ACCOUNTING FOR NON-ACCOUNTANTS
Overview
The “Accounting for Non-Accountants” course is designed to provide participants with a practical and foundational understanding of accounting principles, practices, and financial analysis techniques. This program is tailored for individuals with no prior accounting background and emphasizes clarity, simplicity, and real-world application. Participants will learn to interpret financial statements, manage budgets, and use accounting data for strategic decision-making. By the end of the course, attendees will gain confidence in applying accounting knowledge to enhance their professional and business practices.
Objectives
By the end of this course, attendees will be able to:
- Apply fundamental accounting concepts and principles.
- Prepare and interpret financial statements effectively.
- Analyze key financial ratios for informed decision-making.
- Develop budgeting skills for efficient business management.
- Evaluate and apply accounting data confidently.
- Implement strategies to manage and maintain healthy cash flow.
Key Competencies
- Basic Accounting Concepts.
- Financial Statement Interpretation.
- Accounting Cycle Overview.
- Effective Budgeting Strategies.
- Key Financial Ratios.
- Cash Flow Strategies.
Course Outline
BASIC ACCOUNTING CONCEPTS
- Definition and purpose of accounting.
- Role of accounting in decision-making.
- Key users of accounting information.
- Financial Statements Overview.
- How Different Business Entities Present Accounting Information.
- International Financial Reporting Standards (IFRS) Principles.
FINANCIAL STATEMENT INTERPRETATION
- The Statement of Financial Position (Balance Sheet):
- Understanding assets, liabilities, and equity.
- The accounting equation: Assets = Liabilities + Equity.
- The transaction behind the balance sheet.
- The Income Statement: Revenue, expenses, and net income.
- Profitability measures.
- Gross profit.
- Income from operations.
- Net income.
- The transaction that affects income statement.
- The Statement of Cash Flows:
- Operating activities.
- Investing activities.
- Financing activities.
- Differences between cash flow and net income.
- Cash and Cash Equivalent.
ACCOUNTING CYCLE OVERVIEW
- Debits and credits.
- Recording Transactions: Journal entries.
- General ledger.
- Pre-adjusting trial balance.
- Adjusting journal entries.
- Post-adjusting trial balance.
- Closing journal entries.
- Software tools for bookkeeping (e.g., PeachTree, QuickBooks, Excel).
EFFECTIVE BUDGETING STRATEGIES
- Budgeting Basics: Importance of budgeting in business.
- Types of budgets.
- Operating budgets.
- Sales budget.
- Production budget.
- Purchasing budget.
- Raw materials budget.
- Labor budget.
- Overheads budget.
- Operating expenses budget.
- Selling, general and administrative expenses budget.
- Budgeted income statement.
- Cash budgets.
- Capital Budget.
KEY FINANCIAL RATIOS
- Financial Ratios and Analysis.
- Liquidity ratios.
- Activity ratios.
- Profitability ratios.
- Efficiency ratios.
- Using ratios for decision-making.
- Common-size income statements analysis.
- Horizontal analysis.
- Vertical analysis.
CASH FLOW STRATEGIES
- Composition of assets.
- Working capital management.
- Working capital.
- Net working capital.
- Introduction to working capital cycle.
- Cash Flow Management.
- Understanding cash inflows and outflows.
- Identifying cash flow issues.
- Strategies for maintaining healthy cash flow.
Outline and competencies are indicative; the final agenda is tailored and confirmed with VIFM.
Who Should Attend
Non-finance professionals, business owners, managers, and individuals seeking a foundational understanding of accounting principles and practices.
Methodology
This course combines interactive lectures, hands-on exercises, group discussions, and practical applications to ensure participants grasp concepts effectively and develop skills for immediate implementation.
Interested in this programme?
Reserve your place and our learning advisor will contact you.