Finance for non-financial managers
Understanding finance in a business applies to all ambitious humans, at some stage or another. It’s even more critical if you have your own business, as you probably don’t have the luxury of a Financial Director or finance team, or if you are secretly gunning for a more senior position, or have just received that promotion. This unique and creative course unpacks finance in an easily understandable and concise way over a 10-week period.
It will enable you to: have an understanding of the major concepts which underpin financial management, focus on techniques related to recording financial transactions, reporting and analysis and learn how these concepts are applied in practice, to engage in informed conversations and make strategic business decisions.
• A fast-track guide for non-financially minded people to demystify the complexities of finance
• The focus is on the critical and major concepts that underpin financial management, reporting and analysis; and how to identify them
• Learn ‘what’ to look for, ‘where’ to find it, and ‘how’ to analyse the financial data that informs business decisions and direction
• Designed by knowledgeable industry experts who’ve combined their solid academic theory with years of field experience into a course that addresses the skills gaps they’ve witnessed first-hand
Start date11 February 2019
Programme duration10 weeks
Estimated effort6 - 8 hours per week
InstitutionRed and Yellow
What you'll learn:
1. Building blocks for understanding financial management
This module shows how Economics relates to the disciplines of Financial Accounting, Management Accounting, and Financial Management. Students will discover how Return On Investment (ROI) informs financial investment decisions.
• Understand the financial decision-making process
• Explain different business types
• Define how wealth is created in the business environment
• Explore the various forms of ROI
2. Reporting financial position
This module gets you started on financial reporting. Students will learn how to read, interpret and analyse a Balance Sheet, which details the reflection of what the business currently owns.
• How to compile, read and interpret a Balance Sheet
• Measure the value of a company at a specific point in time
• Create or read a financial business plan
• Plan for required assets
3. Reporting financial performance
Students will learn how to set up Income Statements, which provide information about financial performance over time. While the previous module covered current reflection, Income Statements provide a record of the past to help you make decisions that will improve future performance.
• Read and interpret financial performance
• Understand the different types of profit
• Use past financial performance to make decisions for the future
• Identify and construct a cash flow statement
4. Recording financial transactions
The students will gain a fuller understanding of the process through which numbers move from original transactions to reports. This, in turn, will enable students to use full double entry accounting in a general ledger.
• Summarise and discuss recording and reporting
• Understand the financial recording process
• Track large volumes of transactions
• Extract a trial balance and process year-end adjustments
5. Analysing financial reports
The financial statements are the output for a given year and reveal a financial “story”. Analysing these reports can result in insights into this story. This module covers how to come to these insights and use them to write a management report.
• Understand and execute the types of analysis
• Explain strategic, fundamental, and structured-ratio analysis
• Consider the non-financial issues involved in analysis
• Draw conclusions and write up an analytical report
6. Legal aspects in finance: Tax and Human Resource issues
This module introduces the different kinds of reports you need to know about, explains the basics of tax, and shows you how to human resources within a business environment.
• Describe how Corporate Governance works
• Explain why auditing is necessary
• Discuss the role of tax in recording, reporting, and administration
• Explore the legalities of human resource administration
7. Budgeting and forecasting for decision making
This module deals with the principles of the budget process within a company and the practices for finalising a range of essential budgets to allow people to make decisions for the short- to medium-term future.
• Discuss the reasons for budgeting
• Understand the procedures and long-term considerations in the budgeting process
• Compile a successful budget and understand its limitations
• Consider the human considerations in the budget process
• Put everything together to plan for the longer term
8. BONUS MODULE: Uniquely Human Skills that apply to finance
Finance is a sector in which people can little afford to have their decisions swayed by unconscious biases, but unfortunately, that doesn’t stop it from happening. This module goes through some of the most important cognitive biases that you’ll want to keep in mind when making financial decisions and provides some tips on how to avoid them.
8 comprehensive modules that covers all the critical theory and principles, coupled with assignments that help embed the knowledge, and learn how to apply and implement in real life. At the end of the course, you’ll be able to add additional value, have informed discussions and make more strategic decisions that contribute to a sustainable and profitable business outcome.
- Module 1: Building blocks for understanding financials
- Module 2: Reporting financial position
- Module 3: Reporting financial performance
- Module 4: Recording financial transactions
- Module 5: Analysing financial reports
- Module 6: Legal aspects in finance: Tax and Human Resource issues
- Module 7: Budgeting and forecasting for decision making
- Module 8: Uniquely Human Skills that apply to finance