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Accelerated Depreciation
A method of depreciating fixed assets that provides faster write-off of the assets than
straight-line depreciation by taking a larger portion of the allowable depreciation in
the early years.
Accountable Communication
Accountable Communication is the freedom to choose your response in any given
situation based on the absence of need for emotional approval, rescuing, blame,
justification or denial. It requires mastery of self-awareness, tolerance and
authenticity.
Accounts Payable
The amount billed to a company by vendors and suppliers for goods and services
provided that has not yet been paid. A liability account.
Accounts Receivable
The amount of revenue billed to customers for goods and services that has not yet
been collected from the customers. An asset account.
Accrual Accounting
A method of accounting that recognizes revenues when they are earned (not when
they are paid) and matches expenses to the time period when the company receives
the benefit from them. Generally accepted accounting principles (GAAP) require the
use of accrual accounting.
Accrued Expenses
Bills that must be paid in full within a set period of time. They are often unbilled
incremental amounts that add up over time, such as rent, interest on loans, property
taxes, etc.
Accrued Wages & Benefits
The wage and benefit amounts due to employees that build or ‘accrue’ between
payroll periods. These are owed, so the accrual method of accounting requires that
they be recognized as they happen.
Additional-Paid-in Capital
Any cash collected from stockholders after the initial public offering of stock for a
company. Additional-paid-in capital usually indicates that additional shares of stock
have been sold.
Advances from Customers
Payments in advance (deposits) from customers that are usually part of the contract
for large projects. They help the provider cover start-up cash flow for the project.
Amortization
The reduction of an asset’s value over time, which indicates it is being used up. This
term is usually applied to intangible assets such as intellectual property rights or
capital leases. The term may also be applied to loans. In this usage, it describes the
reduction in principle of a loan as payments are made. A schedule of such payments
is often referred to as an amortization schedule.
Assets
Assets represent all the things of value, both tangible and intangible, that a company
has in its possession for use in running its business. You can say that assets are the
company’s resources.
Asset Optimization Strategy
This is a method for maximizing the use of all company assets — materials,
equipment, processes, and people — to ensure non-stop operations, optimum process
yield, and consistency throughout the enterprise.
Authenticity
Authenticity is the experience of congruence in one’s thoughts, feelings and actions.
it creates safety in difficult situations because you talk only about yourself and your
experience of the situation. Mastering authenticity allows one to be open and
transparent. It means that colleagues know you and can trust you to be yourself and
let them know where you stand. It gives you permission to reveal how you see a
situation, what you want to have happen, and what you are going to do.
Availability
Availability is one of three components of productivity in overall equipment
effectiveness (OEE) and is influenced by two major loss factors — 1) equipment
failure and 2) setup and adjustment. Loss of availability represents the percentage of
time that a production facility is shut down.
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Balance Sheet
One of three primary financial statements, the balance sheet gives the financial
position of a company at a moment in time. It ‘balances’ or shows the equality that
exists between a company’s assets (what it has) and who provided them or has
claims against them (liabilities represent the people owed and owner’s equity
represents people who are owners).
Bank Covenants
Covenants are specific bank requirements that protect the value of its loans to a company.
Basic Accounting Equation
This formula, Assets = Liabilities + Owner’s Equity, forms the basic structure of the
balance sheet and is the basis for all accounting.
Behavioral Intervention: This is a choice by a person to address a specific behavior
by another person which is causing loss of productivity or loss of relationship. It is a
form of feedback that is intended to support the other person in becoming aware of a
problem early enough to address the issue in a constructive way.
Blame: This is a survival behavior in which a person attempts to shift responsibility
to another in order to avoid ones own accountability in a situation. It often is
characterized by anger, aggression, finger pointing and insults.
Bottom Line
Bottom line commonly refers to the last line on the income statement — net income
(also called net profit or net earnings). There are two other bottom lines: 1) operating
cash flow (OCF) for the cash statement and 2) return on assets (ROA) for the balance
sheet. Improving these bottom lines is the goal of all businesses.
Business Case
A company’s business case is another way to describe it value proposition to
customers. The business case is defined in terms of the strategic and financial
advantages a customer gains through purchase and utilization of a particular
supplier’s products and services. Ability to define your company’s business case
clearly is usually a requirement when selling to C-level executives.
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CAPEX (Capital Expenditure, also Capital Purchase)
Capital Expenditures represent money invested by a company in property, plant, or
equipment. These represent substantial investments that have a life of more than one
year and which provide ongoing value to the company.
Capital Lease
For accounting purposes, a lease that is, in substance, a purchase of an asset because
it meets one of the following four criteria:
- The lease transfers ownership to the lessee at any time during or after the
lease term.
- The lease contains a bargain purchase option.
- The lease term is greater than or equal to 75% of the property’s estimated
useful life.
- The present value of the minimum lease payments are greater than or equal to
90% of the leased asset’s fair market value.
Capital Structure
Capital structure refers to the ratio of debt to equity in a company. Debt capital is
provided by lenders and equity capital is provided by shareholders.
Cash Conversion Cycle
This formula provides a key indicator of a company’s working capital. It reflects
how long it takes to collect receivables and turn over inventory. It is calculated in
days by the formula: CCC = DSO + DOH – DPO. (Days Sales Outstanding, Days on
Hand, and Days Payable Outstanding.)
Cash Flow Statement
This statement tracks the flow of cash into and out of a business. The cash flow
statement is divided into three major categories — operating cash flow, investing
cash flow, and financing cash flow.
Commoditization
This is the process that changes a product or service from something unique,
exclusive, and usually quite expensive into to one that is mass produced, not
exclusive, and much less expensive. Prescription drugs are an example.
Manufacturers of new drugs have exclusive patent rights to produce and sell a drug
for several years. After this period other companies produce the same product as
‘generic drugs’ at much lower costs.
Common Stock
This can refer to the existing number of shares of stock that each represents an equal
portion of ownership of the company. On a balance sheet, common stock is usually
expressed as a dollar amount, which represents the initial value assigned to the
common stock issued when the company started.
Contribution Margin
Sales minus variable costs; what each unit produced contributes toward covering
fixed costs and providing for profit.
Contribution Model
A cost model to assess the profitability of projects or products that burden all units
with overhead costs until ‘breakeven’ is reached. After this point no additional
overhead costs are charged to the product or project.
Cost of Sales
Cost of sales includes any cost directly involved in providing a product or service to
a customer. Cost of sales include things like materials, labor, travel costs, rental
equipment, warranty, rent for a warehouse or production facility, etc.
Current Assets
These are cash and any asset that will be converted to cash or used up within one year.
Current Liabilities
These represent debts that will become due within one year.
Contributed Capital
This represents personal cash or equivalent value invested in a company by an owner
(stockholder) at or after the original startup date of the company. This item has a
separate line in the equity section of the balance sheet because it represents funds
that have been ‘invested’ in the company as opposed to ‘earned’ by the company’s
operations.
Cost of Goods
Cost of making or buying the goods the company sells. This is the same as cost of
sales but used for companies that only sell tangible products. Cost of sales is a
broader term because it includes costs of both goods and services.
Cost of Sales
Costs to produce, deliver, and install the goods or services provided by a company to
a customer. Inventory becomes cost of sales when it is delivered to the customer.
Current Year’s Income (Loss)
Often referred to as net profit or loss, this represents the amount of money made or
lost by a company (calculated by the difference between revenue and expenses)
during any portion of its current accounting year. The final amount at the end of a
twelve-month period represents the taxable income of the company. Current income
minus taxes paid and distributions (dividends) to owners become part of ‘Retained
Earnings’ for subsequent years.
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Days on Hand (DOH)
This key performance measure represents the number of days that a company could
supply its customers if it stopped purchasing any new raw materials. It indicates how
well a company is managing its inventory.
Days Payable Outstanding
This key performance indicator represents the average number of days a company
holds invoices from suppliers prior to paying them. It indicates how well the
company is managing payables and is an indicator of operating cash flow
performance.
Days Sales Outstanding (DSO)
This key performance measure represents the average number of days between when
a company sends invoices to customers until cash payment is received. It indicates
how well a company is managing its receivables and its relationship with customers.
Debt-to-Equity Ratio
This ratio is obtained by dividing the total amount of liabilities on the balance sheet
by the total amount of owner’s equity. It represents the capital structure of a
company. It is one measure of how effectively a company is being managed and is
often one of the critical measures that banks assess when making loans to companies.
If you consider that all business ventures represent a degree of risk, this ratio tells
you how much the owners have at risk versus how much risk they are asking of
outside parties.
Decision Currency
The value of each decision made in a company expressed as currency or dollar
amounts. Decision currency is the time, resources and money required to make every
decision in your organization. It can also be considered the positive or negative
return resulting from a decision.
Denial
This is a survival behavior in which a person refuses to see and acknowledge
a problem or personal issue. It is the most dangerous survival behavior because a
person in denial ignores serious issues often until they are too late for corrective
action, resulting in loss of respect, relationships, jobs, etc.
Depreciation
This is a business expense, which recognizes the reduction in value over time of
fixed assets (buildings, cars, tools, computer equipment, etc.) due to wear and tear or
obsolescence. The total depreciation that can be taken on each fixed asset will equal
the original purchase price of the asset. Depreciation is ‘expensed’ incrementally
over the pre-determined ‘useful life’ of the asset. Since land does not wear out or
become obsolete, it is the one fixed asset that cannot be depreciated.
Disruptive Behavior
This is any behavior that noticeably causes an impact on
others or an environment and can have either positive or negative effects.
Disruptive Observation
This is a form of feedback in which a person provides an
observation that allows another to become aware of a behavior of which the person
has been previously unaware.
Dividends Paid
Cash paid directly to owners (shareholders/stockholders) that represents a
distribution of the company’s retained earnings. Dividends are part of the rewards for
the risk of investment and ownership in a company.
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Earnings Year-to-Date
This balance sheet account refers to the earnings (income or profits) a company has
achieved during the current accounting year while the year is not yet complete.
EBIT
Often called operating income,. EBIT literally means earnings (income) before
interest and taxes. If you have a company’s net income amount, EBIT can be
calculated by adding back income taxes and interest. Because a company’s
managers and employees do not control interest rates or tax rates, EBIT allows the
company to evaluate and reward them for the results that managed in the business.
EBITDA
Similar to EBIT, EBITDA represents earnings before interest, taxes, depreciation,
and amortization.
Equity
Equity in a company represents the portion of company assets that are owned free
and clear of debt by owners of the company. Total equity in a company is the
combination of invested capital plus accumulated earnings (losses) over time and can
also be calculated by subtracting total liabilities from total assets.
Expenses or SG&A
General, administrative, and selling expenses including bad debt — these are all the
costs of running a company and selling its products/services that are not involved in
production and delivery of the products or services.
Experience
Experience is the sum of knowledge, skills, and abilities a person or team gains from
the day-to-day execution of a job. Experience is important because it helps us
understand what works, what doesn’t work, and what we do well.
Experiential Learning
This method of education teaches participants through physical activities that
include the principles and key concepts to be learned. The activities are engaging and
fun. They create a positive emotional context that enhances long term memory.
Activities are followed by debrief sessions that convert knowledge to on the job
behavior change.
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Feedback
This is the sharing of how one person experienced another person or
situation, delivered without bias or put down. It is valuable to any person because it
allows him/her to hear how he/she is being seen and experienced by others.
FIFO
(First In First Out) A method of inventory valuation that assumes inventory items are
sold in the same order in which they were made or bought — older items first.
Financing Cash Flow
Cash received or spent by a company in financing activities; financing activities
include the principal amount of loans, investments by stockholders, stock purchases
by the company, or dividends paid to stockholders.
Fixed Assets
This balance sheet account represents property, plant, and equipment purchased by a
company to support its operations.
Full-Cost Model
This cost model to assess the profitability of projects or products requires that every
unit/project cover its prorated share of overhead costs. The overhead costs are
divided over every dollar of planned revenue.
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Goodwill
This is the difference between the price paid for an investment and the net fair
market value of the actual assets purchased. It generally represents the amount paid
to purchase a company in excess of the book value of the company’s assets. Think of
goodwill as the amount paid for the ‘intangible value’ of a company. Intangibles
include things like intellectual property, management team and workforce, customer
base, brand value, future stream of earnings, etc.
Go-to-Market Strategy
A company’s go-to-market strategy defines its primary way to attract customers.
Grocery stores sell staples like milk at low margin to get people in the door who will
then buy higher-margin products.
Gross Profit/Gross Margin
Gross profit represents the profit made on a company’s product or service prior to
subtracting SG&A expenses. Gross margin represents gross profit as a percent of
revenue. Gross profit/margin expresses how well a company is pricing its product
and managing its production costs. Gross profit/margin does not represent the bottom
line because it does not take into account the ongoing costs of doing business or
‘expenses.’ If a company knows its fixed expenses and gross profit margin, it can
calculate the sales volume needed to achieve ‘break even’ and profitability.
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Income Statement
Often referred to as the Profit and Loss statement, the P & L, or Operating Statement,
this is a statement of changes in a company’s financial position as a result of the
operations of the business. Simply stated, the income statement recognizes the
income of the company during a specific time period by subtracting the cost of sales
and expenses from the total revenue during the period. U.S. law requires this
statement for all companies because it provides the basis for determining income tax due.
Innovation
Innovation is the ability to think outside the box to create better
solutions to old problems and is the birthright of every human. It occurs regularly in
environments where people feel safe for open communication and mutual respect.
Innovation is the natural state of the brain.
Inorganic Growth
This represents company growth through mergers and acquisitions. The company is
buying another company to simply increase revenue and profitability or to acquire a
critical capability that cannot be created internally.
Interest
The fee charged by banks and other lenders for use of loaned money.
Intervention: Intervention is the conscious choice to take action to find out what’s
true about a problem situation or and observed behavior in others.
Inventory
This balance sheet account represents the raw materials, work-in-process, and
finished goods that create the products that are sold to customers. All the costs
included in acquiring or making inventory become cost of sales when that inventory
is delivered to a customer.
Investing Cash Flow
Cash received or spent in investing activities, such as purchase or sale of fixed assets,
investments in stocks, certificates of deposit, purchases of other companies, joint
venture distributions, etc.
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Justification
This is a survival behavior in which a person strongly defends his/her
actions in a situation rather than accept responsibility for a mistake or unsatisfactory
results. It is often characterized by excuses, over-rationality, acting misunderstood,
acting as if, “it’s not my fault.”
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Key Performance Indicators (KPI’s)
These are business measures, often ratios that indicate how well a company is
managing the crucial drivers of its bottom lines. They provide managers and
employees with critical information to support good decision making.
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Lag Time
Lag time is the time gap between thought and action or concept and implementation.
It is a universal principle in the physical world and in all businesses. Industries
operate in varying lag time paradigms, which define things like speed to market in
the industry or the amount of time until a product becomes commoditized in an industry.
Lessee
One who rents but does not hold title to equipment leased from a lessor.
Lessor
One who holds title to assets and leases them to a lessee for a lease payment.
Leverage
This is perhaps the most important of all business principles — the ability to do more
with less or get better results with less effort, time, and resources. Leverage is the
objective of all companies because it is the secret to how money is made.
Liabilities
Liabilities represent the people to whom a company owes money or who have a
claim against the company’s assets and want to get paid in cash. They can sue the
business if not paid.
LIFO (Last In First Out)
A method of inventory valuation that assumes inventory items
purchased last are the ones sold first. This method tends to undervalue inventory on
the balance sheet and is a common tax savings strategy for industries in which costs
are rising over time.
Line of Credit
A short-term loan amount a company can borrow from a bank without making an
additional formal loan application. Lines of credit are used to cover short-term cash
flow shortages.
Liquidity
Cash is liquid, so liquidity represents how quickly a non-cash asset can be converted
to cash.
Long-Term Debt
This represents debt that has longer than a one year payback period. Long-term debt
is usually secured by collateral.
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Market Research
Market research is the conscious choice to notice and pursue all forms of market
information relevant to your company’s product or service. Market research is done
with customers, competitors, and internally to find out what customers want and
develop more effective ways to give it to them. It is a key ingredient in discovering
and innovating new ideas quickly.
Market Share
Market share represents the percentage of the total market for a particular product or
service that is provided by one company. Companies are sometimes willing to reduce
the selling price of their product; therefore, sacrificing short term profits, in order to
increase market share.
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Net Income/Net Profit/Net Earnings
Net income, net profit, and net earnings are different words for the same thing and
are often called ‘the bottom line.’ Each represents the bottom line on the income
statement and is the amount earned after subtracting all expenses, including taxes.
Niche
Niche represents what a company does best. It is that place in the market where each
company offers its product or service. World-class companies define this and work
relentlessly on innovations and improvements that distinguish the heart of their business.
Notes Payable
The total amount of money owed to lenders for the principal portion of outstanding loans.
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Observable Behavior
Observable behavior is behavior that can be clearly defined
and does not require or include ‘interpretation’ on the part of the observer. For
example, “I saw you put 5 dollars into the kitty and take out six dollars,” is an
observable behavior. “You are cheating,” is an interpretation.
Operating Agreements
These represent the ways that adults specifically agree to
behave with each other and include how they will handle broken agreements.
Operating agreements are a more mature model than ‘command and control’ and
foster adult-to-adult relationships rather than the parent-child type relationships
typical in command and control environments.
Operating Cash Flow (OCF)
This is the cash collected or spent by a company in its day-to-day operations. OCF is
the most important of the three types of cash flow, because it is the source from
which all bills ultimately must get paid. The strength of a company’s operating cash
flow is an important criterion when determining credit worthiness and in determining
stock value.
Operating Lease
This is a lease in which a company is essentially ‘renting’ the use of a building or
piece of equipment. All ownership is retained by the lessor, who gets the property
back at the end of the lease period.
Operating Statement
One of the names often used for the income statement.
Organic Growth
Organic growth is growth within a company’s existing operations though expansion
and increased sales. It is usually indicated by the purchase of additional property,
plant, and equipment to support and sustain the growth.
Original Investment
Original investment is the owner’s cash used to start a business and becomes part of
the ‘equity’ of the company. Original investment is not borrowed money and has no
payback obligation.
Other Income (loss)
Any income or loss incurred by a company from sources other than its primary business.
Overall Equipment Effectiveness (OEE)
OEE measures the overall efficiency and effectiveness of a production process based
on three components of productivity — Availability, Performance, and Quality.
These are affected by the six major losses:
- Availability — Equipment Failure; Setup and Adjustment
- Performance — Idling and Minor Stops; Reduced Speed
- Quality — Defects in Process; Startup Losses
Owner’s Equity
Owner’s equity is one of the three sections on a balance sheet. It represents the
portion of assets owned by owners of the company free and clear of debt and can be
calculated by subtracting total liabilities (debt) from total assets.
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Paid In/Paid Out
This cash statement account keeps track of cash received from or paid to
stockholders for purchase or sale of stock in a company.
Performance
Performance is one of three components of productivity in overall equipment
effectiveness (OEE) and is influenced by two major loss factors — idling and minor
stops, and reduced speed. Performance represents the percent of full capacity that a
production runs at when in operation.
Plant, Property, and Equipment
These are the fixed assets including buildings, land, and equipment used in the
operation of a company. Except for land, these are expensed over time through
depreciation.
Pre-Paid Expenses
Expense items such as rent, insurance, property taxes, or professional retainer fees
that are paid for in advance and will be used up over time in a business.
Process Map
A way to look at how a company creates income from revenue by looking at the
individual costs of each discreet activity in the process of producing a product or serviced.
Profit and Loss Statement (P&L)
This represents another commonly used name for the income statement.
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Quality
Quality is one of the components of productivity in overall equipment effectiveness
(OEE) and is influenced by two major loss factors — defects in process, and startup
losses. Quality represents the percent of saleable items produced by a production facility.
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Rescuing
This is a survival behavior in which a person does things for others which
are their responsibility, rather than deal with them about why they are unable to
accomplish a specific assignment. It also occurs when a person avoids giving
feedback or information to another person using the guise that, “they can’t handle it.”
Retained Earnings
Retained earnings are a portion of the equity section of the balance sheet. They
represent earnings (profits) from the history of a company that have not been paid
out in dividends to owners of the company. Earnings are retained to finance growth.
Return on Assets
This bottom line measure indicates how much money a company is making on the
resources (assets) it has to use to generate that income. Its formula is net income
divided by average total assets.
Return on Capital Employed
This return measure tells a company how effectively it is investing its stockholders’
money. It indicates how much money a company is making per dollar of capital
employed by the company and is calculated by dividing income by total capital employed.
Revenue/Sales
For accounting purposes, sales (revenue) represent the total amount billed to
customers for goods or services that have been delivered to those customers during a
specific accounting period (month, quarter, or year).
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Seeking Approval
This is a survival behavior exhibited by a person who has
unconscious and underlying insecurity about themselves or their ability. They
attempt to get others to say that what they are doing or have done is “okay,” rather
than deal with the discomfort of their own feelings of inadequacy. Seeking approval
does mean a person is actually inadequate—just that they feel inadequate. Seeking
approval is often characterized by over praising others, buttering-up, and acting helpless.
Self-Awareness
Self-awareness is the ability to distinguish one’s own actions or emotions from those
of others. Mastering this ability protects a person from projecting his/her
(unconscious) thoughts, feelings and biases onto others and makes it possible to see
the truth in situations and other people without blame or denial.
SG&A
Sales, general, and administrative expenses often called the ‘costs of doing business,’
these represent the operating costs of a business that are not directly associated with
producing or delivering a company’s product or service to a customer and include
items like, HR, IT, Finance and Accounting, Sales, and Marketing.
Shareholder Capital
This usually refers to the original capital invested in a company by shareholders, but
can include subsequent paid-in capital when additional shares are issued to stockholders.
Short-Term Notes
These represent loan amounts that must be repaid within a one-year period, and often
are associated with ‘lines of credit’ loans.
Supply Chain/Value Chain
The series of activities that occurs in a business between when an order is received
from a customer and the product or service is delivered to the customer.
Survival Behaviors
These are unconscious and often unproductive behaviors that
most people resort to when under stress. The most typical survival behaviors are
blame, defensiveness, seeking approval, rescuing or denial.
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Thinking Outside the Box
Sometimes called lateral thinking, this is the ability to look at something familiar in a
completely new way that lets go of old thoughts, patterns, and rules. It is essential to
creative problem solving and innovation. It requires courage, willingness to risk, and
the ability to have open discussion. Thinking outside the box happens most
effectively in environments in which people are safe to experiment and challenge the
current way things are being done.
Tolerance
Tolerance is the ability to encounter an undesirable situation and remain neutral in
the face of emotional discomfort. Mastering this ability allows one to analyze any
situation and discover an appropriate response that is free of judgment or guilt.
Top Line
Top line is an income statement term. When a company refers to ‘top line growth,’
they are referring to sales growth as opposed to ‘bottom line’ or profitability growth.
Three Bottom Lines
These represent the goals of all businesses—net income, operating cash flow, and
return (usually return on assets). Having all three of these measures consistently
positive is an indication of a well-run business.
Transfer Pricing
In large organizations, transfer pricing is a method by which business units can buy
and sell products and services with other business units within the company. Transfer
pricing is generally based on the relative risk/reward of the business units involved in
providing the product or service to an end user.
Treasury Stock
Treasury stock represents shares of stock that have been repurchased by the company
that issued the stock. Treasury stock purchases often indicate that a company
believes its stock is undervalued by the stock market. Repurchased shares can be
discontinued or held as treasury stock for future resale in the market.
Trend Analysis
Trend analysis is looking at critical business measures, such as the three bottom
lines, over a period of several years. Three years is considered a minimum trend for
adequate analysis of a business’s performance.
Triune Brain Theory
Developed by Paul McLean, this is the theory of a three-part
brain that includes the reptilian brain, focused on safety and survival, the limbic
brain, focused on emotion and meaning, and the neo-cortex, focused on thinking,
communicating and problem solving. True innovation and problem solving requires
environments that address all three of these basic human needs.
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Warranty Allowance
Companies that sell projects or high-value products (like automobiles) have to
guarantee their reliability to customers for a period of time (usually one year).
During this time, any defects in material or workmanship are corrected at no cost to
the customer. A warranty allowance allows companies to anticipate these repair costs
in advance and take a corresponding reduction in earnings of the project or product.
The effect of this allowance is to show a more accurate picture of the profitability of
a project and to recognize some early tax savings.
Working Capital
Working capital is a balance sheet concept. It refers to a company’s liquidity or
ability to pay its bills. Working capital is the relationship between currents assets and
current liabilities and is considered good when current assets exceed current liabilities. |
