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Notes:
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Day 3 - August 29 -Today we are mainly trying to focus on the back-end accounting functions -Money coming out of your bank - expenses - from various things like A/P, inventory, users, vendors, rei's, splits(A/P), etc. Which then shows up on your P&L and then also affects your balance sheet. -Money coming into your bank - deposits - from invoices, A/R, -Ideally - it is great to categorize your stuff before you get into adilas - set up your cans first thing, then it can really help to track things - like right here with expenses - what are our expense category and then if you have that all set up, you can stuff thing in the correct category -A lot of things are tracking automatically to the P&L and the B.S. but if you want it tracked out at a finer level you could set up more categories or something but again remember the Law of Deference - deferring to someone with more information for example deferring to the PO vs. the expense one line description. System maintained vs. user maintained balance sheet items - system tracks it or you need to add it. (User maintained B.S. item - like the company truck, a loan, things that adilas doesn't know what they are going to do. Other things they already map/track - system maintained) *Line it out in word or on paper - once you set it up and have a flow and goals it is amazing how much easier and focused it makes things -System maintained example - once a PO comes in with inventory your B.S. automatically increases with assets - it flows there, but also the A/P flows in there to your balance sheet so they are automatically flowing through. ----Financial flow calculator and worksheet - just an educational/instructive tool - does not save in the database, just a tool -The Income Statement (P&L) feeds the balance sheet with net profit - that is fed automatically from adilas - the connection between the two -Telling your story accurately and detailed creates your accounting ???'s for class - Requests for class questions - what happens to my sales tax - how and where does that effect things/end up? What happens with shipping? ---- Brandon did a great job covering sales tax. Freight - business preference and flow - out of gross profit or net profit, COGS vs. Expenses -6 accounting categories - Revenue, COGS, Expenses, Assets, Liabilities, Equity -They can automate things that are pretty standard, structured or a more rigid process.... but the minute people have great variability in the way they function, then you have to leave that more open and more maintained on the user level. It is still gathered and in its holding tank - to wherever it has advanced to and then you can go and advance it along the line as you need and are ready. -End of the month, you are going to have to manual/physical entry your sales tax - there are just too many variables to automate it... so you know you're going to spend a little time doing that. But all of the data is there and gathered and it is still probably at least 75% there and you just have to wrap it together and put it where you need it. *Real data on real time - not having to make all these adjustments -Old school accounting - deals with numbers; adilas accounting - deals with the story. -Balance sheet - a point in time (a single date, a snap shot in time) .... -P&L/Income statement - more of an accrual and over time, what is happening through the year and how it is continuing, rolls over your fiscal year as your profit and loss statement (the pulse). P&L feeds the balance sheet with its net profit - to the balance sheet. -Trying to teach cause and effect relationships. I cannot even believe how much easier it is tracking your accounting from the operations side... it helps you understand SO much more of what is actually happening! -Full record/transaction of everything that happens! **Possible new setting - talking with Cheryl... about getting a potential setting to distribute the cost of freight across however many items you have so that it can be added back into the cost of your items so that you can cover that cost and attribute it this way within your inventory. Probably not a high priority - right now mom just has some extra prep work to do on the PO side to figure out how much she needs to add to her items to make sure she is marking things up enough. -What tool do I need for the current job? *Adilas balances day by day by day.... traditionally a lot of accounting settings balance at the end of the month and often times there are huge disconnects that are really difficult to account for or making multiple adjustments. There seems to be a huge disconnect when accountants are looking for pennies in certain scenarios and have everything detailed out and then they can get to the end of the month and not account for some huge amount and then they just make an adjustment. That is a huge disconnect!!!! *Adilas - all in one, operations will lead and we will feed accounting according to what operations are and do. Adilas - incredible operations tracking that can take it to the accounting level. Not required but available. -If you play with adilas on the fairways and the greens (the way things automatically track through) they are making all these little connections for you. -A really great question about Gift Cards really illustrated the point to me again that understanding the story and how things flow really helps to know where you need to track or put something or what the next step is. So we need to add a user-maintained balance sheet item for our gift cards here - we needed to hold it as a liability. ***So cool that adilas will be moving to a model where they can ask - okay, who would like this? Who wants to help fund the creation of this project? -Gift Card tracking (lunch card tracking) - future development for adilas to track it out to the detailed level where it is automated and tracked to the balance sheet -Pre-paid items: you have to hold that as a liability at least until you have expirations or what not.... -Future of adilas - load balancing -Wanting to take adilas out to the serious balance sheet level? A/R, A/P - automated. Inventory & banks also automated and they are the 2 biggest keys you need to get in line to head to the Balance sheet level. Get the stuff that feeds in automatically going and feeding in and then you are ready to take it to that level. *Record the story! Record everything that you do! Record everything that you do physically and then if you need to do a little tiny bit of connecting, no problem. -The heart of adilas - objects and data over time - this tells the story -Great little analogy I like that Brandon made about the horse leading the cart - which we talk about over and over as being the most ideal way to get things done, really it is to move forward with any efficiency.... but the funny analogy he said was that when you have things set up in the right way, with the horse leading the cart, every once in a while the horse is going to poop and you have to do a little clean up. Over 75% of the accounting is already done just by leading with operations but every little bit there is some clean up - so there you can use your balance sheet and some other tools to clean up a little. It's just part of the game, but SO much easier at the point, to just scoop up a little poop, or do just a little bit of clean up and everything else is just rolling along and moving forward with ease and efficiency and we are prepared to scoop up any little items that we need. :) |