Understanding financial statements and managing finances are crucial skills for managers across all departments. Participants will be able to make rapid and accurate decisions based on financial data and understand the impact of these decisions. Participants will learn the fundamentals of finance, how to decipher accounting terminology and industry jargon, be able to undertake top-line interpretation of reports and business cases and make decisions based on presented financials.

This course is for anyone who wants to gain an understanding of financials in the work environment at a fundamental level. This course does not require mathematics skills, it focuses on terminology, report interpretation, and how to unpack and understand what is represented in complex financial models and reports. Participants will gain a fundamental understanding of the impact of actions and behaviours on the business financials.

Through this course participants will develop the skills and knowledge to:

• Recognise how financials fit with the rest of the business
• Understand some basic accounting terms and concepts
• Interpret simple financial information
• Demonstrate confidence in speaking to their manager or finance team about financial matters.

Day One

Introduction   

• Where do financials fit in?
• Vision and strategy

Basic Accounting Principles and Concepts   

• Going concern
• Matching principle
• Who decides the rules?

Accounting Terms

• Common terms
• Glossary

Types of Financial Statements            

• Statement of financial position
• Assets, liabilities and equity
• Current and non-current
• Notes to accounts
• Interpreting the numbers
• Analysis
• Statement of profit or loss and other comprehensive income
• Revenue and gains
• EBIT
• Interpreting the numbers

Day Two

Types of Financial Statements (cont)

• Display of income and comprehensive income statements
• Income statement terms
• Statement of equity
• Statement of cashflows    

Non-Statutory Financial Documents

• Budgets
• The budget process    
• Capital expenditure (CAPEX) and operating expenditure (OPEX)
• Forecasts
• Cashflow forecast 

Cost-based Pricing Strategies

• Absorption costing      
• Break-even pricing      
• Cost plus pricing
• Other methods

Resources

• More accounting principles
• Australian Accounting Standards Board
• Terms
• General purpose financial statements
• Ration interpretation

Reflection and Questions

Costs and group limits may vary.
Minimum group size: 10

Maximum group size: 16

N/A