Teacher Created Materials
June 10, 2015
Since it’s month end, the Accounting Department is much busier with all the checks, unsettled invoices, employees’ salary, monthly report, etc. I helped Sheila with a lot of invoices and checks that are to be sent out. I’m hoping to learn more about monthly report with Senior Accountant Jared in the upcoming weeks!
The bigger part of this week is working with Rich, the Chief Financial Officer. As the CFO, he has a really busy meeting schedule; he has to meet up with almost every department of the company to collect data and turns data into ideas or solutions. On the first day working with him, I had to do a data collection to analyze the pricing for books produced by Teacher Created Materials. Teacher Created Materials sells books by kits, packs and collections, and thus it’s important to make sure that it’s more beneficial than to buy individual books. Again, Excel is always our best friend. Quick calculation, formulas and data visualization are essential in financing, and Excel is…excellent in doing so.
I worked on a more complicated project for the rest of the week. Since TCM is a rather small company, distributing internationally is much harder than inside the U.S. There are many types of rights and licenses, there are companies and individuals, and of course there are so many countries with lots of domestic companies. If our database is unclear and hard to monitor, giving out licenses will be troublesome. To address this issue, I have been:
– Updating the database (Excel file and agreements) for the rights and licenses. There are a lot of agreements that haven’t been settled, and there are also some agreements that are expired but still need to be followed up on and filed.
– Formatting the Excel file so it’ll be easier to keep track of the licenses, to follow up with companies that should be making payments soon, and to update the future agreements.
– Creating a procedure so that whoever is going to be in charge of the files would follow the rules and create a unified database.
It’s a tricky and lengthy process, and Rich told me that I can be working on this for the whole summer!
Some bonus fun after a rather hard week:
Tom is an Economics & Business major from Hanoi, Vietnam.