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You Will Learn How To
- Integrate financial concepts and policies into the management decision and budgeting process
- Evaluate the financial viability of projects and activities through income statements and balance sheets
- Employ cash flow to analyze business status
- Calculate the cost of business activities
- Control business operations through effective budget management
- Communicate effectively with financial executives and staff
Course Benefits All too often, a manager's performance is measured by how effectively they oversee departmental budgets. To succeed as a nonfinancial manager, knowledge of basic financial principles and the budgeting process is critical. This course transforms financial and accounting concepts into decision-making tools you can use successfully every day. You learn to apply the fundamentals of finance to improve budget management, increase potential profits and assess the financial viability of projects.
Who Should Attend Non-financial managers and anyone who wants to develop their knowledge of financial practices to improve their managerial skills.
Workshop Course Case studies reinforce the fundamentals of finance presented throughout the course. Participants work in teams to gain experience in:
- Analyzing and creating income statements, balance sheets and cash flow statements
- Establishing and managing realistic operating budgets
- Selecting the most profitable projects or activities
- Calculating a budget to achieve stated financial goals
- Applying financial principles to real-world situations
Course 281 Content Why Finance Matters
- Demystifying financial jargon
- Generally Accepted Accounting Principles (GAAP)
- Public vs. private financial methodologies
- Accountability and responsibility for financial information
The Key Building Blocks of Financial Control
Decoding the income statement
- Differentiating income, operating and capital expense items
- Putting the pieces together to measure profit and business success
- When a sale becomes a sale: sales recognition
Analyzing the balance sheet
- Evaluating the worth of an established business
- Distinguishing between fixed and current assets and liabilities
- Defining depreciation and amortization
- Linking the income statement to the balance sheet
- Shareholder equity
Cash Flow: The Lifeblood of Organizations
Making the key connection between business activity and cash flow
- Differentiating between cash flow, profit and net worth
- Connecting cash management to line management
- Credit and cash flow—maximizing benefits and minimizing costs
- How much cash is enough?
The importance of depreciation and amortization
- How depreciation impacts your budget over time
- Methods for calculating depreciation
- Advantages and disadvantages of various key methods
- Impacting the management budget
- Where depreciation rules come from
Managing a Profit or Cost Center
Selecting the best costing method for your situation
- Absorption, marginal, activity-based costing
- Determining costs in service businesses
- Avoiding costing traps
The unique features of project costing
- Estimating project duration and future costs
- Leveraging debt to your advantage
- Anticipating problems using cost control
- Making estimates based on incomplete information
Choosing projects that optimize shareholders' interests
- Making the financial case using return on investment (ROI)
- Advantages and disadvantages of ROI, payback, discounted cash flow (DCF) and NPV techniques
- Selecting viable projects
A Manager's Guide to Budgeting
Recognizing that budgets are more than numbers
- Budgeting as sociology, not accounting
- The politics of getting a budget approved
- The relationship between a well-designed budget and how others measure your performance
- Managing effectively within budgeting constraints
Comparing budget approaches
Types of budgets
- Incremental
- Zero-based
- Rolling
- Others
- Developing the budget numbers
Budgeting as a planning and control tool
- Using the budget to control the business
- Limiting factors
- Budget process and coordination
- Forecasting sales revenues and expenses
- Adjusting the budget to reality
Pulling It All Together
- Applying financial tools and concepts in the real world
- Evaluating a company's health through its annual report
- Comparing public and private sector practices
- Recognizing potential traps in creative accounting
- Learning from recent examples
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Bring this or any Learning Tree course to your location or have it customized for your organization.
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Participants identifying the key elements of a budget plan.
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"The Learning Tree Course I attended satisfied all of my training objectives and then some. Every aspect of the subject was covered thoroughly by the expert instructor. My overall knowledge was greatly enhanced by the experience."
– R. Harrison
Nottingham City Hospital
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