For many people the world of finance is a mystery, a closed book that just a few adventurous souls will dare to open. However, even if you are not working in the financial department, it is very important to understand the impact of financial aspects on non-financial processes within an organization.
Plus, I am sure your colleagues in the Finance and Accounting department will truly appreciate your effort.
It might seem hard to get a grip on finance. This is probably why many people try to avoid the topic altogether and wish they could make themselves invisible whenever terms like “budgeting” or “financial statements” come up.
But I can promise you: Once you familiarise yourself with some of the key terms and processes, you will realize, that finance is not so scary after all. And you should also keep in mind that an understanding of finance will enable sound business decisions, drive up performance and increase effectiveness.
People often use financial terms without knowing what they actually mean and neglecting the fact that they are vital in business. Why not try to stick out from the crowd and acquaint yourself with the following aspects:
– The format in which business financial information is recorded: Balance Sheet, Profit & Loss Account, and Cash-flow forecast. Learn how to read and interpret financial statements and gain an understanding of what these facts and figures mean to your department and your company.
– Basic accounting concepts and financial flows and how they relate to one another, e.g. the relationship between profit and cash. Note: they are not the same thing.
– The requirement for budgets in running a business. Budgets are not just there to make your life difficult. They can actually be very beneficial if managed effectively and should not be ignored.
Do not worry if all this means nothing to you – yet! Kwintessential’s training “Finance for Non-Financial Managers” is specifically designed for people with little previous knowledge and exposure to finance. This introductory course will explain key processes in simple terms and equip you with the ability to discuss and manage financial activities competently.