Even a strong, big elephant can feel lost in his surroundings... Many managers find themselves thrust into financial situations with little or no preparation. They’re faced with confusing accounting terms, the responsibility of putting together a budget, and the fear of making major decisions that will have a serious financial impact on their company. In addition, if you don’t have training or a background in finances, you may be at a disadvantage as you sit around the management table. When important financial terms come up at a meeting, you want to be able to contribute, not just sit there and nod blankly.
Understanding the cycle of finance will also help you figure out where you fit into your company’s financial structure and how to keep your department out of the red. This workshop will familiarise you with the key concepts of finance and accounting and help you prepare budgets and make decisions with more confidence.
Course Outline:
SECTION 1: Your Role in Company Finances
SECTION 2: What is Finance?
- The Financial Cycle
SECTION 3: Record Keeping Terminology
- Accounting
- GAAP
- Bookkeeping
SECTION 4: The Balance Sheet
- Sample Balance Sheet
- Assets
- Liabilities
- Owner’s Equity
SECTION 5: Liabilities and Equity
SECTION 6: Income Statement (Profit and Loss Statement)
- Sample Income Statement
- Methods of recording transactions
- Accounting Systems
- Accounting Periods
SECTION 7: Cash Flow Statement
- Sample Cash Flow Statement
SECTION 8: Tracking Business Expenses
- Ways to Track Expenses
SECTION 9: Analysing Financial Statements
SECTION 10: The Importance of Bookkeeping
SECTION 11: Budget Basics
- Defining a budget
- Preparing a budget
- Types of Budgets
SECTION 12: Managing Profit Performance
SECTION 13: Comparing Investment Opportunities
SECTION 14: The Human Aspect
SECTION 15: Credits vs. Debits
SECTION 16: ISO 9000
- What is ISO 9000?