Business success is largely the result of informed choices, the proper management of the finance and doing proper investments. In short: practical knowledge and insight in the field of financial management contribute to a good representation of the interests of your organisation and employees. During our financial training, the most important business and financial aspects are discussed.
It is only four letters, IFRS, but with a whole new world of regulation behind it. Regulations and bookkeeping have already been the subject of each other's extension; No accounting without rules. You could almost argue that it is as old as the road to Rome. Many do not know that those rules were devised by a 15th century Italian mathematician, who also lived on the road to Rome. He had devised mathematical rules to enable the initial accounting of financial figures to be recorded in a systematic way. For centuries, these rules have remained virtually unchanged. Apparently, the accounting system was so watertight that there was no need to alter those rules.
But the financial world is changing dramatically in the 21st century. We are still reminding ourselves of all the scandals that have taken hold of the banks and insurance companies of the name. And in fact, one of the main reasons for the emergence of these scandals was the classical accounting rules that gave rise to distortion of financial information and in some cases also manipulate it. These great scandals have accelerated thinking about the shelf-life of medieval accounting rules and large international accountantorganisaties have come up with proposals to create a completely different system of regulation for Reporting in the accounts. These newly introduced standard rules are issued under the name IFRS, the abbreviation that stands for International Financial Reporting Standard.
IFRS is issued and maintained by the International Accounting standards Board and the rules contained therein describe very accurately how bookkeepers have to maintain and report on the accounting accounts. Today, IFRS is widely accepted as the common accounting language, which can be used to understand business and financial reporting from company to company and from country to country. In The Netherlands, IFRS is now the standard for large listed companies. All other companies may still voluntarily opt for this IFRS standard or for the regulations as laid down in Dutch law.
For all those who are responsible for financial management and all derivatives in the company, it is very sensible to take note of these new developments in the field of financial regulation. In some of the financial trainings at Learnit Training, attention is also paid to the consequences of introducing IFRS. What makes it even more interesting to participate in these trainings is that the participants can also exchange experiences in the field of IFRS. And of course everything under the guidance of an experienced trainer.Link
We don't really realize it. And if I sometimes just so in a group of unnuanced call: "Yes. In the end, it's all about the figures "chances are that most of them are just thinking about the money, the financial figures. Because that is what we all really think?
Until a few years ago, we could still make that statement hard. The times were a bit different from today, and sending money was the most important day job of the supreme leadership from a lot of respects. Not in the last place because the shareholders demanded that simply from the directorates; There was just enough return to be made to pay satisfactory dividends. So simple were those facts.
We already know the accidents and scandals in companies of name. You too much blindly staring at the heaps of money that deserve to be earned is but very unilateral and distracts from all the other important issues. A company, an organisation, an institute or a feather was more than just money. There are people working, there are others involved, and they all want their share and they all successively their voices and have been given a place in the row of those who want to communicate in the result. But not in Money. No in satisfaction, in certainty, in a clean environment and everything that is succinctly in the slogan "People, Planet, profit."
But make all that measurable. There are really a lot of attempts to do that. There I can fill ten blogs to do that. But I just light one out, who has endured the test of time and the method of the Balance scorecard. We owe that method to the founding fathers, Mr. Kaplan and Norton. They had long thought that sending money alone could not be the only thing that could be assessed by an organisation's performance. Their philosophy about the financial figures was actually very simple, but therefore very sophisticated. Their finding was that they did not place the financial results at the highest level, but in a horizontal context with three other areas in a company, namely commerce, HRM and processes.
By moving away from a kind of hierarchical construction, in which the financial result is ultimately the culmination, all the mentioned areas of attention were aligned with the financial result. And the bandages led them by naming in each sphere a set of related key figures which, as a kind of communicating barrel, tells the overall story of the company's performance. Hence their name Balance scorecard, an overview of key figures that have been reconciled in a balanced way and thus all under the influence of the same decisions, which takes the direction of the company.
The whole art is to find that balance between the key figures. That costs a bit of study time, but that is equal to double profit, because it forces the leadership to think carefully about the mutual coherence of things. In the meantime, one direct coherence in the service atmosphere has been widely acknowledged, and that is the direct relationship between the level of employee satisfaction and the level of customer satisfaction. You see it so for you anyway? Just stand by a counter with a moody employee. I think that the bulk of the customers will not be happy. So that will appear directly from the key figures on the balanced scorecard of that service provider. And with a little imagination, we see the management relationship between the level of customer satisfaction of the development of turnover. But if that Moody employee stays there for too long, then customers stay away and look, then the turnover evaporates.
A bit simple all, but still, so does the balanced scorecard. Business economists have continued to dig up the four parts of the balanced scorecard. All to get more and more grip on the way things are going within a company. Interestingly, they have also been able to establish standards by means of research, so that we are responsible for the management of the business. Often these standards are fixed in key figures or critical performance indicators.Take a look at the table of contents of all financial modules at Learnit Training. You will be able to find some of the concepts I have listed here in this blog. The essence is therefore that the trainer of Learnit Training will practice with you to handle the language of the balanced scorecard in your organizations, so that everyone, from experts to non-financials. Going to have the same thing. And that is the prerequisite for efficient and effective business management.