Many of us flinch when we hear terms like depreciation, cash flow, balance sheet, and (worst of all!) budgets. However, these are all important concepts to understand if you’re going to succeed in today’s business world, particularly as a supervisor. Even better, financial terms are not as scary as they seem.
You will spend the first part of the day getting to know participants and discussing what will take place during the workshop. Students will also have an opportunity to identify their personal learning objectives.
1 – Getting the Facts Straight
- The first session will go over basic financial terms
- Explore their role in company finances
- Governing organizations in their area.
2 – The Accounting Cycle
- Four phases of the accounting cycle
- Key concepts: cash vs. accrual methods
3 – The Key Reports
- Take a close look at balance sheets and income statements
- Review cash flow statements and statements of retained earnings
4 – Keeping Score
- Explain the chart of accounts and single vs. double entry accounting.
5 – A Review of Financial Terms
- Introduction to some additional financial terms.
6 – Understanding Debits and Credits
- De-mystify accounting terms: debits and credits.
7 – Your Financial Analysis Toolbox
- Sources for financial data
- Tips on weeding out useless information
- Calculate common ratios
- Read an annual report, and some useful decision-making tools.
8 – Identifying High and Low Risk Companies
- Guidelines for identifying high and low risk companies.
9 – The Basics of Budgeting
- What is a budget?
- How a budget fits into the big picture
- The budgeting process
10 – Working Smarter
- Basic checklist of computer skills required for success
- How to choose an accounting package
11 – People and Numbers
- Dealing with finances
- Expense Reports
- Making cuts to someone’s pay?
- Provide tips on what to do.
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