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BEP 417 – Accounting English: Discussing an Audit (2)

Business English, Business English Vocabulary, English Collocations, Finance and Accounting /

BEP 417 LESSON - English for Accounting: Audits 2

Welcome back to Business English Pod for today’s lesson, the second part of our financial English series on discussing an audit.

Money is the language of business, and audits are one way companies prove they can be trusted with it. Audits check whether financial records are accurate and reliable. They help investors, managers, and the public see that the numbers tell the truth about the organization’s money.

If you’ve ever been a part of a discussion about an audit, you’ll know that there’s a lot of specialized language in the world of finance. And some of this language is what we call collocations, or natural combinations of words. We use collocations all the time. In fact, we store a collocation in our memory as one unit, rather than individual words.

Maybe you’ve noticed a few collocations I’ve already used. Earlier, I said “financial records,” which are the documents related to a company’s finances. I also said “to tell the truth,” which is a verb plus noun, showing that collocations include combinations of different types of words. And if you learn these combinations, you can both understand better and sound more fluent.

In today’s dialog, we’ll hear a conversation between Ray and Elaine, who work for an international company that has just gone through an audit. Ray is the CFO, or Chief Financial Officer, and Elaine is the CEO. In their conversation about the audit results, they use many collocations. We’ll explain these collocations later in the debrief.

Listening Questions

1. Ray says that the “audit findings” revealed a gap. What financial process is this gap related to?
2. What question does Elaine ask about reporting?
3. What does Ray suggest rolling out this quarter to improve procedures?

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BEP 416 – Accounting English: Discussing an Audit (1)

Business English, Business English Vocabulary, English Collocations, Finance and Accounting /

BEP 416 LESSON - English for Accounting: Discussing an Audit 1

Welcome back to Business English Pod for today’s lesson, the first in a two-part series on financial English for discussing an audit.

Financial audits have a way of increasing stress within a company. Suddenly everyone’s paying attention as reports get checked, numbers are reviewed, and details that seemed minor yesterday become urgent today. Audits can feel intense, but they are a critical part of good business practice.

Like many other financial processes, the world of audits has its own language or vocabulary. And much of this language comes in the form of “collocations.” Collocations are words that go together naturally. They are combinations of words that we learn as a group, rather than individually.

For example, a minute ago I said “everyone suddenly pays attention.” We always use that verb “pay” with the noun “attention.” It’s a strong collocation. That expression includes a verb and a noun, but collocations can feature any word forms. “For example” is a collocation that has a preposition and a noun, for example.

In today’s dialog, we’ll hear a conversation between Ray and Marcia. Ray is the Chief Financial Officer for an international company. Marcia is an auditor with an accounting firm hired to do an audit of Ray’s company. During their conversation about the upcoming audit, Ray and Marcia use many English collocations. We’ll explain these collocations later in the debrief.

Listening Questions

1. What does Ray hope to do in the week following the 15th of the month?
2. What does Marcia want to “walk through,” or review, with Ray?
3. Ray asks about something that is a hot topic, in Marcia’s opinion. What does he ask about?

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BEP 410 – Mergers: Discussing an Integration Plan (1)

Business English, Management English /

BEP 410 LESSON - Discussing an Integration Plan 1

Welcome back to Business English Pod for today’s lesson, the first in our series on integrating the operations of two companies. These lessons will focus on the conversations we have when talking about how to merge or integrate companies and operations.

There’s an old saying that strategy is 95% implementation. There’s no better proof of this than in the merging of companies. Coming to terms on a buy-out is difficult in and of itself. But once the agreement has been made, there’s the incredibly difficult work of making it happen.

Integrating companies requires us to think and talk about every aspect of business, from the nuts and bolts of accounting to the fuzzy aspects of culture. There’s a lot at stake, not just for the owners but for every single person who works for the two companies.

In discussing an integration, it’s important to lay out a clear timeline and to build in feedback mechanisms to ensure things go as smoothly as possible. You will have to bring up concerns effectively and suggest ways to smooth the transition. And you may find yourself referring back to previous agreements as you work out all the details.

In today’s dialog, we’ll listen to a conversation between Alex and Michelle, two Chief Operating Officers. Alex’s company has just bought out Michelle’s company, and they’re meeting to discuss how the integration will roll out.

Listening Questions

1. What concern does Michelle raise after Alex lays out a possible timeline?
2. What previous agreement does Michelle refer to?
3. What does Alex suggest to ensure a smoother leadership transition?

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BEP 407 – Financial English 5: Comparing Opportunities

Business English, Finance and Accounting, Sales English /

BEP 407 - Financial English 5: Comparing Opportunities

Welcome back to Business English Pod for today’s lesson, the fifth in our series on financial English. In this lesson, we’ll focus on selling a client on a new investment opportunity.

Some people would say that selling is all about convincing someone that they want or need what you’ve got. But that’s just half of it. A car salesman might convince you that you want a new car. But then he has to show you why his car is better than the others. And that it’s worth the money he’s asking.

Things get a little trickier when it comes to selling financial services. Investing isn’t just about the current value, but about how that value will grow in the future. So, compared to selling a car, there’s just a lot more at stake!

In this situation, you’ll need to do a good job of assessing risk and comparing an opportunity to other opportunities. You’ll also need to work with clients who’ve done some research. That means warning them against bad information and showing them alternatives. It also means reducing pressure on the client so that you don’t scare them off.

In today’s dialog, we’ll rejoin a conversation between Robert, an investment advisor, and his client Jessica. Robert is attempting to sell an opportunity to Jessica and steer her away from bad information.

Listening Questions

1. What does Robert say is the difference in risk between a classic and an alternative hedge fund?
2. What does Robert say about corporate bonds after Jessica mentions that she’s read about them?
3. What does Robert suggest as an alternative to corporate bonds?

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BEP 406 – Financial English 4: Pitching a New Opportunity

Business English, Finance and Accounting, Sales English /

BEP 406 LESSON - Financial English 4: Pitching to Clients

Welcome back to Business English Pod for today’s lesson, the fourth in our series on financial English. In this lesson, we’ll focus on pitching a new opportunity to a client.

In certain ways, selling financial services is just like selling any other kind of product. You connect with people and you match your solution to their needs or desires. And, of course, you show how that solution is worth the money it costs. But with financial services, these activities are usually much higher stakes.

Working with other people’s money requires you to work on maintaining a strong relationship. It’s not a one-off purchase, but an ongoing transaction. You need to let them know how their investments are doing and show clients you understand them as people, including their concerns.

Then, when the time is right, you can pitch new opportunities. If you’re smart, you can set up a real win-win situation with your clients. If they earn more money, then you earn more money, and you both end up better off.

In today’s dialog, we’ll listen to a conversation between Robert, an investment advisor, and his client Jessica. Robert wants to give Jessica an update on her current investments before introducing a new opportunity involving a hedge fund.

Listening Questions

1. What expression did Jessica use previously that Robert now brings back up in order to pitch her a new opportunity?
2. What does Robert say is the main benefit of a hedge fund?
3. How does Robert respond when Jessica expresses concerns that a hedge fund requires a big investment?

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BEP 399 – English for Sales: Financial Services (3)

Business English, Finance and Accounting, Sales English /

BEP 399 LESSON - English for Sales: Financial Services 3

Welcome back to Business English Pod for today’s lesson, the third in a three-part series on how to sell financial services.

For people with money, choosing a wealth manager is a high stakes decision. They want to be able to sleep well at night, knowing their hard-earned money and assets are in good hands. They want to choose a financial services professional – or a firm – they can trust.

To build the trust required to sell financial services, you need to ask the right questions and provide the right information. To develop rapport and understanding with a potential client, you might ask about their major financial concerns. And you might have to answer tough questions about your performance to convince them that you’re the right choice.

In our last lesson, we learned a lot of great collocations, or common expressions, related to financial services. Some expressions are well-known, but you may find yourself explaining some jargon or special terms to a potential client. And at a certain point in the discussion, you’ll have to find a diplomatic way of introducing the topic of fees.

In today’s dialog, we’ll rejoin a conversation between Robert and Jessica. Robert works for Vickers Wealth Management as a financial advisor. Jessica is a potential client. She’s looking for someone to help manage her assets. Now, they’re nearing the end of their first conversation in Robert’s office.

Listening Questions

1. What are Jessica’s biggest worries about?
2. What is Robert going to send to Jessica to help her understand his company’s performance?
3. What special wealth management term does Robert explain to Jessica?

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BEP 398 – English for Sales: Financial Services (2)

Business English, Business English Vocabulary, English Collocations, Finance and Accounting /

BEP 398 LESSON - Sales: Financial Services 2

Welcome back to Business English Pod for today’s lesson, the second in a three-part series on selling financial services.

When many people think of making money, they think of having a job and earning a salary. But if you’ve ever saved money or made an investment, you know there are other ways to make money. I mean, the money itself can do the work, if you make smart decisions with it. And just as there are lots of ways to invest money, there are lots of words we use to talk about money and investments.

In our last lesson, we were introduced to the world of “wealth management.” And we met a character in the dialog who was “planning for retirement.” These expressions, “wealth management” and “to plan for retirement,” are what we call collocations.

A collocation is a natural combination of words. Proficient English speakers know to use the verb “to plan for” with the noun “retirement.” The words combine to create a collocation, or a set expression. Learning collocations can help you sound more natural, and it can be easier to remember words together, rather than separately.

In today’s dialog, we’ll rejoin Jessica, the person who’s planning for retirement, and Robert, a wealth manager. Jessica is visiting Robert’s office to learn more about his services. And Robert is trying to gently persuade Jessica to become his client. During their conversation, they use many English collocations, which we’ll explain later in the debrief.

Listening Questions

1. What kind of approach does Robert say his firm takes to wealth management?
2. Besides managing investments, what is another service that Robert’s firm offers to people like Jessica?
3. What type of investing does Jessica say she is particularly interested in?

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BEP 397 – English for Sales: Financial Services (1)

Business English, Finance and Accounting, Sales English /

BEP 397 LESSON - Sales: Financial Services 1

Welcome back to Business English Pod for today’s lesson, the first in a three-part series on selling financial services.

A wise person once observed that sales isn’t just about selling. It’s about building trust and educating. Nowhere is this more true than in world of professional services. And one of the highest stakes professional services to sell are financial services.

Convincing someone to let you manage their money is no easy task! Just think of your own savings, assets, and investments. You probably wouldn’t just entrust them to a faceless business entity. You want to know who’s managing your wealth and you want to know you can trust them to do a good job. Indeed, it’s all about trust.

So, when you’re meeting a potential client considering your financial services, it’s important to start by building personal rapport and establishing credibility. From there you can begin asking questions about a person’s priorities and level of wealth. Discussing these topics will set you up for looking more deeply into the person’s situation and demonstrating you’re the right one to manage their wealth.

In today’s dialog, we’ll listen to a conversation between Robert and Jessica. Robert is a financial advisor with a company called Vickers Wealth Management. Jessica is a working professional looking for financial help as she plans for her future. Robert and Jessica have been introduced by a mutual friend. Now they’re sitting down for the first time in Robert’s office.

Listening Questions

1. Why does Robert mention when the company was founded and their advisors’ qualifications?
2. What does Robert want to ask about before discussing Jessica’s current situation?
3. What does Robert want to get a “rough idea” about?

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BEP 356 – Accounting English: Discussing Taxes (2)

Business English, Business English Vocabulary, English Collocations, Finance and Accounting /

BEP 356 - Financial English: Discussing Taxes 2

Welcome back to Business English Pod for today’s lesson on accounting English vocabulary for discussing taxes.

Spring is a busy time for accountants in the U.S. and many other countries. That’s because spring is when corporations and individuals have to file a tax return with the government. It’s our yearly reminder that we don’t get to keep everything we earn.

Of course, those busy accountants aren’t just calculating your revenue and costs. They’re looking for ways to reduce the amount you – or your business – have to pay in tax. And that’s why the chatter around offices and board rooms is all about ways to avoid handing over too much money to the tax man.

Listen to these conversations and you’ll notice many useful expressions. For example, I’ve already used the phrase “file a tax return.” That verb “file” always goes with “return” when we talk about our annual submission to the government. You can learn those words together, as one expression or “collocation.”

A collocation is just a natural combination of words that native English speakers learn as a chunk. With English collocations, we don’t have to go searching for every word in our brain. Instead, we pull out a string of words that matches our intended meaning. Learning these strings of words is more efficient, and will make you sound more natural. As you listen to today’s conversation, try to pick out some of these collocations and we’ll discuss them later in the debrief.

In the dialog, we’ll continue with a conversation about the tax situation of a company called Brando Equipment. Christie has been giving an update to two senior managers: Glen and Ivana. Last time, Christie gave them an overall picture of the tax situation, and today she’s providing more detail.

Listening Questions

1. What does Christie say is one factor that increased their reported income?
2. What helped reduce the company’s reported income by about $50,000?
3. What important issue does Ivana want to discuss in more detail at the end of the dialog?”

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BEP 355 – Accounting English: Discussing Taxes (1)

Business English, Business English Vocabulary, English Collocations, Finance and Accounting /

BEP 355 - Financial English: Discussing Taxes 1

Welcome back to Business English Pod for today’s lesson on accounting English for discussing taxes.

There’s an old saying in English that “nothing is certain except death and taxes.” But, although taxes are certain, the exact amount you have to pay isn’t. Just ask any accountant. For both companies and individuals, there are all sorts of ways to lower your tax bill. And a lower tax bill means more money in our pockets, or in our shareholders pockets. For this reason, tax is a popular topic of discussion, especially in the spring when most taxes are due.

In this accounting English lesson, we’ll listen to three managers at Brando Equipment discuss their tax situation. During the conversation, the managers use a lot of common expressions related to taxes. We call these expressions “collocations.” A collocation is just a group of words that go together naturally.

Some English collocations, such as “take a chance,” are widely used. But many collocations are particular to a certain field of work or topic. And to work in that field or discuss that topic, you need to know these special expressions. When it comes to taxes, for example, you need to know that we use the verb “file” with “taxes” to talk about our yearly report to the government. Learning collocations like this in different fields will develop your vocabulary and help you sound more natural.

In the dialog, we’ll hear Christie, Glen, and Ivana discuss the tax situation at Brando Equipment, a subsidiary their company has recently purchased. Glen and Ivana are corporate managers, while Christie is an accountant. The three colleagues use many English collocations and vocabulary specific to taxes as they talk about how much tax Brando Equipment owes.

Listening Questions

1. What does Ivana hope that they finish by the 30th of the month?
2. Near the start of the conversation, what does Christie say is higher than they anticipated?
3. What key piece of information does Glen want to know?

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