Fundamentals of Accounting & Finance

Service Description

Learning Objectives 1. Understand the principles of accounting and finance and their importance in business. 2. Learn the structure and purpose of financial statements. 3. Develop skills to analyze and interpret financial data. 4. Understand budgeting, cash flow management, and cost control. 5. Gain confidence in communicating financial information to stakeholders. Outcomes By the end of the program, participants will: 1. Understand the basics of accounting and finance and how they relate to business operations. 2. Be able to read and interpret financial statements such as the income statement, balance sheet, and cash flow statement. 3. Apply financial concepts to budget management and performance tracking. 4. Make informed decisions based on financial data. 5. Communicate effectively with financial professionals. Contents Module 1: Introduction to Accounting & Finance • Overview of accounting and finance: Definitions and importance. • Key concepts: Assets, liabilities, equity, revenue, and expenses. • Understanding the accounting equation: Assets = Liabilities + Equity. Module 2: Understanding Financial Statements • Income Statement: Revenues, expenses, and profit/loss. • Balance Sheet: Assets, liabilities, and equity structure. • Cash Flow Statement: Tracking cash inflows and outflows. • Interpreting and linking financial statements. Module 3: Basics of Financial Management • Budgeting and forecasting: Why they matter and how to do them. • Cash flow management: Ensuring liquidity and solvency. • Cost control and management: Identifying and managing expenses.\ Module 4: Introduction to Financial Ratios • Key ratios: Profitability, liquidity, and efficiency. • How to calculate and interpret financial ratios. • Using ratios for decision-making and performance evaluation. Module 5: Practical Applications in Business • Recording transactions: Debit and credit fundamentals. • Understanding journal entries and ledgers. • Preparing simple financial reports. Module 6: Budgeting and Planning • Setting financial goals and creating budgets. • Variance analysis: Comparing actual performance to budgets. • Strategic financial planning for growth and stability. Module 7: Communicating Financial Information • Presenting financial data to non-financial stakeholders. • Bridging the gap between finance professionals and other departments. • Best practices for financial reporting and compliance.