June 5, 2020
This is a one-day seminar that is structured for a technical person that needs an exposure to aspects of the business world. This seminar is not intended to teach someone how to be an accountant, but rather, expose a technical person to business terms and concepts. The following subjects are briefly but concisely discussed.
1. DEBITS & CREDITS ANYONE?…
Rest easy… We only spend 5 minutes on these Things!
2. SOLE PROPRIETORSHIP & PARTNERSHIPS
The forerunners of corporations were proprietorship and partnerships. We will look at their pro’s and con’s.
3. CONCEPT OF THE CORPORATION
The days of Thomas Edison inventions are in the past. Today most accomplishments are done through corporations. We will learn that a corporation is a powerful legal entity.
4. PRESIDENTS, CEO’s & THE BOARD
“Why does everyone want to keep The Board happy and what is their job anyway?” There are good reasons and we learn what their jobs are.
5. STOCK, STOCK HOLDERS AND WALL STREET
With so many stockholders owning the corporation, who is really steering the ship anyway! We learn how the course of a corporation is set.
6. DEBT VERSUS EQUITY
The word “versus” makes it sound like a football game between Team Debt and Team Equity. Well… it is kind of like a football game where we watch the score very closely and we will learn why.
7. VENTURE CAPITAL
“Venture” sounds like an action packed “adventure movie” and sometimes it is. We examine how venture capital funds many projects and new corporations.
8. DIVIDENDS VERSUS RETAINED EARNINGS
If we are fortunate enough to make a profit in our corporation, why don’t we take all the profit as dividends and have a big party! Well if we did that our company would never grow. We learn why we must share.
9. CAPITAL EXPENDITURES
This is not a face-lift for the capital building but a way of buying new facilities and equipment… and it is usually treated differently in budgeting and at the end of the year.
10. BALANCE SHEETS & INCOME STATEMENTS
“An income statement seems to make sense… but what in the heck is a balance sheet!” We will learn how to look at these and determine many things about a corporation.
11. GENERAL LEDGERS (& CHARGE NUMBERS)
General Electric… General Washington… and General Ledgers… The accountants always refer to “him” with great respect and we will learn why.
12. HOW FINANCE DEPARTMENTS ARE STRUCTURED
“All those finance guys are just accountants… right?”… Wrong! We need to understand the difference and the responsibilities of treasurers, controllers, CFOs, etc.
13. DIRECT VERSUS INDIRECT PERSONNEL
“I have always appreciated persons with direct personalities. But now you say a direct personality came be an indirect person at work! You are trying to trick me!” We will learn the specific differences.
14. EXEMPT & NON-EXEMPT PERSONNEL
“Whatever exempt people have… non-exempt people must not have.” We will learn what the law has to say about that and how it affects you.
15. BURDEN RATES, OVERHEAD & G&A (GENERAL & ADMINISTRATIVE)
“I am a young engineer earning $25 per hour and the company is billing me out at $80 per hour. The company is getting rich on me!” We will learn what is in overhead and where that other $55 went.
16. WORKMAN’S COMP, SUTA, FUTA, FICA
It costs a lot of money to have employees… more than just what you pay them. We will find out what all those letters above mean.
17. BUDGETS, FORECASTS & CASH FLOWS
“There is an endless supply of money to fund our wonderful engineering project… right?” Wrong! The name of the game is cash flow and we learn how budgets play a big part.
18. TERMS & CONDITIONS ON CONTRACTS
Terms and Conditions are in the fine print on the back of the contract that tests our eyesight. We learn the important Ts & Cs for when we are the buyer versus when we are the seller.
19. COST, PRICE & TYPES OF PROFIT
We are not splitting hairs when we want to use the correct word in the correct context.
“If a company buys a car and depreciates it over 5 years… that means it’s really free… right?”… Wrong! We learn how depreciation is handled at the end of the year.
21. BUSINESS PLANS
Plans sound like architect’s blueprints… and in a way a business plan is just that. We learn what “things” are in a basic business plan.