Joe Knight, the CFO here at Setpoint, talks about open book finances and how we track our projects. In our latest YouTube video Joe walks through our project board that let’s us know how we are doing on each project. He walks through how GP is determined as well as how much we have earned.
Archive for the ‘Finances’ Category
Open Book Finance - Setpoint’s Projects Board
Monday, May 4th, 2009 by ksmithOpen Book Finance - The Board
Thursday, March 5th, 2009 by ksmithWhat do your numbers mean? Here at Setpoint we practice Open Book Finances. Every week we look at the numbers that show us how far along we are on our projects. In our newest YouTube video Joe Knight, our CFO, talks about how we know if we are making money. He shows some key ratios that can be used in any industry to measure this.
Importance of Cross-Training Employees
Thursday, November 6th, 2008 by MachelIt’s Tuesday and your payroll clerk needs to enter payroll to make sure all employees are paid by Friday. The dreaded phone call comes. Your payroll clerk can’t come in because her father has had a heart attack and is in ICU. It will be several days before she can come in because it is pretty serious and she needs to help her mother. Do you have someone to pick up where she left off?
Although the chances are pretty slim that something like that can happen, happen it does. My former employer called me because the lady that does all the month-end paperwork and tax quarterlies couldn’t come in for the next month because of an illness. There are two other people in the office, but they were never trained on how to do her job. The policies handbook is 10 years out of date and did not explain the process. Fortunately I was able to help out and they got their taxes filed on time.
This is a great example on how important it is to cross-train important areas of the office. Not all areas of a business need cross-training, because there are some things you can put off. Ask yourself this question, what functions of the business will come to a halt if the person doing it can no longer do it? Identify the most important aspects of your business and start training from there.
Financial Bailout
Monday, October 13th, 2008 by JoeKThe following YouTube is my quick take on the financial crisis. I think that a lot of the problems in our financial system come from a lack of understanding of the numbers. I find this problem throughout the country when I am training. We do not train our managers in business how to read financials. The media makes it worse by feeding the fear with dire predictions and misinformation.
I am trying to explain how this financial crisis happened and why the solution will probably work. On the other hand if the wide spread panic continues, we may be in for a rough ride. We need to calm down and let the system correct…it will.
Also, if you get a chance read my book Financial Intelligence, it will give you a nice background on how to read the statements and what to look for in a company’s financials. For you entrepreneurs, we just introduced Financial Intelligence for Entrepreneurs.
It was too long for one video so be sure to catch both part 1 & part 2.
Part 2: