Financing for a business

From this lecture we had a special guest speaker who spoke about financing and using financing for your business. What he talked about was accounting properly the correct way so you can see where money is being spent.

 

For the first part of the lecture the speaker presented a power point presentation on his life. What he talked about in it was that he was an Kingston University student who went on to create his own picture framing company and in that he should use the pitfalls of bad accounting practices as an inexperienced person who looked over the accounts. Afterwards he talked about his life after that and how he opened up a franchise and now was more adept at organizing better how he managed and organized his accounting finances.

 

After this presentation was finished he then handed out a sheet which I recognized as a balance sheet which is something I constructed in my previous year of Business Management. What he then did was start a new power point slide, were he had created a scenario where this guy owns a business and he wishes to buy a car we would use the value given to us by the speaker to see whether he could afford it.

 

So what he did was that step-by-step he went through the costs explaining for some whether it suggest that money is being wasted or incorrect values are being accounted for. Furthermore he showed that by using modern technology e.g. Microsoft Office accounting can present a more wide perspective on the finances of a company. Also he showed that by using Microsoft Excel and using a balance sheet, cash flow and other forms of accounting framework, this can be presented in a formal businesslike manner so this would be helpful if presenting to a bank for a loan, or if predicting future trends it helps as numbers and values can be altered on a large scale without singular changing each value.

 

What I have learnt from the lecture is that accounting for your expenditures and other things is important. As well also presenting them using Microsoft Office or another spreadsheet software, it helps organize and facilitate a need to store and accurately calculate possible future earning or losses based on the automatic recalculation that happens with the spreadsheet.

 

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