Basic Accounting Skills for the Business Professional

Seminar: ID# 1283066

Agenda

• What accounting is, and how it affects your job and your responsibilities
• 3 key accounting terms that form the financial "cornerstone" — brief, easy-to-understand explanations
• When expense and revenue activities are reflected "on the books," and how to anticipate your organization's current and future financial status

• The differences between direct and indirect expenses, and who is responsible for each
• Why costs beyond your control can directly affect your own financial performance
• How you can increase profitability in your department or organization with a better understanding of the break-even point
• A simple break-even chart that puts the numbers in an easy-to-understand visual form
• Purchase or lease? The benefits and drawbacks of both options
• The 2 basic methods of depreciation and how they affect financial results

• The 8 objectives for financial reporting, and how financial reports can work for you
• How everyday business transactions are translated into balance sheets and profit-and-loss statements
• How to analyze financial reports for profitability, activity, liquidity, and debt coverage
• 4 professional methods to measure bottom-line profitability

• How sound budgeting leads to better, more effective management
• An easy 7-point budgeting outline to prepare a new budget or assess your current one
• How to use budgets to measure the performance of your department, your organization — even yourself!
• 8 expert techniques that help you prepare and monitor your budgets more accurately and efficiently