Aim of the course
To ensure delegates understand:
- Essential financial terminology
- The key financial documents and what to look for in these
- How to prepare and analyse budgets
- How to analyse the financial implications of a project
Who should attend
Anyone from a non-financial background who needs to use internally generated accounting information.
Anyone who has responsibility for preparing and/or controlling budgets.
Anyone who has responsibility for projects and needs to understand and present the financial implications of those projects.
Anyone running their own business who would like an introduction to some of the main ways in which financial information can help improve the performance and stability of the organisation.
Course Content
- Key financial terminology explained in an easy to understand way
- Profit & Loss Account, Balance Sheet and Cash Flow Forecasts - What are they? What do they tell us? How are they linked together? What figures are the most important?
- Profit vs Cash - which is the real measure of success
- 3 ways to increase profit
- Budgets & Projects - What costs to include and what costs to exclude from any budget, Understanding Fixed Costs and Variable Costs, Understanding Direct and Indirect costs, How to account for large items that may last more than one year, When to actually count a Sale as a Sale, Should VAT be included in the figures?, Do Debtors/Creditors/Stock levels affect profit?, What about the "Opportunity Cost", How to decide if a project is worthwhile
- How to compare doing a project yourself or outsourcing it
- Hidden costs
- Putting a value on non-financial aspects of a project - eg "the staff are happier"
- Comparing a budget to actual - Should you look at the percentage difference or the actual amount of the difference?
- Flexing a budget if the circumstances change
- How to quickly check if a budget appears reasonable
- 2 essential ratios to consider
"Geoff kept everyone interested in each topic & made sure everyone understood what was beeing said" - Zoe F., Londoon Zoo
"Explained everything clearly & with lots of examples" - Amanda M., Dorel UK