, we will discuss clearly defining a scope of work and setting expectations so there is minimal opportunity for disappointment.
4. Communication: We will discuss how to effectively communicate with the entrepreneur with topics including terms to use and not use, frequency of follow up, and tips on how you can make the accounting process more seamless for the entrepreneur.
Part 2 – Technical
1. Profit and Loss Statement: We will discuss the presentation of the profit and loss statement to a group of non-accounting managers, their view on revenue and expense categorization as they would like to see it from a business perspective and we will dive into interpreting financial results and drawing conclusions on the business.
2. Revenue / Expense Management: In this section, we will discuss some of additional activities accountants can take on with respect to managing revenue and expenses that will provide a tremendous value add to an entrepreneur.
3. Balance Sheet Analysis: It is important to understand that entrepreneurs do not often pay attention or even understand the balance sheet. A significant amount of effort is required to ensure accuracy of the balance sheet, including an in-depth exploration of historical balances. We will provide processes to ensure accuracy of the balance sheet and tips to present to entrepreneurs in a way that is very easy to understand.
4. Cash Flow: Budgeting and cash flow planning receives very little attention in accounting courses but is arguably the most important service you can provide a small business. We will provide training on cash flow planning tools and how to generate significant value from a planning perspective.
5. Constantly seek ways to improve processes: You should never take over existing processes and assume they are efficient. Always look for potential issues and inefficiencies that need to be improved. Recognize when a company has outgrown their accounting systems and require an upgrade. We will discuss methods for general process improvement.
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