Accounting and Finance
Sou Sdey (hello in Khmer)! We are the two students from the accounting and finance team. We are Makara and Vattey and our responsibilities are to manage & organize our business’s budget and expenses. We have been working with our production team and market study team to figure out our budget. For our production team, they need money to buy ingredients to make our own samples of different chili sauces. For the market study team, they need money to buy existing chili sauce to samples it.
First we had to figure out the whole budgets to get 100 bottles of chili sauce by the end of June in order to meet with Dom and Mr. Jeff (investors) twice in two weeks to get the money. We have the first meeting with our investors on Monday, and we presented to them about our ideas and we got some feedback. Dom and Mr. Jeff asked us two main questions: what is the estimate budget for the whole business and what is the plan after selling 100 bottles. We came back and discussed their questions as a class and developed answers. Then, we had the second meeting with them again. During our second meeting, we answered their questions, and we got so excited to hear that they will give money to us. We filled out the form and we took it to Liger accounting and finance manager. In our mind we thought that we will get the money immediately after we talk with her. When we told her that we needed $150 money to start our business we also told her we will spend it on 10 bottles of chili sauce and ingredients to make our own sauces. The problem was that she asked us to list down the ingredients as clearly as possible. So, we went back and we asked production team to print out the ingredients list. We got ingredients list and we clipped it to the form. When we went down again, we had showed her all ingredients that we will spend on. We got another PROBLEM! She said, she not only wanted the list of all ingredients, but she also needed the price of each ingredient. We were so frustrated because we had two meetings with our investors already and we had to talked to her three times. The things was that she was right because as an accountant, she needed to collect clear data from the requesters. We went back and we told our learning facilitator. He went down to talk with her and our facilitator came back to tell us that we needed to negotiate with her. So, we went down AGAIN and we told her that we won’t spend all the money that we request right away. Also, we don’t know the specific ingredients that we will buy because we just play around and try some new flavors with our recipes. At the last meeting we told her that, at the end of our Exploration we will give you back all the receipts that we have. Then at the end, she understood about it and she gave us the money. Wooohooo! Now we are ready to start our market study and production of sauces. |
This is the email that Makara and Vattey wrote to our investor
Dear, Mr. Dom and Mr. Jeff We are the two students that represent Entrepreneurship Exploration and another 10 students. Our responsible in this chili sauce business is accounting and finance. So, we would like to know more about the money that is available from Liger to start our business. So then, is it okay if we can meet with you on Friday at 2:15 pm? Thanks, Makara and Vattey This is the email that we got back from our investor
Hi Vattey and Makara Thank you for your email. I would suggest that your group needs to do some research to consider what you will need money for. No budget can be given if we do not understand the business proposal, why you need the money and your expected outcomes/results/profit. |