Complete Story
10/02/2024
Basic Finance for Managers
Dates: Thursday October 10, 24, 31 and November 7
Time: 1:00 pm - 2:00 pm
Cost: $49 each webinar, $179 for all four
It's no secret that basic financial knowledge is noticeably missing among many managers, supervisors and yes, even senior executives who have been trained in a variety of business disciplines but not in financial management. For those new to management responsibilities, they begin their career with little or no knowledge of basic financial management practices.
Many attempt to learn finance on the fly, seemingly by osmosis. Some report sitting in meetings pretending to understand "the numbers" but in fact they are confused - even terrified - by them.
This online seminar series is designed to address this issue by providing basics, easy to understand learning modules that will address this lack of understanding of what constitutes superior financial performance.
Four online seminar modules will focus on core elements of financial management including:
1. The Balance Sheet: We will discuss the three basic elements of the balance sheet, what the balance sheet tells us about the state of the business and what to look for first when reviewing this important document. We'll discuss the difference between assets, liabilities and owner's equity and we'll look at the different elements that comprise each of these three categories. Participants will understand why the balance sheet is often referred to as "an X-Ray" that shows the financial health of an organization at any point in time.
2. The Income Statement: A companion report to the balance sheet, the income statement (sometimes called the profit and loss or P&L statement) provides the reader with a summary of the results of the enterprise over a period of time. Published monthly, quarterly and/or annually, the income statement provides management with a timely review of how the organization is performing relative to the annual targets and to prior year(s). Elements of the income statement and how it is used as a management tool will be discussed.
3. Cash Flow: Organizations don't go out of business because they run out of profits, they go out of business because they run out of cash! In this module, participants will learn the importance of liquidity and why there needs to be a priority on issuing and receiving payments on invoices in a timely way. A review of the "cash cycle" will show why it is critical to business success to eliminate bottlenecks that slow the flow of cash into the business.
4. Calculating Break-Even: Participants will learn the importance of understanding the concept of "break-even" and how this information can help drive effective planning and allocation of resources. Concepts such as fixed and variable expenses, variable profit on sales, variable profit percentage will be demonstrated. A four-step formula for calculating break-even will be demonstrated.
Basic Finance for Managers is for those managers, supervisors and executives who seek to develop a firm foundation in financial management. These sessions will help eliminate the complexity and confusion that often surrounds financial matters and replace them with clarity and confidence.
