Take the Stress Out of Your Financial Operations Lori Supinie Senseney Music.

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Presentation transcript:

Take the Stress Out of Your Financial Operations Lori Supinie Senseney Music

Agenda Top 10 Do’s What is your role as owner or store manager? Stress-reducing

#1 Do Prepare a Budget Sets expectations Manager accountability Hope is not a plan

#2 Do a Monthly, Timely Bank Reconciliation Good financial controls Review, looking for out-of-the-ordinary activity Deter employee theft and embezzlement

#3 Do Prepare Monthly Financial Statements Know your financial position Review with your accountant Compare with prior year and plan

#4 Do Practice Good Internal Control Procedures Definition: Safeguard assets and ensure an efficient accounting system with reliable financial information Emphasis on transactions: authorized, executed, recorded and accountable

Internal Control General Principles: Competent and responsible employees Separation of duties Rotation of duties Rules for control of assets Well-designed source documents

#5 Do Delegate, but Don’t Abdicate Eliminate situations of motive and opportunity Balance between empowering employees and being reasonably vigilant

#6 Do Make Good Cash Flow Everybody’s Responsibility Not just an accounting problem Focus on reducing errors, making good buying decisions and having prudent credit policies Educate staff

#7 Do Ask for Help Mentors Experts Industry organizations

#8 Do Arm Yourself With Knowledge NAMM U Industry organizations Professional development Lifelong learning

#9 Do Communicate With Your Bank Share financial statements, even if not required Conversation about good news and bad news Major strategic issues, changes in personnel, new markets, competitors Future expectations and needs

#10 Do Maintain a Good Relationship With Vendors Pay bills in a timely manner Be proactive about late payments Look for win/win situations when negotiating

Questions? Lori Supinie