Class 113 - last blog...
Please watch the YouTube/Ted talk by Simon Sinek. What did you think of it? Please comment on what his message means to you and your group relating to your future plans.
http://www.youtube.com/watch?v=qp0HIF3SfI4
Plan are due Sep 30th in hard copy on my desk nlt 4pm CST.
Let me know if you need anything. They will be available for pick up the week of Graduation. Best of Luck to you all. I have enjoyed reading your comments and getting to know you. Alexis
Thursday, 29 September 2011
Monday, 26 September 2011
Ethics, Fraud, and Embezzlement
Class 113 - This past week we discussed the concern with fraud and embezzlement in the workplace. There is not a day goes by that you cannot read or hear about situations like this which negatively impact an employer. It is devastating!
The three areas you should be aware of are:
Business plans are due on my desk (not in the mail) Sep 30 - 4pm CST. in hard copy and ready for a banker to critique.
This week's blog topic is about financial controls. How will you protect your assets? What issues have your doc's come across? and how did they change their processes so the situation did not happen again?
Alexis
The three areas you should be aware of are:
- Cash schemes involving accounts receivables and not fully recording services, writing off bad debts which have previously paid but not recorded.
- Accounts Payable: ficticious vendors, including personal bills in mass payments
- Payroll: ghost employees, incorrect time cards
Business plans are due on my desk (not in the mail) Sep 30 - 4pm CST. in hard copy and ready for a banker to critique.
This week's blog topic is about financial controls. How will you protect your assets? What issues have your doc's come across? and how did they change their processes so the situation did not happen again?
Alexis
Friday, 9 September 2011
Looking for a job
Class 113 - Just a reminder that your plans are due 3 weeks from today, in hard copy on my desk (not in the mail) nlt 4 pm CST. If you need any assistance, please feel free to contact me.
This week's discussion is in regard to finding a good fit with an associateship. What are you looking for and how will you know what is a good fit for you? What are you doing to find an associateship. Be specific, be creative. Also, list two questions you have asked or plan to ask the Doctor during the interview process. Team challenge - you can't list the same questions as someone has already posted. Last who has been successful?
Have a great week. "Odd Team" Blogs are due Monday Sep 12th. Alexis
This week's discussion is in regard to finding a good fit with an associateship. What are you looking for and how will you know what is a good fit for you? What are you doing to find an associateship. Be specific, be creative. Also, list two questions you have asked or plan to ask the Doctor during the interview process. Team challenge - you can't list the same questions as someone has already posted. Last who has been successful?
Have a great week. "Odd Team" Blogs are due Monday Sep 12th. Alexis
Saturday, 3 September 2011
Financial Statements and Financial Ratios
Welcome Class 113 - First an announcement: There will be no class on Sep 7th. You are to use this week to finalize your business plan.
This week we looked at the "Big Three" - The balance sheet, income statement, and the cash flow statements. These reports are used for financial reporting different from the management reporting we discussed the previous week. We compared how the three interrelated and how they work together to provide a picture of the health of a business.
The balance sheet is a snapshot in time. Assets = Liabilities + Owner's Equity. The line items are listed in order of liquidity to cash.
The income statement reflects revenues less expenses to show whether the company has made a profit or loss.
The cash flow statement takes out depreciation and other non-cash items and provides information as to the viability of your cash. It incorporates three catagories; operating, finance and investing. Operating is the catagory to watch. You want to be able to operate profitably.
Both the income statement and cash flow statement shows activity over a period of time; a quarter or year.
My understanding is that very few students have any experience or understanding of financial statements. "Even teams", the topic this week is to discuss specfically what other resources you will access to help you have a better understanding of preparing and interpreting financial statements. List web links if you find ones that are helpful. Also, preceptors - ask your Doctor specifically what they monitor in their practice in regard to finances?
Have a great week. Alexis
This week we looked at the "Big Three" - The balance sheet, income statement, and the cash flow statements. These reports are used for financial reporting different from the management reporting we discussed the previous week. We compared how the three interrelated and how they work together to provide a picture of the health of a business.
The balance sheet is a snapshot in time. Assets = Liabilities + Owner's Equity. The line items are listed in order of liquidity to cash.
The income statement reflects revenues less expenses to show whether the company has made a profit or loss.
The cash flow statement takes out depreciation and other non-cash items and provides information as to the viability of your cash. It incorporates three catagories; operating, finance and investing. Operating is the catagory to watch. You want to be able to operate profitably.
Both the income statement and cash flow statement shows activity over a period of time; a quarter or year.
My understanding is that very few students have any experience or understanding of financial statements. "Even teams", the topic this week is to discuss specfically what other resources you will access to help you have a better understanding of preparing and interpreting financial statements. List web links if you find ones that are helpful. Also, preceptors - ask your Doctor specifically what they monitor in their practice in regard to finances?
Have a great week. Alexis
Thursday, 25 August 2011
Working with local high schools & college athletic depts...
I had a discussion this week with an alumnus who is looking for ideas in regard to the above topic. I told him I would post this on our blog for ideas and suggestions. Preceptors please ask your docs for their thoughts also. Thanks...
Hi , Alexis
Thanks again for some of the tips/advice you offered during our phone call. My question I brought up was relating to what avenues DCs in the field have used to open doors into working with local high schools and colleges athletic departments. I have a few opportunities in my area with the opportunity to make a proposal to their ADs. Thanks again in advance for any suggestions you can afford.
Scott Cichosz DC
Thanks again for some of the tips/advice you offered during our phone call. My question I brought up was relating to what avenues DCs in the field have used to open doors into working with local high schools and colleges athletic departments. I have a few opportunities in my area with the opportunity to make a proposal to their ADs. Thanks again in advance for any suggestions you can afford.
Scott Cichosz DC
Budgeting & Record Keeping
Class 113 -
This week's theme was "Keep the End in Mind" - which comes from the Covey - 7 Habits book.. Financial Statements, tax returns, as well as other management reports are your end product. Looking at these first can help you lay out your general ledger and accounting software to save time in tracking this particular informantion. There is nothing more frustrating than picking apart numbers to complete forms...i.e. tax returns, financial statements, loan applications.
Keeping the end in mind is also relative to management reports. I have upload 3 samples that I shared in class. The three reports display very different information from the same data. You will want to familarize yourself with reading and understanding these types of management reports. Variances will alert you to positive or negative aspects of your financial picture. It is important to take advantage of these indicators and make adjustments as needed in a timely manner.
This week's discussion is:
What software have you looked at and compared? What are your precept docs using? Pro's and Cons...be detailed. What is important to you in your search for software?
"Odd" teams are up!
Have a great week...your plans should be in their first draft and as the power point says, you should be revising, refining, and rejoicing! Reminder that they are due in hard copy on my desk (not in the mail)(not post marked)(not emailed) by 4pm CST Sept 30th!
Alexis
This week's theme was "Keep the End in Mind" - which comes from the Covey - 7 Habits book.. Financial Statements, tax returns, as well as other management reports are your end product. Looking at these first can help you lay out your general ledger and accounting software to save time in tracking this particular informantion. There is nothing more frustrating than picking apart numbers to complete forms...i.e. tax returns, financial statements, loan applications.
Keeping the end in mind is also relative to management reports. I have upload 3 samples that I shared in class. The three reports display very different information from the same data. You will want to familarize yourself with reading and understanding these types of management reports. Variances will alert you to positive or negative aspects of your financial picture. It is important to take advantage of these indicators and make adjustments as needed in a timely manner.
This week's discussion is:
What software have you looked at and compared? What are your precept docs using? Pro's and Cons...be detailed. What is important to you in your search for software?
"Odd" teams are up!
Have a great week...your plans should be in their first draft and as the power point says, you should be revising, refining, and rejoicing! Reminder that they are due in hard copy on my desk (not in the mail)(not post marked)(not emailed) by 4pm CST Sept 30th!
Alexis
Thursday, 18 August 2011
Revenues and Accounts Receivables
Class 113 - To answer a couple questions brought up in class:
1. Loopnet and other sites similar - what is their percentage of accuracy? The answer is: We have no idea but feel that it must be reasonable or else could not stay active. Again it is good to gather information from multiple sources for comparison and reasonableness. Loopnet has an email for questions...so there is a start. Sorry this is not more helpful.
2. Is it legal to contact other chiropractors to see what they are charging for services so as to help in deciding how much to charge for your own services? Yes. That is fine. Where is become illegal is when a group makes an agreement that they will all charge a certain price. This is price fixing. This falls under the Sherman Anti-Trust Act of 1890. There is lots of information on price fixing on the web.
This week was the first of a four part series on the financial aspect of your practice. We discusses revenues and account receivables/collections. See the class web page for more on that section of the excel spreadsheet. Discussion revolved on how you plan to differentiate yourself from your competition - chiropractic or other. Also on how you plan to utilize your marketing dollars into the revenue stream.
Even Teams please comment on:
What will be your competitive advantage(s) and what marketing/advertising/promotion events will you use to achieve your revenue goals during your first year of practice. Be specific.
Have a great week. Alexis
1. Loopnet and other sites similar - what is their percentage of accuracy? The answer is: We have no idea but feel that it must be reasonable or else could not stay active. Again it is good to gather information from multiple sources for comparison and reasonableness. Loopnet has an email for questions...so there is a start. Sorry this is not more helpful.
2. Is it legal to contact other chiropractors to see what they are charging for services so as to help in deciding how much to charge for your own services? Yes. That is fine. Where is become illegal is when a group makes an agreement that they will all charge a certain price. This is price fixing. This falls under the Sherman Anti-Trust Act of 1890. There is lots of information on price fixing on the web.
This week was the first of a four part series on the financial aspect of your practice. We discusses revenues and account receivables/collections. See the class web page for more on that section of the excel spreadsheet. Discussion revolved on how you plan to differentiate yourself from your competition - chiropractic or other. Also on how you plan to utilize your marketing dollars into the revenue stream.
Even Teams please comment on:
What will be your competitive advantage(s) and what marketing/advertising/promotion events will you use to achieve your revenue goals during your first year of practice. Be specific.
Have a great week. Alexis
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