Manage the Finances of a Unit

Duration

3 Days

Purpose

Enable you to transform data into information and knowledge, and then to use that knowledge to make informed management decisions regarding finances.

Content

Managing the finances of a department requires a working knowledge of managerial finance. Managerial finance involves assessing the significance of the numbers produced by the accounting and finance functions of an enterprise, and using the information to plan how to make the best use of the financial resources available.

The main method of providing this information is through financial statements and reports. These reports are the final result of a process of collecting, recording and processing information about the many financial transactions taking place in an organisation every day, and their cumulative effect on the financial resources of the organisation.

In this Module you will learn:

• How financial information is collected and processed to produce financial statements such as the income statement, and the balance sheet.
• How to interpret these financial statements, so that you can make informed decisions about the resources that you need to meet your department’s objectives.
• How to produce a financial forecast for the period ahead.
• How to prepare a budget for your department.
• How to monitor and control the implementation of your budget.