Finance Sheets
project costs (own records, for client to pay for what is used)
- design
- paper
- inks
- pencils/ pens etc
- data storage
- travel
- to client
- to subcontractor
- bought in costs
- photography
- illustration
- design
- allocation of general running costs (including financial costs)
- total of design costs
- production
- production
- transport
- delivery
- total production costs
- payment on cost (added costs that weren't allocated)- round up general costs to account for this)
- exchange rate on cost
- Total project cost (what currency is used, and what is the costs for swapping currency)
- buffer (hidden costs outside of contract)
- Total cost (basic costs, not including the designers time)
- staff time
- staff members (hours worked and what you are paid per hour) each person on the team may be at different hourly rates depending on what they are providing for the client.
- hour cost
- hours worked
- total cost
- other time costs (transport costs, e.g. working on the train, is that for yourself for the client)
- total costs staff time
- total project client costs
- total staff costs (for project)
- total project costs
- overhead costs
- including allocation of general costs
- profit element (10%)
- final client bill
- this is what the client sees (underlined) , they do not see the rest.
company financials
- costs
- electricity
- gas
- water
- rent
- business rates
- communication
- landline
- mobile
- broadband
- general stationary costs
- headed paper/ compliment slips
- business cards
- printer cartridges
- paper
- pens
- ink
- data storage
- marketing overheads
- marketing/ promotions (how do you get people to see what you want them too)
- finance/ management (keep up to date finances on a regular business)
- general liability insurance
- (insurance or someone having an injury if someone visits you)
- insurance for employees
- professional indemnity insurance (must)
- you are acting as a professional, give professional work and speak professionally. If you don't stick to this you can be sued. E.g. protect yourself from things going wrong. Don't let your work be used badly and badly reflecting on you.
- look after your designs.
- if the company continue to use it, it can't be a failure on your part.
- equipment depreciation
- computers
- programs
- printers
- building repairs fund
- staff costs
- loan interest
- total costs (financial costs not including project costs)
staff costs
- staff member
- gross pay
- pension
- national insurance
- income tax ( pay this on behalf of the employee)
- other deductions
- net pay
- hourly rate
Cash flow (making sure money coming in is per monthly known, and know when it is going out)
some months you might be in to debt, e.g. month 1,2,3. But then by month 6 you have the money to repay these debts. This is how you stay afloat.
- staff costs
- project costs
- overheads
- total costs
- project income
- other income
- total income
full cash flow ( normally done by financial departments)
- every factor accounted for here.
Contracts
client side - contract between you and who you are delivering too
- duty of contract
- supply what the client asks for
- what does the client really ask for
- ensure parameters are put in place
- (don't want scope drift)
- get a parameter of price
- duty of care
- to look after the client and their concerns
- in any circumstance
- know what the clients business is
- get a broader understanding of the economic environment.
remember a company is a 'person in law'
employee side- contract between you and your staff (this included any freelancers)
lot of employment legislation to adhere to, have to protect employees from unfair actions and practices.
- duty of care- to look after our employs
- mental and physical care
- safe working environment
- procedures to resolve issues
- clear job understanding
Your firm lies in the middle of these two side.
Employment Terminology
sacked - you've been bad, stolen something, shown out of the firm, very negative
dismissed- not as bad as sacked. Neutral and depends on context
probation- period of time you need to serve before you are permanent and have employment right. Notionally for 1year.
released- the firm had no further use for you, they may release you back ion to the job market. Normally done during probation.
redundant- company can't hold on to you, positive, you gain statuary pay off.
resigned- you leave the firm out of your own free will.
Know what you're own contract says;
- subcontractor
- employee
- fixed term contract
Remedies- things that go wrong, that need tone fixed, and how can they be fixed
- talk through the problem, understand the issue. Develop a plan to correct the issue. This works for the majority of cases. Most issues are small.
- seek remedy via a legal process. Law indicated what you must do- quite procedural. If you decide to take to tribunal, you can do but there is a cost to this.