The Finance for Non-Financial Managers course is a course that primes those working in management on the basics of accounting and finance with a view to giving them the right tools to become financially literate. This course is no accountancy primer and does not cover all the topics that one would need to cover in order to sit for an A-Level exam in accountancy. Indeed, the duration of the course would be too short for that. Instead what we do in this course is to focus exclusively on those topics in accounting, management and finance that are required by people in management roles who have to liaise with specialist accounting departments and who require a very specific set of skills to be able to do so effectively without needing to learn anything about those functions that necessarily need to be taken care of by the specialist accounting department(s) within the organisation.
Finance for Non-Financial Managers
Providing a course to non-financial managers on the basics of accounting and finance is certainly crucial in today’s world where the need for financial literacy cannot be stressed enough. This is even more so when considering the fact that organisations have made great strides in their operational setups, moving from a silo mentality to one where matrix teams all have a say in how the organisation is managed holistically. This paradigm shift has had a bearing on various operational activities from department-specific procurement all the way up to combining inputs from different organisational departments for strategic decision-making.
Indeed, a sustainable and prosperous business mentality nowadays requires the presence of cross-functionality amongst all the various departments within an organisation whereby different managers discuss, exchange ideas and collaborate to provide the best solutions for the enterprise they work for.
In this milieu, accounting concepts such as customer profitability analysis, lifecycle costing as well as activity-based costing, among many others, all require the crucial input of various departments, working hand in hand in one concerted effort to reach the ultimate organisational objectives.
The training proposed offers two key benefits – knowledge and confidence. Precise, pertinent knowledge provided during the course will help employees feel secure in their day-to-day actions and equip them with the necessary skills to collaborate further with the finance function of the company, thereby giving them further confidence and purpose in their daily roles.
The objectives of this course include:
- To define and understand the most commonly-used Technical Terms related to Accounting and Finance;
- To understand the basics related to Double-Entry Bookkeeping and the main documentation prepared by the Finance Department;
- To interpret a set of Financial Statements using appropriate Accounting Ratios assessing key areas such as Liquidity, Profitability, Efficiency of Asset use as well as Return on Investment;
- To understand basic concepts of Management Accounting (such as Marginal and Absorption Costing, Investment Appraisal etc.) and apply them to day-to-day Decision-Making;
- To generate Forecasts and Budgets using various Budgetary Models and apply Budgetary Control Systems that Analyse variances from Budgeted Figures; and
- To distinguish between Profits and Cash and apply Cash Management and Credit Control Techniques.
Basic Accounting and Finance Principles
- Understanding what Accounting is all about and the key users of Accounting;
- Having clear notions of the Main Accounting and Finance Terminology used;
- Ability to understand the Accounting Equation and apply it accordingly;
- Being able to understand and use the basic notions of Double-Entry;
- Getting a good grasp of the Main Documents and Accounts prepared in a traditional Accounting System; and
- Understanding some basic concepts used in Accounting and Finance.
Interpretation of Financial Statements & Financial Ratio Analysis
- Being able to recognise the main components of a Set of Financial Statements and their respective Uses and Users;
- Getting a good grasp of extracting pertinent Data from Financial Statements;
- Understanding the benefits and drawbacks of Financial Ratio Analysis;
- Having a good notion of the areas normally analysed using Accounting Ratios;
- Being able to calculate and interpret the main Financial Accounting Ratios used in most modern organisations and generate corresponding Reports summarising the main results.
Generating Forecasts & Budgets
- Being able to identify the main uses and users of Budgets and Forecasts;
- Identifying the economic climate in which the Budgeting Exercise is taking place;
- The Principles of Forecasting;
- Budgetary Models (bottom-up, top-down and hybrid);
- Preparation of the Main Budgets often used in business and being able to differentiate between the various Categories of Budget Items;
- Budgets as a Blueprint for action and a yardstick against which to measure Performance;
- Acquiring important Skills on how to generate budgeted and Forecast data in a Methodological Process;
- Budgets as Corporate Balancing Acts – understanding where a department stands in this big balancing act based on Bargaining: ultimately Expenditure must be justified by Revenues;
- Getting an overview of the Potential Modifications made to traditional Budgets to ensure their relevance to today’s Dynamic World; and
- Setting up controls to Monitor Performance against Budget and to take Corrective Action where necessary.
Cash Management & Credit Control Techniques
- Being able to Distinguish between Profits and Cash;
- Understanding the reasons for Keeping Cash and the importance of Carefully Managing it;
- Getting a good grasp of various Cash Management Techniques;
- Being aware of the issues surrounding Credit Risk and its reality within the local context;
- Maltese Debt Recovery Regulation; and
- Becoming conversant with the use of a number of Credit Control Techniques.
Reece Delia is a qualified accountant currently working as Chief Financial Officer of Equinox Group. He was awarded his first-class Bachelor in Commerce with a specialisation in Accountancy and Banking and Finance from the University of Malta. Pursuing further his studies, he read for a Master in Accountancy within the same University, graduating with Distinction. He has ample experience in the field of accounting and finance, previously having worked for one of the international Big 4 audit firms – PricewaterhouseCoopers – where he worked within the Company Accounting and Administration Services Department, having also garnered valuable experience in other areas of accounting such as strategic management accounting, corporate governance and ethics, risk management, financial management, auditing and taxation.
Bernard Mallia is an experienced independent consultant and adviser in the fields of economics, project management, ICT and Information Systems. He has a polymathic background and was awarded his first degree in Commerce with a specialisation in Public Policy and Economics, as well as an honours degree in Public and Private Sector Management from the University of Malta. He pursued post-graduate studies at the University of Edinburgh where he read for a M.Sc. in Economics, and at the European University where he read for a M.Sc. in Information Systems. He has also been the recipient of diplomas in Computerised Bookkeeping (IAB), Project Management (CIC), and Advertising and Public Relations (CIC). Bernard is a certified MS Office advanced user and a SQL Server 2005 Microsoft Certified Professional. Bernard delivers courses in:
- MS Excel;
- MS Word;
- Odds and Gaming;
- Risk Management;
- Project Management; and
- Regulatory Policy and Institutions.
The Fee for the Course is as follows:
- Registration Fee (Non-Refundable): EUR 35;
- Course Fee including: Lectures, Course Notes, Certificate of Attendance and Refreshments (Please see our Terms and Conditions on changes, rejections and cancellations): EUR 250.
By registering for the course, you are agreeing to be bound by all the Terms and Conditions including payment terms. Upon Registration, an invoice will be issued for payment, which includes the Registration Fee and the Course Fee (which you will not be required to pay in terms of rejection but for which you are agreeing to pay in case of acceptance in line with our Terms and Conditions). The invoice is to be paid in its entirety within 15 days from the day of issuance. However, should you not meet the Eligibility Criteria for the selected course, the Course Fee will either not be levied or will be refunded if it has already been paid; the Registration Fee will remain non-refundable.
Should you wish to check about your Eligibility or clarify any other issues prior to Registering, kindly contact us on: firstname.lastname@example.org
Equinox Academy is licensed as a Higher Education Institution (License number 2015-005) by the National Commission for Further and Higher Education.
Sessions for this course will be held as follows:
- Day 1 – 14th May 2018, 9:30 – 16:00
- Day 2 – 15th May 2018, 9:30 – 16:00
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