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 one is 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 functions like HR, Production, Marketing, Sales, R&D, etc. This will be helpful in making business decisions and facilitating smooth communication with finance teams.
In simple terms finance is the activity concerned with the planning, raising, controlling and administering of the funds used in the business. Thus, finance is the activity concerned with the raising and administering of funds used in business. Financial management is a managerial activity that is concerned with the planning and controlling of the firm’s financial resources. Financial Management, is an integral part of the overall management. On 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 gain an understanding in terms of 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 making a decision along with 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.
- 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 concept of cost and its importance in decision-making and identify areas for cost reduction
- Understand concept of working capital and how to manage the same
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
- Interpreting financial statements
- Doing financial analysis
- Make recommendations on ratio-analysis
- Managing your working capital
- Projections and cash flow bottom line
- Cash flow summary
- Causes of poor cash flow
- Cost control applications
- Cost-cutting measures
- Petty cash - the small ants in your organization
- Break-even analysis
- Costings Variance Formulas & Causes for the Variances
- Preparing financial forecasts
- Identifying opportunities for growth
- Choosing the best format
- Factors to consider
- Drafting budgets according to the operational plan
- Establishing operational objectives
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