The first in a series of three courses, "Understanding Financial Statements" is designed for business owners, managers, accountants, bankers and consultants who need to know how to turn financial statements into useful management tools.
During this course, you will learn how to identify key business information that is captured on the income statement and balance sheet. You will learn to calculate several ratios and understand what those ratios mean in terms of business productivity and success.
Discussions are facilitated by business counselors who will help you examine your individual situation, explore opportunities and discover new ideas. You'll learn from other participants and have a host of valuable resources available to you.
You will leave this session with a greater understanding of how to read and interpret financial documents and how to use that information to drive business decisions.
Here's what you'll learn:
- Key financial terms
You'll understand what a balance sheet is; what the difference is between current and fixed assets; the meaning of depreciation and how to calculate it; the various types of liabilities your business can incur; and the meaning of gross and net profit.
- Analyzing performance
You'll gain an understanding of the financial management cycle and the role that various reports play in helping you understand your company's past, current and future performance.
- Accrual accounting
You'll learn the advantages of accrual accounting and how it can give you the most accurate snapshot of your business situation.
- Financial operating cycle
You'll learn how to use balance sheets and income statements together to accurately analyze your financial performance. Find out about the relationship between the two statements and the dynamic financial cycle that needs to operate in your business.
You'll understand various financial relationships called ratios. Find out how to compare current performance to prior years and compare your company to similar businesses.
- Case study
Through an actual scenario, you'll learn how to translate what you learn into a business setting.
- Questions and answers
Instructors will help you make sense of all the numbers and answer your specific questions. Join us for this informative session, and take the time to take the mystery out of your financial management!
Visit our Calendar of Events to find a course offered near you.