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Finance workshop to understand financial statements

A workshop designed to assist those in business or just starting out to better understand the presentation and meaning of financial documents

By Latrobe City Council - 15th November 2006 - Back to News

will be conducted by Latrobe City Council on Thursday 23 November at the Latrobe City offices in Kay Street, Traralgon.

Latrobe City senior economic development officer, Leo Billington, said that this long-awaited workshop is designed to assist and guide people to understand and make informed decisions about all the financial statements necessary for supporting any small to medium business.

"Going into small business for the first time requires a great deal of financial preparation and planning. There are many who have a desire to be their own boss and pursue a long-held ambition to be self-employed in a new business. It is therefore important that the excitement and enthusiasm of going into business is supported by a thorough understanding of financial terminology and the functions of financial statements. Those who have attended this workshop in the past have always found it to be very useful," Mr Billington said.

"This workshop will assist everyone to evaluate their business skills by discussing business performance in relation to everyday business and investment requirements, while understanding future budget planning and forecasting," Mr Billington added.

"The workshop is funded by the Minister for Consumer Affairs from the Estates Guarantee Fund and coordinated by the Department of Innovation, Industry and Regional Development as the ‘Under New Management’ program. It deals with the essential, easy to understand financial elements to be identified when operating a new business for the first time," Mr Billington explained.

Francine Gray, owner and founder of Embroiderer’s Oasis in Morwell, said that, for her business, as well as for any other business person, there is a need to constantly monitor and assess how the business is performing financially.

"In my particular case, I am keen to know about trends in turnover, profits and expenses. Therefore, financial statements help me to do my financial calculations which are the basis of my main financial ratios. I am then able to record the financial performance of my business. Besides planning for future growth, I also therefore know which of my products are the best sellers and vice versa," Ms Gray explained.

"I know that monitoring cash flow matched against projected and actual financial forecasts is critical when in business. Monthly and annual trends can be documented and this teaches me more about my trading environment at different times during the year. Because I cater for a niche market selling a varied range of handicraft supplies, I must effectively account for all sales and expenses to accurately reflect the financial condition of my business.

"There could be a need to make some sacrifices, but business people need to know about interpreting financial documents and know the terminology before venturing too far into one’s own business," Ms Gray added.

"I would encourage anyone either in business or considering going into business, to attend this workshop to realise what is available and where to go for information. It is all about thorough preparation and groundwork. This has always been my approach," Ms Gray concluded.

The Understanding Financial Statements workshop commences at 5.30pm on Thursday 23 November, and is expected to finish at 7.30pm. The cost of the workshop is $10 and includes a complimentary workbook produced by the Victorian government specifically to help anyone in business.

Bookings are essential. For further information, please contact Leo Billington, telephone 0407 541 258 or Stacey Bond on 5128 5416.

Source: www.gippsland.com

Published by: news@gippsland.com

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