Finance For Non Finance Professionals Course

Finance For Non Finance Professionals Course

Course Description

Finance is an important yardstick to judge the performance of companies and individuals. All Managers have to understand the importance and relevance of finance while making any business decision, whether in R&D, marketing, sales, manufacturing, or any other function. The Finance for Non-Finance Professionals Course is designed to develop financial skills among professionals working in non-finance tasks like HR, Production, Marketing, Sales, R&D, etc. This will help make business decisions and facilitate smooth communication with finance teams.

In simple terms, finance is the activity concerned with planning, raising, controlling, and administering the funds used in the business. Thus, finance is the activity involved with raising and administering funds used in business. Financial Management is a managerial activity concerned with planning and controlling the firm’s financial resources. Financial Management is an integral part of the overall management that also involves other disciplines and fields of study like economics, accounting, production, marketing, personnel, and quantitative methods.

This course will explain functions that operate in a corporate setup. It will also help you understand the use of the information provided by different functions while preparing financial statements. Participants will realize the techniques and principles used to prepare the financial statements.

The program will also focus on the different types of costs involved and the relevance of each while deciding on the working capital management variance analysis, among other things. Ultimately, the objective is to raise the level of financial awareness of participants. It should enable them to use the financial information to make better short-term or long-term decisions in managing their businesses.

Course Objectives

• Understand financial statements of the company and also interpret the information available in the same way
• Prepare P&L and budget for their respective functions/ departments
• Understand the concept of cost and its importance in decision-making and identify areas for cost reduction
• Understand the concept of working capital and how to manage the same

Course Modules

Lesson 1 – Understanding the Key Concepts of Managerial Finance

• Difference between finance and accounting
• The accounting Cycle
• The accounting process
• International Financial Reporting Standards – IFRS (GAAP)
• Balance sheets
• Presentation of financial statements

Lesson 2 – Interpreting Financial Statements

• Interpreting financial statements
• Doing financial analysis
• Make recommendations on ratio-analysis

Lesson 3 – Cash Flow

• Managing your working capital
• Projections and cash flow bottom line
• Cash flow summary
• Causes of poor cash flow

Lesson 4 – Cost Management

• Cost control applications
• Cost-cutting measures
• Petty cash – the small ants in your organization

Lesson 5 – Making Recommendations After Analysis

• Break-even analysis
• Costings Variance Formulas & Causes for the Variances

Lesson 6 – Preparing Financial Statements

• Preparing financial forecasts
• Identifying opportunities for growth
• Choosing the best format
• Factors to consider

Lesson 7 – Budgeting and Operational Plan

• Drafting budgets according to the operational plan
• Establishing operational objectives

Lesson 8 – Action plan