Welcome to today’s episode of I Hate Numbers, talking about The language of accounting. Today we’re going to have a peek at some of the language that Accounts, and Finance people use. It can be an alien language if you are a stranger in the Number’s world. I am learning the ropes of podcasting, and enjoying the experience and sharing the world of Numbers with you
In this episode
What’s a Balance Sheet and Why does it matter
The link between your wealth and your Business Balance Sheet
Buzzwords converted into normal speak
Build your Numbers confidence
Realise you know more than you think
Take more control of your numbers to help make money
Buzzwords and jargon
Buzzwords and Jargon are useful shortcut words. Let’s be honest, all businesses have them. However, if we don’t understand the buzzwords, we may miss a trick, become disconnected from the power of numbers, and would rather watch paint dry. Let me share something with you, once you get to decipher the language, a whole new world of possibility opens.
In our business, a whole bunch of things are going on which have a financial impact. Things are bought and sold, money comes into the bank, money leaves the bank, we buy things we don’t want to sell, we borrow money to make it happen.
Through the magic of Numbers filing, all this is put into categories and labelled. Once we have organized and labelled our Numbers then we can produce Financial Statements.
So, what, you might be thinking? I can see that, but there is a point.
I’ll walk through examples of things we engage in in our daily lives and then connect them into the world of business. I’ll talk you through a story that looks at how much we are worth in financial terms and connect that to your business.
What are these? Why do they matter, and what jargon and buzzwords are used to build this inhabit this statement?
The balance sheets is a mix of your business assets and business debt. If you not sure what these are, it doesn’t matter I’ll take you through this. I’ll even a few more buzzwords in, my Numbers language translator was switched on
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