Category:
Management Development
Peace of mind for a small business owner can come from really understanding the finances within the business.
This programme aims to introduce participants to the fundamentals of business finance for SMEs, allowing them to understand and take greater control of the financial data within the business. They will understand the tools and technology available for daily management of the business finances and will build confidence and competence in their financial acumen and decision making.
This event is no longer available
By learning the fundamentals of small business finance, participants will be enabled to apply their knowledge in a highly practical way. They will be able to better manage their business and to confidently stand over financial documents submitted for funding and other purposes.
As a result of this highly practical and interactive programme participants will:
- Understand key financial terminology.
- Understand legal and regulatory requirements.
- Have a clearer understanding of how financial statements function and how to create them.
- Be able to interpret financial reports and accounts correctly.
- Be able to create appropriate budgets.
- Learn to generate realistic sales projections effectively.
- Use accounts and management information systems for improved operational management.
- Grasp the fundamentals of management accounting.
- Be capable of analysing the Balance Sheet
- Understand and operate a financial dashboard effectively.
- Be able to play an appropriate role in effective and realistic financial forecasting.
- Be able to confidently communicate key financial information (past, current & future)
- Build overall financial and commercial acumen appropriate to leading their SME.
Class 1: Bookkeeping and VAT
- Introduction to small business finance
- Basic bookkeeping
- Books of Prime Entry
- Examples of Entries
- VAT
- Online registration with Revenue/ROS
- Accounting options
- Introduction to online accounts: various options
- Taking payments online
- Understanding financial terminology
Class 2: Cashflow and Pricing
- Cashflow – how to do a cashflow forecast.
- Ensuring projections are realistic and complete, considering seasonality etc. Sense checking assumptions
- Drawings and personal budgeting
- Business costs
- Profit and Loss
- Basic financial ratios
- Balance sheet
- Credit control
- Pricing
- Break Even analysis.
- Worked examples of above
Class 3: Taxation and Funding Sources
- PAYE/USC/PRSI with worked examples.
- Income tax with worked examples.
- Corporation tax
- VAT with worked examples.
- Sources of funding and the various supports available (Microfinance, seed capital, priming grants, feasibility studies, peer lending, etc)
Class 4: Building Financial Literacy
- Financial management:
- Create and manage your reporting system.
- Create a custom financial dashboard.
- Identify & track KPIs.
- Learn from budget vs actual analysis.
- Evaluate your financial performance.
- Seek mentorship & advisor support
Strategic budgeting and forecasting:
- Align financial forecast with goals.
- Ensure adequate cash for plan execution
Costing key decisions:
- Building a financial model to help decision-making.
- Calculating the true cost of each decision
- Benchmarking
- Return on investment (ROI)
Delivery Method
This online workshop will be delivered via Zoom. Click the link below to see how to use Zoom.
Click here in order to find out how to use Zoom
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