Do you need to understand how accounts and budgets are put together? Can you look at a Balance Sheet or a Profit & Loss Statement and identify what’s important? What’s the difference between sales margin, profit margin, gross margin? Fed-up with not knowing the meaning of terms like EBITDA and EBIT? What are debits and credits? Why should it matter what type of depreciation method is used? What is management accounting? Is profit or cash flow more important?
Anyone in business will work far more effectively when they understand the commercial realities of running a business. Each of us needs to ensure that we have a solid grounding in the basics of commerce to improve business results.
If you’re working in an Operational role or in Sales, you really need to understand accounting terms and philosophies. Perhaps not in detail, but certainly in overview.
If you aspire to a management position (or want to further your career in management) and you don’t have training or a background in accounting, you will be at a disadvantage as you sit around the management table. In today’s business world, it’s essential to have a working knowledge of accounting. Understanding the cycle of accounting will help you figure out where you fit into your company’s financial structure, and how to assess the financial status of current and prospective customers and suppliers.
This workshop will familiarise you with the key concepts of business and accounting and help you prepare and work with budgets with more confidence.