•Cost forecasts

PROJECT are normally

COST performed as
FORECAST part of periodic
processing.
 PRODUCT IMPROVEMENT

Product improvement
involves changing some
of the firm’s product
and market mixes.
 CORPORATE RETRENCHMENT

The goal of corporate

retrenchment is to
move “excess fat” and
create a leaner
organization.
BUSINESS PLAN
A business plan is a
written description
of your business's
future, a document
that tells what you
plan to do and how
you plan to do it.
 BUSINESS IMPLEMENTATION

It is a vital stage in
business planning.
Involves establishing
structures and
activities needed to
introduce a business
into the marketplace.
Business Implementation
Strat
1. Get Staff and Management
Involved
2. Invest in Training
3. Consider outside factors
4. Open communication
10 Ways to Implement Your Great
Business Idea
1. Look for pain points,
don’t wait for the “Eureka”
moment
2. Share your business
idea
3. Find a mentor
4. Make a business plan
5. Understand your
market needs and adapt to
10 Ways to Implement Your Great
Business Idea
6. Learn the technicality
7. Networking and Trade
shows
8. Pick a good team to initiate
growth
9. Create a website suitable to
your business
10. Use free resources online
to reach out to customers
Business Record
is a document (hard copy or
digital) that records
business dealing. Business
records include meeting
minutes, memoranda,
employment contracts, and
accounting source
documents.
BOOKKEEPING
is the task of recording all
business transactions—
amounts, dates, and sources
of all business revenue, gain,
expense, and loss
transactions. Bookkeeping is
the starting point of the
accounting process.
JOURNAL
A chronological record of all
transactions is kept in a journal
used to track all bookkeeping
entries.

Journal entries can be made from

invoices, purchase orders, sales receipts,
and similar documents, which are usually
kept on file for a specified length of time.
LEDGER
is a collection of
related accounts and
may be called an
Accounts Payable
Ledger, Accounts
Receivable Ledger, or
a General Ledger, for
example.
 Format
The standard contents of the general
journal are as follows:

1. Date. The year and month are not rewritten

for every entry unless the year or month
changes or a new page is needed.
2. Account Titles and Explanation. The
account to be debited is entered at the extreme
left of the first line while the account to be
debited is entered slightly indented on the next
line. A brief description of the transaction is
usually made on the line below the credit.
Generally, skip a line after each entry.
3. Posting Reference (P.R.). This will
be used when the entries are posted,
that is until the amounts are transferred
to the related ledger accounts.

4. Debit. The debit amount for each

account is entered in this column.
5. Credit. The credit amount
for each account is entered in
this column.
PROFIT/LOSS
Profit is determined
by the money you
get from sales, cost
of stock (if you sell
product/s) and of
course all the
expenses you incur.
NET LOSS
is when expenses
exceed the income or
total revenue
produced for a given
peri-od of time.
Income Statement
is a statement
showing the
performance of the
enterprise for a given
period of time.
An income statement lists financial
projections in the following format:

Income includes
all revenue
streams generated
by the business.
An income statement lists financial
projections in the following format:

Cost of goods
includes all the
costs related to the
sale of products in
inventory.
An income statement lists financial
projections in the following format:

Gross profit
margin is the
difference between
revenue and cost
of goods.
An income statement lists financial
projections in the following format:

Total expenses are

the sum of cost of
goods and operating
expenses.
An income statement lists financial
projections in the following format:

Net profit is the

difference between
gross profit margin
and total expenses.
Sample
Income
Statement for
profit and
loss.
Sample
Income
Statement for
profit and
loss.