Joe Knight, coauthor of the Financial Intelligence series, gives you a crash course in reading the numbers.
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Joe Knight, coauthor of the Financial Intelligence series, gives you a crash course in reading the numbers.
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26 comments
3:34 Difference btw Finance and accounting
3:50 The role of accountants
Thank you for the useful information.
Simply inform, evaluate, and incentivize gross margin every quarter
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Yes
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Very good ST 265
Good ideas thanks sirπ NT
The information on gross profit per hour are necessarily the outcomes of information on transactions regarding debit and credit. If you understand credit and debit, how they are recorded you can better understand gross profit. Because you can imagine. you can have the picture of how the figure you have in front of you has come about.
For instance in saying profit you mean a difference between sell and cost of production or cost of purchase. By knowing about debit and credit you can try to reconstruct the process. Because you know that sell mean an account of income statement which start by number 7, an account of class 7 which an account of credit, in other words, it increases at credit, you see a transaction that has led to benefit at the credit side or the right side of that account. Since you know as long as there is a credit there must be at least one debit that correspond to that credit, you can be deduction say that sell has led to payment. The money received is likely in the bank, then you know you need an account of class 5 which is a debit account in your books and a balance sheet account, etc by knowing how debit and credit function can make things easier.
I love the honest, straight talk
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Very interesting!
1. practical explanation of finance without mentioning double entry accounting system
2. art of finance: based on estimates and assumptions depending on the personality or opinion
3. finance=analyzing numbers and using historical information to make decisions,
accounting=taking transactions and figuring out how to create historical information
4. shared the number with employees, psychic ownership
5. finance needs to be universally understood cause finance=score in a business=game
general employees need to understand key metrics or numbers that will drive success in business
6. two key metrics for project-based businesses: percentage of our labor that's directly applied to projects (percentage of labor direct ) & the dollars we generate for every direct hour we spend (gross profit per hour)
7. everyone should be involved in numbers to prevent fraud
8. difficult to raise cash especially for small businesses. profit=/cash flow
9. transparency
wow
π¦πΊπππ¦πΊto whom it may concern π¬π§382020π¬π§prof. santoniyus, arrival julansen. b.sc., h.c., m.b.a., ph. d. in. progress π¦πΊπππ¦πΊ
I like your talk in financial perspective. Thanks very much
That was great
Great video very informative. Here's one method I have found can cut business costs by $10,000 + https://bit.ly/2C6Kr2F
That is true and so important to know indeed , thank you Harvard and nice to see you Sarah π
i like this idea : accounting is based on estimate and assumption (personal), finance who drive the company from my perspective.π
To any productive,business its biggest enemy,is the world stagnation/recession/depression caused by gambling markets such as currency dealing?Against the Bretton Woods agreement for world peace through economic prosperity by the stability of currencies.1944-1946 "Bretton Woods united news",please like it on u tube.
Total world trade per year Wikipedia.$17,000,000,000,000.
currency movements per year $1,500,000,000,000,000.a year.
soros one day profit financial times 2016.$850,000,000,000.in a day.currency dealing.
deriviatives $655,000,000,000,000.london financial times front cover headline 2017.$88,000 for 7 1/2 billion.?
cap all currencies,production needs stability ….gambling needs volatility therefore capitalism…anti capitalism?
i like his idea about the non-profit organization..they should called non-taxed organization instead of non-profit organization as they are also have to make profit to remain survive in whatever they do..
Superb!!
This was right on point .I work for a publicly traded fortune 500 company and transparency is very important as well as knowing the numbers.This has inspired me to come up with some incentive for my team that are suppose to order pick 250 units per hour. some do most dont.What type of incentive could i use to drive my productivity?