The University of Mary Washington Small Business Development Center Warsaw office will be offering the following workshops at our Warsaw location.
Material fee: $25
Website Management –
When: Thursday, April 25th 1:00-3:00pm
Registration deadline: April 22nd
This topic seeks to introduce students to the basics of website management, so that they can maintain and update their business websites on their own, without having to rely on outside help, and understand all the steps involved in planning, designing, building, positioning, promoting, and maintaining a website. The topic helps students understand the benefits a website can bring to even the smallest business and gives them the opportunity to practice editing a real business website. Students learn how to add and remove different types of content, how to organize content, and how to change graphics and navigational elements. In the most advanced part of the exercise, students learn how to manage CSS styles. More importantly, the topic does not cover coding or go into unnecessary technical detail.
Basics of Finance Thursday, May 9th 6:30-8:30pm
The Basics of Finance topic introduces students to basic finance concepts and gives them the opportunity to apply these concepts to a real business case. Students do so by conducting a Break-Even Analysis in LibreOffice Calc (www.libreoffice.org) which allows them to learn about finance and to understand the fundamental features of electronic spreadsheets.
Financial Plan Thursday, May 16th 6:30-8:30pm
The Financial Plan topic introduces students to the initial steps necessary for writing up the Financial section of a Business Plan. Students are introduced to the importance of financial planning by understanding the difference between liquidity and profitability. They are then exposed to different financial documents that they can use to assess both the liquidity and the profitability of their business. Among these, students have the opportunity to look at the Income statement in more depth. They learn about the calculations implied in the different sections of an Income statement, and then practice building one on the basis of an existing template.
In particular, students learn how to use LibreOffice Calc (www.libreoffice.org) to insert numerical data and make different types of simple calculations, all of which can be used for building other types of financial documents too.
Invoices Thursday, May 23rd 6:30-8:30pm
This topic focuses on the use of electronic spreadsheet tools for the creation and management of invoices so that business owners can minimize errors and avoid unnecessary repetition. Students become familiar with both licensed and open source electronic spreadsheet software. They learn how to format an invoice template in order to customize it for a particular business. They understand how to change different items on an invoice, and are introduced to a series of different automatic calculations in the spreadsheet. Moreover, students are encouraged to think beyond individual invoices. They learn how to manage invoices through lists and discuss the meaning of efficient financial document management in general.
They leave the class understanding all the steps necessary for creating and managing invoices efficiently and effectively and in compliance with the law.
Expense Tracking Thursday, May 30th 6:30-8:30pm
Expense Tracking focuses on the importance of expense tracking for managing finances and keeping an eye on the financial health of a business. Students are introduced to both licensed and open source electronic spreadsheet software in which they learn how to create an expense table for a real business. Students learn how to use a series of automatic formulas of varying complexity, including Autosum, Autofill, SUMIF and COUNTIF, and are introduced to the notion of relative and absolute references. They have the opportunity to learn how to apply formatting to the table, including conditional formatting. In the more advanced part of the exercise, students are introduced to the concept of Pivot Tables for summarizing annual business expenses. Students understand the importance of expense tracking for reining in spending and having an overview of the business’s cash flow. They also discuss the series of steps they need to take in order to manage their expenses efficiently.
Financial Graphs Thursday, June 13th 6:30-8:30pm
In this topic, students discuss and become familiar with the business and communication benefits of translating numerical, and especially financial, data into graphical format. They understand the purposes of financial graphs and learn about different types of graphs and the situations in which they might be used. They learn how to build different types of charts based on pre-existing financial data, and how to format them to enhance clarity and readability. Students are introduced to multidimensional charts called PivotCharts and, in the more advanced part of the exercise, they learn how to use charts to depict financial trends and make financial forecasts. Throughout the topic, the notion of graphs as analytical and communication tools is underlined. Students leave the class with a full understanding of the precise steps they need to take in order to build different types of charts to achieve the greatest effectiveness for their business.
Cash Flow Thursday, June 20th 6:30-8:30pm
Students start by discussing the use and importance of Cash Flow statements for evaluating the financial well-being of a company. They exchange ideas on how a Cash Flow statement is built and what types of data and main sections it contains. In order to grasp how a Cash Flow statement is different from other financial documents, students clarify the difference between profitability and liquidity. In the practical part of the topic, students practice filling in a Cash Flow statement with a company’s financial data. They create links between the Cash Flow statement spreadsheet and spreadsheets containing other financial data to populate the statement automatically. In the latter part of the activity, they use the Cash Flow statement as a forecasting tool, inputting data to compare different whatif scenarios related to an investment. Finally, they set up the spreadsheet so that it gives automatic warnings if particular values go above or below a certain threshold. The topic ends with a discussion about the importance of cash flow tracking for all businesses, but especially for businesses that are experiencing growth. Having understood how a Cash Flow statement is built, students are also encouraged to talk about the messages they can take from such a statement to improve the actual liquidity of a company. Students leave class with an understanding of the steps they would need to undertake in order to manage their own Cash Flow statements in a professional and effective way.
Accounting Thursday, June 27th 6:30-8:30pm
This topic introduces students to centralized accounting management for small companies. Students discuss how growth in small businesses affects financial record keeping and brings inefficiencies as data entry is unnecessarily repeated and different types of related financial records remain scattered. They consider the concept of integrated accounting and see how software tools that provide this type of integration are organized. In the practical part of the topic, students use an online integrated accounting package to see how it might be used to manage finances. Simulating a multi-user environment, they understand how such a tool allows different parties to all do their part of the job in complex processes. In particular, students complete a full sales order process playing the roles of all the different people involved, and a full purchase order process. They also see how they can easily generate different types of financial statement for the company. Students leave class with an understanding of the benefits brought about by such an integrated accounting tool but also consider the implications it might have for the company in terms of change management and business process reengineering. Further integrated solutions for ERP and beyond are also discussed.
P.O. Box 490, Warsaw, Virginia, 22572
479 Main Street, Warsaw
Phone: (804) 333-0286
Fax: (804) 333-0187