In this recipe Andrea Klassen, senior manager of Financial Reporting at Bayport Financial Services, helps entrepreneurs understand the role that financial reporting plays in keeping SARS happy and your business healthy.Tuck In
The daughter of two entrepreneurs, Andrea Klassen has an innate understanding and appreciation of the challenges and rewards of being the owner of a small business. A desire to help her parents run their businesses better, ignited an early interest in business management that saw her qualify as a chartered accountant and complete a master’s degree in tax. She joined Bayport Financial Services 2010(Pty) Ltd in 2017 where she currently holds the position of senior manager: financial reporting.
In addition to mentoring finance students and junior colleagues, Andrea started a health and fitness club in 2020 during Covid to help improve people’s physical and mental health.
When she was named a finalist in the 2020 Top 35under35 SAICA competition, Andrea used it as a platform to launch the ASE Foundation. The foundation mentors young people to help them achieve their goals and find employment.
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10 Tasty Bites
Below is a preview of what you can expect to learn in this recipe.
1 - What Was It Like Growing Up With Entrepreneurs As Parents?
2 - What Are The First Things You Look For To Assess The Financial Health Of A Business?
3 - What Is Financial Reporting?
4 - What Needs To Be Included In A Financial Report For A Startup?
5 - What Is Forecasting And Why Is It Important For Entrepreneurs?
6 - What Are The Essential Accounting Tasks Entrepreneurs Need To Start With?
7 -Why Should Entrepreneurs Separate Their Business And Personal Bank Accounts?
8 - What Are Some Crucial Financial Traps To Avoid?
9 - Why Is It So Important For Entrepreneurs To Keep A Record Of Their Slips And Invoices?
10 - Can You Share Some Helpful Financial Hacks For Entrepreneurs?
About This Recipe
The small, day-to-day financial mistakes entrepreneurs make can quickly add up to the business running into trouble. It is therefore hugely important for business owners to come to grips with the basics as soon as possible.
From keeping proper records of all transactions to understanding the role forecasting plays in business growth, Andrea Klassen generously shares insights that came from the combination of growing up in an entrepreneurial household and studying accounting and tax.
What You'll Learn
In this recipe, Andrea highlights the reasons why entrepreneurs should keep their business and personal finances separate, and why financial recordkeeping should be a priority from the first day you open your business’ doors. She explains cash flow and working capital as indicators of the financial health of a business, and gives an easy-to-implement formula to set sales targets.
Learn from someone who speaks from a position of real authority, perspective and experience.
Implement practical tips and techniques learned in the trenches - doing, rather than talking.
Join a cohort of like-minded entrepreneurs in our growing community and share your learnings as you go.
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