ACCOUNTING FUNDAMENTALS 1

What's It About?

Ever been emailed a business unit's financial results or looked at your own organisation's financial statements and wondered what it all means?  Or perhaps you've been given the responsibility of setting a Profit & Loss budget for the year and wondered how to start?

For those of you who've had very little exposure to financial accounting and financial reporting it can seem like a blur.

In this program we focus on the basics. We'll guide you through the purpose of the key financial statements (P&L, Balance Sheet and Cash Flow) and how they work together to create a picture of financial performance.

Along the way we'll help you crack that nut of 'accrual accounting' as we workshop common examples.

We'll also provide you with some tips and tricks for reviewing financial information in a commercial environment - giving you frameworks for questions to ask and things to watch out for.

This program does not cover the detail of 'debits' and 'credits' but rather gives executives and managers an understanding of key accounting concepts through the use of plain english and relevant examples.

Topics

  • Financial reporting in a commercial environment including the difference between management accounts and statutory financial accounts
  • Key business systems that support the production of financial information and the importance of internal controls
  • Purpose of the three key financial statements: P&L, Balance Sheet and Cashflow and how they work together
  • The accounting equation and the nature of double-entry accounting
  • Accrual accounting and how it differs to cash accounting

Time Allocation %

Financial reporting
Systems and internal controls
Key financial statements
Accounting equation and accruals

Who Benefits?

  • People in decision-making roles with very limited accounting or finance knowledge.
  • Includes managers to senior executives, directors and business owners

Assumed Knowledge

  • Some commercial business experience but not necessarily familiarity with accounting and finance.

Delivery

  • Approximately six to ten hours depending on individual needs
  • Visual material supplied including small practical examples
  • Supply and discussion of your own financial information

 


 

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