On Saturday, 3rd September 2022, GGear Young Leader Programme Cohort 02 held a training “Finance for Young Leader” at Phnom Penh Hotel, led by Mr. Peng Sarom, CFO, GGear Group Co.,Ltd.
Objectives
- To build fundamental knowledge of financial terminology, key accounting concepts, and the composition of key financial statements.
- To recognize the link between organizational strategy and financial objectives.
- To be able to forecast operational budget, manage and control it in an effective and flexible manner
Key takeaways
- The three core financial statements are
- Income Statement: summarizes the revenues, costs, and expenses
- Balance Sheet: reports a company’s assets, liabilities, and shareholder equity
- Cashflow Statement: summarizes the amount of cash and cash equivalents entering and leaving a company
- The basic accounting equation: an asset is equal to liabilities plus equity.
- Companies economic determine how markup and margin should be to profit.
- Budget planning is the financial plan for a period in the future to get maximum efficiency. The flow is to set goals, develop guidelines and timetable then setup a committee.
- To make a master budget, you need sales budget, supply chain budget, SG&A budget, financial budget, and investment budget.