2. THREE MAJOR FUNCTIONS OF AN ENTREPRENEUR Managing It further
includes; Staffing & Organizing Controlling It further covers;
Analysing & Motivating Improving It further extends to Planning
& Executing
3. HOW ENTREPRENEUR TAKE DECISIONS IN BUSINESS? Brain Are the
benefits worth the costs? Spreadsheet analysis. Heart How do you
feel about a particular option? Is working with a customer who
negotiates on each and every small deals and put you involved
unnecessarily, but also lifting a good count of stock, worth to
continue? Soul Choices based purely on gut feelings instead of some
analytical calculations and cost benefit Analysis
4. INTERNAL CONTROL whatever basis to take business decisions,
they must be followed up by strong internal controls. number of
business owners; that what system they have devised to take care to
follow-up the decisions they are taking. No doubt everyone has
developed their own systems over a period of time, but unluckily
most of them had some lacunas or lack comprehensiveness
5. INTERNAL CONTROL Who takes care of your system for billing
to a new client? How the POs & Actual bills are compared for
terms of POs? Who takes care of billed quantity & Store receipt
matching? Who takes care of matching counts of inter departmental
transfers? Who takes care of matching electricity bill units &
produced quantity? And a hundreds more questions like this
6. INTERNAL CONTROL Frighteningly, the majority of business
owners dont know exactly that how their system, deal with such
deviations. As long as there is certain misappropriation detected,
they dont bother themselves with much of their system &
accounting lapses. So if an employee finds a way of defrauding,
they would have no way of detecting it immediately.
7. NEED OF ACCOUNTING SYSTEM Lack of accounting and financial
control systems is a big problem among SMEs. They cannot measure
their success, growth and efficiency. With no budgets and cash flow
management systems, business decisions are made in the dark and on
an ad-hoc basis. A strong accounting system helps in managing a
strong internal control & decision follow-up system; which in
turn improves your financial management, maximising returns on
investments and refining the competitiveness of businesses
8. WHY ACCOUNTING IS CALLED THE "LANGUAGE OF BUSINESS" Because
it deals with the interpretation of a companys operations and
finances & each transaction being carried out by the business.
Next presentations shall support you in understanding that how to
use accounting to form a centre of continuous flow of business
information, that business actually needs.
9. STRONG ACCOUNTING SYSTEM WILL ANSWER THE FOLLOWING QUESTIONS
How to use your accounting Information for your business decisions?
How to improve your Internal Controls with existing accounting
Setup? How to forecast the future scenarios & make budgets/
targets? How to improve business performance & efficiency?
10. 'QUALITATIVE VS. 'QUANTITATIVE' DECISION 'qualitative'
decision, e.g. in deciding which of two personnel should be
promoted to a managerial position A 'quantitative' decision, on the
other hand, is possible when the various factors, and relationships
between them, are measurable
11. ACCOUNTING SETUP accounting setup as a base towards
developing a managerial control system and decision support system.
Furthermore you can develop such an accounting setup, when you
actually need the brain exercise on a particular problem
