Maui Businesses Boost Financial IQ
By Maui Now Staff
Over 30 Maui business people attended MEDB’s Technical Assistance Series “Boosting Your Financial IQ” workshop on July 15 at the MEDB Malcolm Center in Kīhei.
The workshop was led by accounting experts from Personal Accountant Inc.: CEO/Founder Lisa Wells, President Anastasia Winslow and Associate in the Accounting/GE Tax Department Chelsea Smith.
While various industries were represented—from agriculture, construction, finance and hospitality to information services, manufacturing, retail and science/technology services—they all shared a common goal: to learn more about how they can improve their businesses’ efficiency, promote good accounting practices and ultimately, save on their taxes.
“When you work for someone, your financials are done for you,” said Cecelia Hercik, managing director of Olavine Spa in Wailea Gateway Center. “But when you own your own business, you have to create your own accounts and understand what really makes financial sense.”
In addition to covering a variety of financial topics, the workshop also provided an opportunity for attendees to network with and meet with the accounting experts regarding their own company’s accounting books, financial statements and business setup.
MEDB’s Technical Assistance Series: Foundations for Business Success was created in an effort to help small businesses establish strong systems, processes, tools, and best practices to build a solid foundation for success.
“It is essential for any business to have a solid plan rooted in sound principles and practice to be competitive,” said Frank De Rego Jr., director of Business Development Projects at Maui Economic Development Board. “The accounting seminar and the other workshops in the series can help businesses build their human capital in knowledge and skills, thus improving services and systems while giving team members more time to focus on growth strategies and customer care. Ultimately, these strategies will help businesses succeed.”
The Boosting Your Financial IQ” workshop was sponsored by the County of Maui, Maui Economic Development Board and Personal Accountant Inc.
The next MEDB Technical Assistance Series workshop, “Minding Your Own Business: Entrepreneurial Psychology Basics and You,” will be held on Tuesday, Aug. 4. Led by prominent Entrepreneurial Psychologist Dr. Jennifer Johnston-Jones, attendees will be guided through steps to rediscover their own strength, perseverance and creativity by overcoming perceived limits, then applying those hard-won lessons in building their business.