This course is designed to give you an introduction to business finance so that you can contribute to your business's success. It will also give you an understanding of the language used by accountants and how your financial statements fit together. The course will explain in a practical way on how to interpret and understand financial statements, depreciation, cost behaviour, cash flow, working capital and budgeting. Once you've completed this course, you'll have a thorough understanding of these processes in financial management.
Basic financial terminology and key accounting concepts the flow of money in a business and how it is accounted for the key financial statements (profit and loss account, balance sheet and cash flow) the composition and contents of a set of financial statements (using real life examples).
By the end of this course you will be able to:
• Understand how your day-to-day decisions impact profit and cashflow.
• Unmask the rules of capital expenditure vs operational expenditure helping you to justify investments to your senior managers and finance team
• Review financial information relating to: your business (helping you to set targets for improvement) your subsidiaries (helping you to manage and set targets for your team) existing customers (are they still viable?) and potential customers (are they a credit risk?) competitors (what can we learn from benchmarking their results?)
• Manage the budgeting process to: ensure business strategy is implemented negotiate funding for improvement or efficiency initiatives win in the negotiation over funds allocated to your budget, ensuring it’s achievable
• Manage financial performance, understanding variances and taking action to achieve your budget and objectives
• Simply assess the viability of entering new markets or developing new products