Accounting Skills for New Business Owners

Many of us flinch when we hear terms like depreciation, cash flow, balance sheet, and (worst of all!) budgets. However, these are all important concepts to understand if you’re going to succeed in today’s business world, particularly as a supervisor or a business owner. Even better, financial terms are not as scary as they seem! This content will give new supervisors the accounting skills they need for things to go smoothly.

Learning Outcomes:

• Describe the art of finance and financial management
• Explain key financial terms
• Determine your role in company finances
• Find the rules and regulations for your area and industry
• Discuss various types of financial reports, including income statements, balance sheets, cash flow statements, and statements of retained earnings
• Explain how a chart of accounts is created
• Tell the difference between cash and accrual accounting
• Explain single-entry and double-entry bookkeeping
• Differentiate between debits and credits
• Identify and analyse important financial data
• Make financial decisions
• Read annual reports
• Determine whether a company is financially high or low risk
• Recognise different types of organisational financial plans
• Explain what budgets are and how to prepare them
• Recognise what computer skills you need to make you a financial whizz
• Deal with financial situations that impact the people that work for you