Join Jim Stice for an in-depth discussion in this video The operating cycle, part of Finance for Non-Financial Managers.
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- Everyone, numbers person or not,…knows that cash is the lifeblood of a business.…Without cash, you will not be in business for very long.…You can have a great marketing plan,…you can have a great location,…you can have a great product or service.…But if you don't turn your cash into more cash,…you will not be in business for very long.…To begin, we'll talk first about a company's…operating cycle, how long it takes…from when a company buys inventory…and then turns that inventory into a receivable…and then returns that receivable into cash.…
If the operating cycle is too long,…things get pretty tough pretty quick for a company.…In other words, if my cash is tied up…in other assets, receivables, and inventory,…then it's not available for me to utilize in the business.…Remember, when we are talking about finance,…we are talking about identifying those resources…that we need, determining the best way…to get the money to buy those resources,…and then managing those resources effectively.…To do that, I need detailed, timely information.…
- Interpret financial reports and make decisions based on available data
- Manage inventory and receivables
- Create an accurate budget
- Cost a product or service
- Analyze customers
- Understand your income taxes
- Communicate your contribution to the bottom line
Skill Level Appropriate for all
1. Understanding Finance and Accounting
2. Most Common Financial Reports
3. Techniques for Using Financial Reports
4. Short-Term Financial Management
5. Costing a Product or Service
Drafting a budget4m 59s
7. Income Taxes
Next steps1m 38s
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