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Fundamentals of Finance and Accounting for Administrative Professionals

About Workshop

Course Description
Finance and Accounting are the two most important functions for business organisations and for any other form of organisational entities. Though finance and accounting are specialist functions, Administrative and professionals in other management areas should have minimum fundamental knowledge on these areas for success in career and for better functioning of the organisation.

This course will help you develop your understanding of the complexities of finance and accounting, which can be translated into practical skills for professional recognition and advancement. The course will also provide excellent review for the finance and accounting professional.

Key Learning Outcomes:
At the end of the course you will be able to:

(i) Explain the accounting process: transaction analysis through statement preparation

(ii) Gain expertise on methods to interpret financial statements and annual reports

(iii) Identify and evaluate a business' liquidity, leverage and profitability

(iv) Gain expertise on methods and practices for financing a business

(v) Prepare Budgets for common expense categories, analyzing budget variances, and understanding how to work with different budgeting systems

(vi) Evaluate the financial health of your business in the areas of liquidity, leverage, and profitability

(vii) Develop The skills to budget for special events and projects

Workshop topics to be covered:

Session 1: Understanding Basic Accounting Concepts and Principles
 Recognize the differences in financial, tax, and management accounting, and the role of each system in a business
 Describe the importance of Accounting principles and the impact of the key accounting assumptions
 Differentiate between cash and accrual accounting

Session 2: Understanding the Accounting Process
 Define the five types of accounts: Asset, Liability, Equity, Revenue, Expense
 Explain the accounting process from transaction entry to closing the books
 State the significance of double-entry accounting
 Determine the impact of different types of transactions on the accounting system

Session 3: Understanding and Evaluating the Key Financial Statements
 State the purpose of and the interrelationship among the following financial statements: Income Statement, Balance Sheet, Retained Earnings Statement, Cash Flow Statement
 Define the key components of each statement
 Prepare a set of simple financial statements from a set of account balances
 Discuss the varying reasons for statement analysis and their impact on the process
 Calculate commonly used financial ratios
 Evaluate the financial health of a business in the areas of liquidity, leverage, and profitability

Session 4: Understanding the Components of an Annual Report and the Auditor’s Role
 Describe the differences in financial reporting for public, private, not-for-profit, and government organizations
 Differentiate among the different types of audits
 State the role of the external auditor in the financial reporting process
 Evaluate the different sections in an annual report and discuss the significance of each

Session 5: Financing the Business
 Discuss the role of leveraging in improving return to the shareholders
 Discuss the role of short-term financing in meeting an organization’s financial needs
 Differentiate between the various long-term financing alternatives and understand their impact on the business
 Identify appropriate financing alternatives for different types of business needs

Session 6: Introduction to Budgeting
 Explain the purpose of a budgeting system and provide an overview of the entire process
 Differentiate among commonly used budgeting systems
 Budget for common expense categories
 Analyze budget variances as to their significance and cause
 Budget for special events and projects

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