Finance is an important functional area. However, most executives in functions other than finance e.g., HR, have little knowledge of it or may have forgotten what they had learned. Senior managers are required to take decisions cutting across departmental boundaries. Managers, as they progress, are increasingly exposed to financial information and hence need financial literacy. This course fills this gap.
Participants will get a basic understanding of the meaning, role and scope of Finance in modern business. Managers will be able to see how Finance impacts their operations and vice-versa, for example as regards working capital. They will appreciate concepts like ROI and be able to exchange meaningful information with upper management. Managers will be comfortable using financial terminology.
How participants will benefit after training
Participants will be able to:
(a) describe a basic accounting system, journal entries, and the purpose of periodical financial statements
(b) describe and interpret the statement of affairs and statement of comprehensive income
(c) describe and track common types of product or service costs
(d) describe working capital and its importance
(e) draw up a rudimentary cash budget for the department
(f) carry out basic ratio analysis, &
(g) appreciate what resources are being used up in operations and explain how cost savings translate into improved bottom line.
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