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This course gives you the tools you need to understand commonly used accounting jargon, financial statements and reports. You'll discover the benefits of the budgeting process and learn how to look beyond standard financial figures to determine the key performance drivers that give you control over profitability and enhance your strategic planning and decision making.

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  • Duration: 2 days
  • Pre-requisites: There are no pre-requisites for this course

  • Communicate the key principles underlying financial information and accounting systems
  • Analyse and interpret financial statements
  • Develop, interpret and monitor budgets to improve financial management
  • Realise the impact of business decisions upon the financial results of your organisation

Introduction

  • Setting the context
  • Personal objectives
  • Learning outcomes

Introduction to Accounting Principles

  • What is accounting?
  • The importance of counting beans
  • Your relationship with the Finance team
  • Financial and management accounting
  • The chart of accounts
  • The accounting equation
  • The double-entry bookkeeping system
  • Accrual and cash-based accounting

Financial Statements

  • The life cycle of a company
  • Tracking an organisation’s performance
  • The balance sheet
  • The income statement
  • The cash flow statement
  • Working capital management

Critical Performance Factors

  • Critical performance factors
  • Key performance drivers

Planning and the Financial Planning Process

  • The financial management process
  • Why take time to plan?
  • Strategic and operational planning
  • Financial tools for telling the future
  • Budgeting
  • Forecasting

Implementing Financial Management Plans

  • Implementing the budget
  • Using available resources and systems
  • Cost behaviours
  • The impact of cost control on profitability

Monitoring and Controlling Finances

  • Reporting financial performance
  • Monitoring expenditure and costs
  • Financial control
  • Contingency planning

Review and Evaluate Financial Practices

  • Steps to review and evaluate
  • Enhancing company value
  • Continuous improvement

Glossary

  • Glossary of financial terms

In Action

  • Planning to apply the skills and knowledge back at work
  • References and further reading

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