Sound Financial Practices by Isaac Usanga

The Founder of McDon Whirlpool Resources, Mr. Isaac Usanga provides women a walk-through on Sound Financial Practices for Businesses. Mr. Usanga has 20 years cognate experience in Banking before founding his organization, and has worked with Diamond Bank Plc, Bank PHB Mortgages and Fidelity Bank Plc. where he has served as Branch Manager, Area Manager, Regional Manager and Territorial Bank Head at various times, with proven track-record in Operations, Business Development, Relationship Management and Risk Management.
His organization is offering not just financial intelligence expertise. He says, “we want to team up with beneficiaries of AWLO-500 to develop their business idea and/or expand on existing enterprise. We will provide the platform to nurture the ideas to reality, and also support funding needs with our financial advisory services; to help the women to manage their money and create wealth that is sustainable”.

Transcript

1. SOUND FINANCIAL PRACTISES FOR BUSINESSES. ISAAC USANGA MD/CE – McDON WHIRLPOOL RESOURCES LTD
3. To make us aware of sound money management methods that lead to creating sustainable wealth KNOW IT DO IT CREATE WEALTH
4.  Method of getting money in and out of a business.  Getting money in represents inflows  Getting money out (expenses) represents outflows  The successful business owner, through planning, organizing, controlling and decision making, IS ABLE TO ADJUST THE INFLOW AND OUTFLOWTO ACHIEVE THE MOST BENEFICIAL OUTCOME FOR THE ENTERPRISE
5.  A systematic and careful TRACKING of your enterprise financial resources  A PRUDENT management of your money and your flow of money (CASH – FLOW)
6. FINANCIAL INTELLIGENCE Record keeping Goal setting & Spending plans Regular Savings & wise use of credits Emergency Funds & Insurance Retirement Plans INVESTMENTS
7. OREGUN AUGUST 2019 SALES MONTH DATE DESCRIPTION OF SALES MODE OF PAYMENT KILOGRAMS CASH POS TRANSFER CREDIT TOTAL 1 1/8/2019 79.7 17,400.00 700.00 - 4,200.00 22,300.00 2 2/8/2019 166.7 32,200.00 400.00 - 16,000.00 48,600.00 3 3/8/2019 198.5 21,400.00 8,300.00 - 6,500.00 36,200.00 4 5/8/2019 260.8 14,800.00 - 3,500.00 66,900.00 85,200.00 5 6/8/2019 116.9 32,200.00 7,000.00 - 7,300.00 46,500.00 6 7/8/2019 131 28,100.00 5,200.00 1,700.00 - 35,000.00 7 8/8/2019 133 17,900.00 3,500.00 - 15,000.00 36,400.00 8 9/8/2019 112.9 28,200.00 - - 3,500.00 31,700.00 9 10/8/2019 143.4 23,000.00 10370 0 1,500.00 34,870.00 10 12/8/2019 60.0 14,650.00 0 0 - 14,650.00 1113/8/19 162 28,400.00 0 4,300 14,600.00 47,300.00 1214/8/19 111.4 25,800.00 1700 3,700 - 31,200.00 1315/8/19 43.1 3,000.00 - 3,800.00 6,500.00 13,300.00 1416/8/19 103.1 21,100.00 1,500.00 - 7,700.00 30,300.00 1517/8/19 107.2 18,900.00 4,300.00 6,500.00 - 29,700.00 1619/8/19 221.3 24,500.00 4,300.00 - 21,900.00 50,700.00 1720/8/19 52 12,500.00 1,700.00 - - 14,200.00 1821/8/19 106.5 20,800.00 3,500.00 - 6,500.00 30,800.00 1922/8/19 135.5 23,400.00 - 7,000.00 7,500.00 37,900.00 2023/8/19 225.3 15,400.00 5,100.00 3,500.00 43,700.00 67,700.00 2124/8/19 110.4 20,400.00 3,500.00 5,800.00 - 29,700.00 2225/8/19 120.5 19,000.00 14,000.00 - - 33,000.00 2327/8/19 175 32,800.00 3,000.00 - 14,400.00 50,200.00 2428/8/19 150.2 22,200.00 3,500.00 - 16,200.00 41,900.00 2529/8/19 165 32,200.00 2,500.00 - 13,000.00 47,700.00 2630/8/19 96 19,100.00 7,000.00 - - 26,100.00 2731/8/19 155.9 25,200.00 7,000.00 - 10,500.00 42,700.00 3,643.30 594,550.00 98,070.00 39,800.00 283,400.00 1,015,820.00
8. ZIKKY-ZA+A50:G71NGA OILGAS (OREGUN GAS SHOP AUGUST 2019 EXPENSE ACCOUNT) S/N DATE DESCRIPTION AMOUNT OTHERS 11-2/8/19 FUEL 1,400.00 CASH 26-7/8/19 FUEL 1,400.00 CASH 3 8/8/2019GUM 400.00 CASH 413/8/19 FUEL 800.00 CASH 514/8/19 detergent 100.00 CASH 616/8/19 FUEL 700.00 CASH 719/8/19 FUEL 700.00 CASH 822/8/19 phcn 4,000.00 CASH 923/8/19 FUEL 800.00 CASH 1027/8/19 FUEL 700.00 CASH 1/12/190027/8/19 GEN REPAIRS 800.00 CASH 1328/8/19 FUEL 800.00 CASH 1428/8/19 PUBLIC RELATIONS - ONONS CAN 600.00 CASH 1529- 30/8/19 FUEL 1,500.00 CASH 16 TOTAL OPERATIONS EXPENSE 14,700.00 RENT 33,333.33 BANK SALARY 20,000.00 BANK H/O EXPENSE. 26,250.00 CAS/BANK
9. ZIKKY-ZANGA OIL & GAS (OREGUN GAS SHOP AUGUST 2019 GAS STOCK REPORT) S/N DATE TO /FROM STOCK (KG) COST OF STOCK REMARKS 1 1/8/2019C/F JULY 2019 76.8 12,288.00 2 1/8/2019H/O 400 64,000 3 3/8/2019H/O 250 40,000.00 4 6/8/2019H/O 450 70,600.00 5 9/8/2019H/O 400 62,400.00 6 11/8/2019H/O 250 39,000.00 716/8/19 H/O 400 64,000.00 819/8/19 H/O 250 40,000.00 922/8/19 H/O 275 44,000.00 1024/8/19 H/O 400 62,400 1127/8/19 H/O 200 31,200 1229/8/19 H/O 400 62,400 13 H/O 14 H/O 3751.8 592,288.00 C/FSEPT 2019 -63.5 -9,906.00 3688.3 582,382.00
10. ZIKKY – ZANGA GAS BRANCHES REPORT- P & L AUGUST 2019 OPEBI OLUWALEIMU OREGUN KETU OGBA ZIKKY-ZANGA TOTAL SALES IN KG 2,355 1,544 3,643 2,632 10,174 TOTAL SALES IN NAIRA 720,476 415,700 1,015,820 708,110 2,860,106 LESS COST OF SALES (378,531) (248,166) (582,382) (430,233) (1,639,311) GROSS PROFIT/(LOSS) 341,945 167,534 433,438 277,877 1,220,795 LESS OPERATING EXP (10,700) (11,450) (14,700) (16,950) (53,800) LESS STAFF EXPENSE (20,000) (25,000) (20,000) (20,000) (85,000) LESS RENT (25,000) (25,000) (33,333) (25,000) (108,333) LESS SHARE OF H/O EXP (26,250) (26,250) (26,250) (26,250) (105,000) NET PROFIT / LOSS 259,995 79,834 339,155 189,677 868,661
12.  Qualified Accountants too expensive to maintain  Accounting records too difficult to understand  Lack on internal accounting staff  The business is too small
13. NO EXCUSES / NO PROCRASTINATION What do we make in our offices, shops, stations etc? EXCUSES  Excuses never brings Result. Stop making excuses  Why procrastinate? Do it now !!! Do not leave what can be done or accomplished today for tomorrow.  Delay can cause you to lose business or steam.
14. Be HONEST in all your FINANCIAL DEALINGS ….FINANCIAL INTEGRITY
15. TEAMWORK You cannot do it all alone.  Synergy makes 2 + 2 = 22.  Team work promotes division of labour, and makes the work gets done faster and more effective.  Sharing of ideas is encouraged. 2 good heads are better than 1.  One team member’s inability / deficiency is made up for by another’s ability/efficiency.  Together Everyone Achieves More (TEAM)
16. EXECUTE BREAK IT DOWN ACT DECIDE PLAN CONTROL RECORD ANALYSE Get the story behind the numbers
17. MERITS  Viability if your business  Points out potential weaknesses  Shows areas of improvement  Shows business strength and opportunities  Creates Wealth DEMERITS  Wrong Financial Information  Absent data  Flawed decision making  Minor issues become serious problems  Business is at Risk  BUSINESS DIES
18.  Commit yourself,  Your activities,  Your company  Your customers …… unto the hands of the Most High God.