Doing Small Things Right-A Finance Perspective
Every businessman’s biggest worry is managing the finances and tax policies that come with owning a business.
While we focus on generating more business, adding new verticals, innovate in business, finance is the most important aspect to enable businesses to achieve these goals.
While it is quite a stressful aspect of the job that is usually handled by the firm’s Chartered Accountant, it is times like these that can be the most challenging.
With the outbreak of the pandemic, the economy is at an all time low, with companies incurring significant losses.
We at team.i understand the struggle that most of you are facing and in an attempt to help you get a better grip of the situation, will be conducting our fourth session of the ‘team.i Event Education Series’
Our guest speaker for the session-’Doing Small Things Right – A Finance Perspective’ is someone whose long cherished childhood dream was to become a Chartered Accountant and is today a proud member of the ICA.
Mr. Krishnan H comes from a family of well reputed CA’s and whose mission is to provide comprehensive services ranging from putting in place systems and processes for your organisation to advisory & consulting services in direct and indirect taxation.
Some of the key points that will be addressed during the session include:
- Knowing which vertical is giving you maximum profitability
- Is your financial goal aligned with your business goal?
- Have an agreement of deliverables and payment terms
- Know the amount your client owes you & when its due
- Know your payables and negotiate the payment terms
The session will take place on Tuesday, the 21st of April via a Zoom call from 2PM to 4PM
Let us make the best use of this opportunity to understand how we can improve our financial situation and face the aftermath of this global crisis as he shares the framework to implement the processes in finance and taxation.
We will have a Q&A session towards the end of the session
We will keep you posted on how does the session goes
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Are you someone who is terrified with the idea of handling your finances? Don’t worry, you’re not alone. Being that it constitutes the backbone of any company, it is with utmost importance that the finance function needs to be handled.
It is with this in mind that we conducted the 4th session of the ‘team.i event education series.’
Our speaker – Mr. Krishnan is someone whose mission in life is to bring about a change in the way people perceive the task of managing their finances. Advisory, taxation and consultancy services are his forte and his several years of experience speak for itself.
Mr. Krishnan walked us through all things finance, from the very basics to tools and techniques to make it simpler.
Some of the key points of discussion include:
- The role of finance and taxation in every business and how it significantly affects the manner in which the entire organisation operates. It directly impacts the smooth and consistent running of every department and determines the overall profitability of the company.
- Mr. Krishnan made use of pie charts and simple diagrams to help us understand complex concepts in a simple manner. How 25% is an important figure as it represents the number of businesses that fail as a result of poor financial standing. The figure also represents the time spent on average by most companies on legal procedures of finance such as taxation and audit.
We then went on to discuss some of the key or ‘master finance functions’ that remain more or less the same for every business, both big and small. With the help of a simple abbreviation, Mr. Krishnan put across every detail that makes the task of a finance person as important as it is.
GGODT – Governance, Growth, Operations, Decision making, Taxation
Governance: This includes all of the legal procedures that go into the finance function, from finance policies, agreements and PO’s to permanent files that are highly confidential.
Growth: The financial goal of the organization, allocation of financial resources across the different departments, the profitability rate and ensuring the budget is maintained as best as possible. These are a few of the concepts that are covered under the growth domain.
Operations: From cash flows to cut-off dates for AR and PR, financial operations covers it all.
Decision making: The annual budget is what keeps the company going. Its importance cannot be stressed upon more. Financial ratios and management reports are other essential aspects of what makes the financial function in a business as critical as it is.
Taxation: The tax plan to follow, the clauses to adhere to, statutory requirements, compliances and keeping updated with the latest changes in the tax policies is a task that is generally taken over by the in house CA or someone from an outside source.
While a good portion of the session included understanding the basics and what really it is that the finance function entails, the last segment was dedicated to helping us make better financial decisions using certain techniques that are easy to implement and that can go a long way in ensuring that our financial goals are met.
A questionnaire round, where the attendees got a chance to voice their own doubts and suggestions was what we concluded the discussion with.
Mr. Krishnan ended the session with a few words of wisdom, advicing us all to make smart, long term investments and to focus on raising capital in a manner that will benefit the company in the long run.