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How to Keep Money in Your Business

How to Keep Money in Your Business is the second component of the Finance Success Program

Overview

Learn how to identify the different functions of management and financial accountants, define the systems that will improve your cash flow, compute cash flow projections, identify the principles of internal controls, evaluate and apply internal controls at business level, learn how to present a statement of comprehensive income, analyse expenses by nature and by function, identify significant estimates, other judgements and relevant accounting policies relating to income statements

Modules covered:

•    Module 11: Design your own management accounts using KPIs

•    Module 12: How to manage cash flow in your business

•    Module 13: How to build financial management systems in your business

•    Module 14: Design financial controls in your business

•    Module 15: Understand the requirements of financial performance

Learning Objectives

  • Define financial controls and internal controls
  • Recognise the importance of internal controls
  • State limitations of internal controls
  • Understand the consequences of weak controls
  • Identify and apply the different types of financial controls
  • Identify the principles of internal controls
  • Identify the components of internal controls
  • Evaluate and apply internal controls at business level
  • Evaluate and apply effective and efficient financial controls
  • Define financial management systems
  • Understand the relationship between the controls and systems
  • State reasons for finding appropriate financial management systems
  • Identify the groups of users of the information, what information they need, and when
  • Consider all needs with related costs vs benefits
  • Select the financial management systems that suits your needs
  • Define the finance functions and activities in a business
  • Identify the areas that need improvement
  • Provide the reasons for setting up the finance function
  • Identify information you need to manage and make decisions on your performance
  • Relate creditworthiness, liquidity and cash flow to the function
  • Identify the differences between a management accountant and a financial accountant
  • Complete the daily, weekly, monthly and annual finance activities checklist for your business
  • Understand the different terms of recording income and expenses
  • State the purposes of income and expenditure
  • Understand the choices between the single-statement approach and the two-statement approach
  • Be able to present a statement of comprehensive income
  • Be able to present an income statement
  • Know what items of income and expenses are presented as other comprehensive income
  • Be able to analyse expenses by nature and by function
  • Identify the significant and judgements
  • Be able to identify a discontinued operation

Who should attend?

  • Business Owners
    Entrepreneurs
  • Directors
  • Finance Managers
  • Accountants and Bookkeepers

Tools and Templates

  • Library of Financial KPIs
  • Standard Services Level Agreement for finance function
  • Daily, Monthly, Semi – Annually and Annual Tasks
  • Lists for Finance Function
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