Fundamentals of Accounting for Non-Accounting Personnel
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Fundamentals of Accounting for Non-Accounting Personnel Course
Introduction:
In today's dynamic business environment, it is imperative for professionals to possess a comprehensive understanding of the financial factors that contribute to organizational success. This interactive program is designed to provide insights into the workings of finance within the fast-paced business landscape.
Profitability, liquidity, and the structure of financial accounts are crucial elements for any business aiming to maintain its competitiveness and long-term success. This program delves deeply into these three elements, examining their significance and impact across all levels of business operations. Participants will gain knowledge about the accounting processes involved in recording and reporting business transactions, as well as how these transactions are summarized in periodic financial reports to meet regulatory requirements. Furthermore, participants will explore how financial reports are analyzed by various user groups.
The program also focuses on the importance of management accounting in ensuring business survival and success. It emphasizes how effective budgeting can help control costs and enhance profitability. Additionally, participants will learn about tools and techniques for evaluating proposed investment projects. By the end of the program, you will have a comprehensive understanding of the financial and strategic aspects of business, enabling you to make informed decisions that positively impact corporate profitability.
Join us in this program to gain a holistic perspective of finance in the business world. By acquiring the knowledge and skills provided, you will be equipped to navigate financial challenges, optimize decision-making processes, and contribute to the overall success of your organization.
Course Objectives:
At the end of this Fundamentals of Accounting for Non-Accounting Personnel Course, learners will be able to do:
- Explain the nature and role of financial statements and their interpretation
- Use the language of accounting and finance to communicate effectively with financial professionals
- Review the financial performance and financial position of an organization using the appropriate financial ratio and break-even analysis techniques
- Use budgetary control to compare actual against planned performance and to identify corrective actions
- Evaluate investment projects using DCF and other appraisal methods
- Appreciate the important role of strategic accounting in business performance improvement
- Cost terms and Concepts
- Cost Behavior: Analysis and Use
- Direct vs. Absorption Costing
- Overhead Costing for Planning and Control
- Standard Costs & Variance Analysis
- Relevant Costs for Decision Making
- Financial Statement Analysis
Who Should Attend?
This Course is Targeted Specifically for:
- business managers
- non- accounts professionals
- financial professionals
- operational managers
- planning personnel
- Sales and marketing executives
- Supply-stream professionals
- Project professionals
- Internal auditors
- Any non-financial professionals who are required to read, interpret, and contribute to business financial reports
- Senior Professionals of manufacturing, marketing, engineering
- Human resources professionals,
- Attorneys
- Executive professionals who are involved with development of long-term customers, suppliers, outsourcing partners, and other global strategic alliances.
- Consultants who work with professionals and executives, to support improvements to operational and financial processes
- And other internal decision makers of an organization who have the need to understand managerial accounting
Course Outlines:
A Strategic View of the Business Environment
- The business environment
- The uses and purpose of accounting
- Users of accounting and financial information
- Accounting terminology
- Cash versus profit
- Profit and profitability
- The structure of the balance sheet
- The income statement – financial performance
- What is profit?
- The structure of the income statement
- The links between the income statement and the balance sheet
- Accounting conventions
- The published annual report
The Financial Statements and Financial Accounting Analysis
- The cash flow statement
- What is included in the cash flow statement?
- Why is cash flow so important?
- The structure of the cash flow statement
- The links between the cash flow statement, profit and loss account, and balance sheet
- Interpreting the annual report
- The key elements of published reports and accounts
- Ratio analysis: profitability; efficiency; liquidity; investment; cash flow; the Dupont system
- Cash versus profit as a measure of performance, EBITDA and
- Predicting business failure – the Altman Z-score
- Sources of financial information
Budgeting and Break-even Analysis
- Management accounting
- Cost behavior
- The overhead problem, traditional versus activity-based absorption
- Cost/volume/profit (CVP)analysis
- Break-even analysis
- The impact of cost structure changes
- Limitations of CVP analysis
- Purposes of budgeting
- The budget process, including activity-based budgeting
- Uncertainty and risk – worst and best outcomes
- Motivation and the behavioral aspects of budgeting
- Problems in budgeting
Budgetary Control, DCF and Capital Investment Appraisal
- Budgetary control
- Standard costing
- Flexed budgets and variance analysis
- Types of variances and the reasons they occur
- Planning and operational variances