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Training Course Summary:

Many individuals have a mental block when it comes to financial information and are therefore nervous about dealing with it. This overview takes the fear out of finance by removing the myths and explaining basic financial concepts in a manner that is straightforward and easy to grasp.

By attending this course delegates will learn how financial information and budgets are compiled, interpreted and impact on their role. Furthermore, delegates will acquire the skills to run budgets, monitor department costs and assist in the preparation of financial information.

By the end of this course you will be able to:

Remove the myths and fears about finance and understand the jargon that surrounds many financial transactions.
Develop an understanding of the key finance and accounting terms and understand the concepts behind them.
Read, understand and interpret financial information, balance sheets, profit statements and annual reports.
Work more productively with colleagues from the finance department.
Prepare and monitor a budget.
Utilise financial tools as a means of monitoring performance and ensuring that budgets are met.
Appreciate the importance of reducing unnecessary costs and working towards increased profitability.
Assist in the preparation of financial information.

Who Should Attend:

Suitable for office professionals who want to build their skills and understanding of finance. This course will benefit individuals with little or no prior understanding of business finance and who are looking for an introductory overview of business finance and accountancy.

Training Course Overview/Content:

Finance at Work

The nature of business; business goals; the importance of finance; money as a measurement tool
The implications of finance on your department
Translating financial jargon into plain English
Finance as a means of measuring performance
Recognising capital and revenue; devising capital and revenue statements to account for their use; the importance of this concept
A simple framework to enhance understanding of financial and managerial accounting
An Introduction to the Key Financial Statements

Profit and loss accounts
The balance sheet, cash flow and funds flow statements
Reading an annual report
Comparing theory with practice; producing a simple set of accounts
Using Financial Information

Understanding the use of financial information as amanagement tool
What the accounts are really telling us
Understanding the bottom line
Learning about your competitors
Budgeting Explained

The purpose of forecasts
Budget: form and purpose
The different types of budget
Preparing and monitoring a budget
Understanding Costs

The nature of costs (fixed and variable, direct and indirect)
Standard costing
Overheads
Break-even analysis and marginal costing
Working Capital - Cash Flow Within an Organisation

The need for working capital and its role in the organisation
Management control in improving profitability
Personal Development

Formulating a personal action plan