THIS COURSE WILL BE AVAILABLE VIRTUALLY.
FINANCE SKILLS FOR NON-FINANCE MANAGERS (BASIC & ADVANCED)
Exposure of managers to important financial concepts in day-to-day business transactions. It will help them take better decisions on the basis of financial implications on the business. It will also make managers know how to strengthen the internal control mechanisms for the organization. You will learn to apply the fundamentals of finance to improve budget management, increase potential profits, and assess the financial performance of business activities. You will also understand the terminology used by accounting and finance staff and will feel more confident when being involved with them or using them. This course will help you do a better job and prepare you for senior management positions where financial awareness is crucial.
Finance Skills for Non-finance Managers (Basic & Advanced)
The course uses a mix of interactive techniques, such as brief presentations by the consultant, case studies and group exercises to apply knowledge acquired throughout the course.
At the end of the course, participants will display competence in the following eight areas:
- Interpret and apply basic accounting terminologies
- Judiciously spend and account for funds entrusted in their care
- Can generate reports on their financial dealings in their various responsibility areas
- Continually follow guidelines and due process in handling the organization’s funds
- Desist from fund mismanagement in its entirety
- Be in control and responsible for resources put at their disposal
- Be able to keep basic Books of Accounts to enhance transparency and accountability
- Be able to identify and check fraud through internal control procedures.
- Awareness, understanding and interpretation of the company’s Accounting and Financial statements.
- Effectiveness on the use of finance and accounting information.
- Ability to process and screen financial transactions.
- Comfortable decisions based on Accounting and Financial information.
- Ability to manage company performance strategically.
Accounting & Finance Terms and Usage
- Debit and Credit Explained
- An Introduction to Profit & Loss (Income) Statement
- Gross surplus
- Debt management
- Financial prudence.
Financial Statement & Management
- Understanding the Balance Sheets and Published Accounts
- Define Balance Sheet
- The funding side
- The investment side
- Format of the Balance Sheet
- Capital employed
- Working capital
- Prudent reserves.
Managing Cashflows and Others
- Bank Balances and Cash Management
- Distinctions Between Profit and Cash
- Cash flow and its Forecast
- Management of Working Capital
- Debtors and Creditors
- Stock and Inventory Turnover
- Petty Cash Management
- Tracking small cash expenses
- The float or imprest
- Petty Cash Book and its entries
- Minimising fraud.
- How the organisation statements often vary from cash book balances
- Unpresented cheques
- Uncredited cheques
- Errors and omissions.
Financial Ratios & Investment
- Understanding Accounting Ratios and Investment Decisions
- How Ratios are Employed
- Liquidity ratios
- Current ratios
- Acid ratio
- Current assets and liabilities
- Improving liquidity ratios.
- Interpreting Ratios
- Profit to Turnover
- Return on Capital Employed
- Stock Turn
- Days Sales Outstanding
Managing Costs & Payables
- Control of Costs
- Overhead costs
- Variable costs
- Pricing Decisions
- Sales Budget
- Profit Budget
- Capital Expenditure Budget
- Principles of taxation
- What tax means
- Types of taxes
- Incidence of tax
- Tax Avoidance and Tax Evasion
- Who benefits from tax
- Tax Planning
- Accounts and Finance Knowledge for Management Effectiveness:
- Judiciously spending and accounting for entrusted funds
- Generating reports on simple financial dealings
- Following guidelines and due process in handling business funds
- Identifying and checking fraud through internal control procedures
- Reading the progress of the organization to develop the right strategies.