Sara El Kareh
Speaking several languages is a credit; however, speaking accounting is a plus. No matter how you try hard to run a business or manage a team, you are not going to attain your goals except by fluently speaking accounting. So how can a person speak accounting? Here are some clues for you and your business:
- Set a clear balance sheet: By doing so you will easily recognize the company’s assets and liabilities. The difference between both determines the net worth of the company. Assets are the economic resources of a company that might be tangible like buildings, furniture or equipment or intangible like intellectual property…
- Calculate your Profit and Loss: this statement shows clearly your company’s revenues, expenses, as well as net income. It can be calculated on daily basis or even weekly basis, but most of the time it is generated monthly. So, when this statement is calculated correctly and clearly, it sheds the light on the products with the biggest profit and biggest expenses. This process would help you ameliorate your business as a whole.
- Pay attention to your Cash Flow: a business would be at stake when too much cash goes out of it without enough cash coming in. Therefore, make a thorough study of your cash flow because cash doesn’t always mean profit. By controlling your cash flow you will avoid bankruptcy.
Work on improving your language skills not only the ones related to linguistics but also the ones related to economics and mathematics. You can no more give excuses because technology, nowadays, offers you answers to all questions and provides you with lessons of all topics and fields. All you need is your own will, so do all the possible researches and speak accounting! Here you go…Good Luck!