FINANCIAL & NUMERACY SKILLS

Generally, the word "business" is all about generating money and whether you love or dislike math, financial skills, and understanding numbers (e.g. numeracy, calculation) – they are vital for you to have in order to succeed. By referring to the term "financial skills”, they practically mean and entail:

1. Understanding profit & loss account.

2. Comprehending a financial report.

3. Budgeting and knowing exactly how to manage cash flow.

4. Allocating skills (knowing how to spend and invest money wisely).

5. Tracking the time spent on your given project.

6. Understanding how the ‘cost-benefit’ ratio works.

Additionally, when it comes to questioning whether you are someone who is meticulous in numbers and how excellent your numeracy skills are? – Well, you may refer to these following techniques.

a. Able to work out with figures, numbers, and graphics in your head quickly.

b. Capable of making rough but fairly accurate estimates.

c. Fast enough to read and analyse the information given from the sales reports.

Obviously, all the above tasks can be executed effortlessly at the end of the day once you hire your personal accountant. However, if you wish to survive and succeed in the business world on your own, to apply accountancy principles to every aspect at running the sole version of your business venture will be priceless. Bottom line, making wise investment decisions is not always an easy job to do. We may love spending money, however, there is a difference between wasting money and knowing exactly how to spend and invest it wisely.