Many of us flinch when we hear terms like depreciation, cash flow, balance sheet, and (worst of all!) budgets. However, these are all important concepts to understand if you’re going to succeed in today’s business world, particularly as a supervisor. Even better, financial terms are not as scary as they seem.
You will spend the first part of the day getting to know participants and discussing what will take place during the workshop. Students will also have an opportunity to identify their personal learning objectives.
1 - Getting the Facts Straight
The first session will go over basic financial terms
Explore their role in company finances
Governing organizations in their area.
2 - The Accounting Cycle
Four phases of the accounting cycle
Key concepts: cash vs. accrual methods
3 - The Key Reports
Take a close look at balance sheets and income statements
Review cash flow statements and statements of retained earnings
4 - Keeping Score
Explain the chart of accounts and single vs. double entry accounting.
5 - A Review of Financial Terms
Introduction to some additional financial terms.
6 - Understanding Debits and Credits
De-mystify accounting terms: debits and credits.
7 - Your Financial Analysis Toolbox
Sources for financial data
Tips on weeding out useless information
Calculate common ratios
Read an annual report, and some useful decision-making tools.
8 - Identifying High and Low Risk Companies
Guidelines for identifying high and low risk companies.
9 - The Basics of Budgeting
What is a budget?
How a budget fits into the big picture
The budgeting process
10 - Working Smarter
Basic checklist of computer skills required for success
How to choose an accounting package
11 - People and Numbers
Dealing with finances
Making cuts to someone’s pay?
Provide tips on what to do.