Business owners are inundated with numbers: tax rates; payroll costs; operating expenses; loan payments; inventory costs; professional fees; and so on. Most of these numbers are presented in the form of a company’s financial statements—and everyone knows, of course, that these financial statements are required for tax preparation purposes. But what else are they good for? 

Roger Birong, MBA, CBA, CMC, principal of Birong Associates LLC, will tell small and mid-sized business owners what these numbers, and many others, mean and how they can be used to better manage their respective companies in a Jacksonville Advantage Knowledge is Power breakfast workshop coming up on August 19.^.

Birong says he will spend some time talking about accounting, but makes the point that the presentation is not meant for accountants. Rather, he says, “It is a kitchen table tutorial, presented in common-sense language, for owners, operators and stakeholders of privately-owned businesses who wish to learn how to use the power of their financial accounting systems to better manage their companies.”

Birong says the two-hour workshop will focus on two main points:

·         Getting your arms around the accounting function. “The accounting department of any particular company may be competent at any one of five levels,” say Birong. “Participants will learn what these levels are and be able to determine which is appropriate for their particular firm. Business owners will also learn how to make sure they remain in charge of this important function as their companies grow. Importantly, attendees will also learn the basics of how to read financial statements and how to assure that they are reliable management resources.”

·         Managing by the numbers. Birong says “Once we have learned how to read and comprehend income statements, balance sheets and cash flow statements, we will then learn about the four bottom lines and how to incorporate these and other financial metrics into your every-day management routines. And, finally, we will learn how employee behavior and management decisions affect these numbers; and how you can use these numbers to affect financial performance, growth and the value of your company.”