Entrepreneurs Accounting Academy

Friday, August 19, 2011

Second-half prospects ‘brighter’, says NEDA exec

ECONOMIC GROWTH will likely pick up in the second half as the government spends more and Philippine businesses benefit from a Japanese recovery, a planning official yesterday said.

Worries over the economy should be tempered since sluggish first quarter gross domestic product (GDP) was due more to global troubles and the new administration’s adjustment phase, National Economic and Development Authority (NEDA) assistant director-general Ruperto P. Majuca told reporters at the sidelines of a communications forum.

"I should stress that the first quarter and second quarter growth is an aberration. It does not reflect the true strength of the economy," Mr. Majuca said.

"We were buffeted by so many negative shocks like Japan’s crippled supply chain, the MENA (Middle East and North Africa) oil crisis, price pressures, and then we were cleaning up government processes," he added.

"But in the third quarter and fourth quarter, expect brighter prospects because Japan’s supply chain will be normalized then we can facilitate in the rehabilitation, and the government will most definitely have higher expenditures, so underspending will no longer be an issue since fast-tracking spending is now the thrust of the government."

First quarter GDP growth eased to 4.9% from 8.9% a year earlier, blamed on government underspending and weak exports. Second quarter data is scheduled to be released later this month and the NEDA official declined to provide details.

"Officially, the DBCC (Development Budget Coordination Committee) needs to be the one to make that statement after they look at the second quarter numbers," Mr. Majuca said.

Socioeconomic Planning Secretary Cayetano W. Paderanga Jr. has said the economy may have grown faster between April and June. Earlier this month, however, he said renewed concerns over the global economy -- spurred by the United States’ credit rating downgrade and the eurozone’s continued debt woes -- had prompted a review of the GDP growth targets -- officially at 7-8% for this year but set at a lower 5-6% in the national budget.ENJD

Article of: Business World

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Tuesday, August 16, 2011

Business Tip #1/5 – “How to Milk Your Cash Cow”

Most business owners think that they’re already squeezing every cent they can from their business…

However, shrewd and successful entrepreneurs know that there are always more ways to streamline your operations.

Think of it this way.

There is more than one way to milk a cow.

One of those ways is sure to give you more milk than the rest.

Every business is a “cash cow.” If you don’t milk it properly, then you are not reaping its full benefits.

One way to know if you are milking it correctly is by checking your operations and seeing if there are certain areas that you can still improve.

Are there holes in your system that causes spoilage?

Are you making sure that you are picking the cheapest, but most quality supplier for your raw materials?

Are your employees allowed to get away with falsifying vacation or sick leave records?

Is your inventory count being manipulated that you don’t know the real picture?

When the business is young, it is easy to turn the other cheek for the sake of progress. As the business matures and there are no new markets to conquer, your growth starts relying on making sure the costs are low and the overall process is more efficient.

How is your cow? Are you milking it correctly?

SEMINARS THAT CAN HELP

Operations Auditing

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Financial Analysis Tools and Techniques

Financial statements are like your report card. If you don’t know how to read your report card, how will you know that you are failing?

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Author: Donna Pacheco

Posted by:Entrepreneurs Accounting Academy

Tuesday, August 9, 2011

9 days before Accounting for Non-Accountants Seminar

EAA Newsletter

August 9, 2011

9 Days before

Accounting for Non-Accountants Seminar

In today’s business environment, it is essential to know how to ask the right financial questions and fully understand their respective answers.

Accounting for Non-Accountants Seminar enables you to understand and interpret accounting reports and to use accounting skills needed in making effective business decisions. Financial reports are an increasingly invaluable tool for businesses. More than just a summary of statistics, financial statements serve as an instrument to analyze business operations based on their financial performance.

This seminar focuses on basic accounting concepts and processes. By establishing a foundation of knowledge on the accounting process, participants will be better armed to make informed management decisions.

Learning Objective:

Understand accounting terminology
Understand accounting processes and practices used to measure and record business transactions
Understand the process of preparing financial statements
Analyze and interpret financial statements
Identify ways of using financial statements to acquire an insight into improving business operations

Target Audience:

Managers of larger organisations who want a good understanding of financial reports and the ability to utilise this information productively.
Small to medium business owners who want more involvement with their company finances, enabling closer monitoring and control of its financial performance.
Bookkeepers or accounts clerks who want a greater appreciation of accounting terminology and processes.
Professionals who are working in, or wish to work in general management and are required to use and understand financial reports.

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