Tips for non accountants: Finance for non-financial managers

FINANCE FOR NON-FINANCIAL MANAGERS

If one does not have a formal accounting qualification, you can often be nervous dealing with other accountants and financial terms.

Often terms are used which deliberately create confusion, It is for this reason that it is suggested that all manager attend basic financial training. This training can not only assist in enhancing your career but also in dealing with daily financial issues.

Finance for non financial managers

TIPS FOR UNDERSTANDING FINANCIAL STATEMENTS

Financial statements are the report card of business. Whether you are a new investor, owner, a manager, an or just trying to keep track of your personal finances, you need to understand how to read, analyze, and create financial statements so you can get a full and accurate understanding how much money their is, how much debt is owed, the income coming in each moth, and the expenses going out the door. 

 

1. If it doesn’t make sense, ask. There are plenty of people in one’s organisation will be happy to assist.

2.  Rely on long-term trends and not just one year. It is easy for figures to ffluctuateon a once off basis. Creating long term results is often more difficult

3. Identify a few important notes and focus on those

4. Look beyond the financial statements

5. If something does not sound right, trust your instincts

Coping with difficult financial areas: We need tips to cope in the financial world when non-finance people  are required to deal with financial concepts. Tips include:

1) Don’t be scared and believe these principles are beyond you.

2) Double and triple check your work

3) Consult and discuss with colleagues.

4) Research topics on internet

5) Compare financial decisions to your personal finances.

6) Understand that for every financial decision, there is a tax implication.

7) Continuously learn and read on subject.

Click on the following link: Finance for non-financial managers or contact Hayley (011 882-8853).

 

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