1. It’s almost the fourth quarter, prepare to make a detailed business plan with a budget for 2024. 

Bottom – Up: Plan from the lower department head keys up. 

Top – Down: Chairman & Founder closes the top-down plan. 

We quarrel to agree and at all costs implement the Matching Point plan. 

2. Break-even analysis and the relationship between output and profit.

Do not sell products with variable costs greater than the list price, the more you sell, the more you lose. 

The relationship between the value created and the corresponding costs, avoid making the product too much superior value and still … no profit. 

3. Divide the cake to the founding shareholders, invite others to join the boat and understand clearly the position, title and duties of each person: 

Chairman of the Board of Directors, Founder, Member of the Board of Directors, shareholders, supervisory board, chief accountant, chief financial officer, CEO. Most of the business conflicts are not clearly understood, do not grasp each other’s positions and roles, leading to exceeding or under expectations, both of which are not adequately compensated.

A talented person comes to the company and suggests … in addition to the salary and bonus, you are proposed to pay more preferred shares, you … silently refuse or reply to the negotiation email? 

You don’t have enough cash flow to pay immediately but 02 people are too compatible, what do you do to get on the boat together? 

When dividing ESOP and preferred shares, will there be a conflict of interests between old and new shareholders? 

Why the company is doing well but investors are still hesitant to put money down: Legal, Board of Directors resolutions, types of capital, types of shares, number of circulation and the relationship of changes in capital sources in the company asset structure. 

4. Find out the company’s mission by understanding: 

Financial structure when starting a business model: Production, commerce, B2B, B2C, Service. 

Understand the value chains that make up the industry.

The reason to enter the industry with the current product. 

Know your capabilities and decide to maintain or improve the product or business model you are interested in. 

Understand the reasons for the success of business models in the market: Wholesale, retail, D2C, Franchise, Logistics,… 

5. Understand the accounting entries from the beginning of the business to until the end of an accounting period (Month, Year) to know how the accounting terms begin and end. 

How do you know if your accountant is doing it right? 

Does the director need to learn accounting principles? 

Types of financial statements according to the Ministry of Finance’s regulations: indirect and direct methods.

6. For startups and SMEs that are transforming, how should they hire accounting positions in the company, should they be concurrently? (Describe CV, title, and duties) 

7. Differentiate between chief financial officer and chief accountant. 

CFOs need a detailed understanding of business analysis. 

What knowledge does the chief accountant need to cultivate to talk about the business, avoid emotions, or the perspective that is only accumulated in the observation and experience of the cost maker? 

To provide useful information for CEO decision-making, we need someone who understands business, costs, finance, and operations. 

8. Read and understand financial statements and operating standards for money management for the Board of Directors and the general meeting of shareholders. 

Vision on the floor, not on the floor but still highly aware of operating the company methodically according to the standards of the listed company. 

– General diary: List the transactions arising on a daily basis

– Ledger: Summarize arising transactions based on the system of accounting accounts. 

Your Chief Accountant or General Accountant leaves but you do not know how to hand over and follow up the data, it will be confusing when handing over to the new team or manager. 

– Business Report. 

– Allocation report and check balance sheet data. 

– Cash flow statement: Where is the cash flow you are keeping 

– Clear monthly/quarterly/yearly financial statements notes 

– Understand financial metrics, definitions and safety metrics to help the company develops to its potential (Not too fast, but not below potential) 

– Change the action according to the appropriate business strategy when grasping the nature of the status quo.

– Provide timely information to stakeholders to seek reasonable help at difficult times. 

9. Understand the present and future value of money 

– Interest rate 

– Present and future value of money 

– Understand valuation in the simplest way. 

– The future picture of the company in the next 5 – 8 years, why not … too far away. 

– Cost of capital/borrowing mindset/financial leverage and a double-edged sword. 

– Buying, selling, merging and growth rate. 

Go beyond = Think further.