NB!

• If insufficient bookings are received on any course , the course will be cancelled and a full refund will issue.

• Fees are NON REFUNDABLE except where a course is cancelled by Local Enterprise Office due to insufficient bookings. 

FINANCE EXPLAINED TO NON FINANCIAL MANAGERS

 

This programme provides participants with an understanding of the importance of monitoring Cashflow, analysing business performance and controlling finances.

 

Programme objectives

• Improve financial management skills
• Explain financial statements, understand their uses
• Prepare snapshot report for their business
• Manage finances effectively in business for stability and growth, including Cashflow
• Develop a clear understanding of the financial performance of their business
• Gain greater control of their relationships with external financiers, accountants and their own internal management team

Module 1 – Financial Management

• Why is financial management import for your business?
• Key aspects of effective financial management
• Busting financial jargon
• Different types of accounting and accounting professions
• Capital versus revenue expenses – how we treat them differently and how they are treated by the Revenue and they affect ‘profit’
• Investment and financial cycle – the balance sheet includes definitions of asset, liabilities, debtors, creditors
• The trading cycle – the trading, profit and loss account
• Concepts underlying financial statements
• Maximising Profit
• The Cashflow Statement
• Difference between profit and cash
• Key ratios for financial management – gross and net profit margins ROCE, debtor days
• Snapshot Reporting and using it in your business – key figures to monitor – Draft snapshot report for your business

Module 2 – Cashflow and Credit Controls

• Cash budgeting and Cashflow management
• Factors which cause Cashflow problems
• Identifying Cashflow problems early
• Dealing with same internally
• Deciding to source funds
• Raising capital – sources of funding and assistance
• Drafting a Cashflow budget for your business - templae provided
• Review your Cashflow budget versus actual
• Cashflow & Credit Control
• Establishing credit control procedures for your business

•                     Setting ground rules e.g. credit limits

•                     Monitoring

•                     Follow Up

• How to minimize bad debts
• Aging debtors, debtor days, prioritizing
• Follow up techniques – debt collection by telephone, letter, email