ACCOUNTING AND FINANCE: THE #1 BUSINESS MASTERY SKILLS NEEDED TO STAY AND SURVIVE IN BUSINESS OR IN CAREER AND HOW TO GET IT

Statistics has shown that only about 99% of startup companies survive past the 5th year and of that number only about 30% keeps in business a further 5 years.

This has been attributed to many factors but most prominent is the lack of knowledge and understanding of business financials even where owners may have employed accountants in their Companies.

Also Accounting and financial intelligence is now a pre requirement for hiring and promotions in many Organizations because it is expected that one may be required to lead a project team that its successes would primary depend on the knowledge of financials.

Learning how to manage your business or a project includes the economics. Having knowledge and skill in what you do is important but you still need to gain insight into the financials of the business or project and sometimes it may require you to anticipate financial changes ahead or else collapse becomes inevitable.

You cannot anticipate the turns and twist of your business or Project financials when you don’t have the #1 Mastery skills which is Accounting and finance. Relying on third parties for firsthand knowledge is one of the course of business failures.

What are the three most important financials you may need to see monthly to manage your business or projects effectively? They are:

Income statements. This is the statement of The Profit or Loss of the Business or Income and Expenditure of the Project.

Statement of affairs. This is the statement of assets and liabilities of the Business or a Project

Cashflow statements. This is a statement describing how cash flows into the concern and how they are to be effective managed.

Knowing how to interpret these documents ensures amongst others that

You can now anticipate change in your financials instead of reacting to it (Reacting to financial changes is the #1 cause of all financial failures)

You never rely on anyone again to interpret financial documents for you

You can now make better and quicker decisions

You have increase your capacity to grow your business profitably or handle bigger projects

How to learn these skills:

The skill needed is not about knowing how to write up your Accounting but knowledge of how to use these documents to guide you in making decisions.

These skills can be learnt. if you can give us half of a working day we can make learning these skills fun and worthwhile for you.

For details on how to get this training go to /p3JIjQ-9

Young Oliki

Young Oliki is an Accountant and Business Development Consultant. Young was Head Accounting and Business Development for Wrangler Nigeria, with responsibility for finance and Business Development for Africa, He also Draws on experiences he had working as Accountant of a Satellite Cable company and a financial Consulting Firm.
His company Amanyyoung Concepts has prepared Business Development Concepts as well training for over 200 Nigerian Firms.