WORKSHOP AGENDA
Program time: 3 hours each day (6 hours total)
DAY 1
Session 1: Foundations of Accounting and Finance
Understand the basic purpose of accounting and how it differs from finance
Describe the role accounting plays in management
Discuss how accounting and finance figure into the decision-making process
Know the difference between assets and liabilities — and how to identify each
Explain the importance of documentation in the accounting process
Session 2: Accounting's Impact on Management
Understand the steps of the accounting cycle and why each one matters
Know how to record transactions using the double-entry method
Explain how debits and credits work
Learn the fundamental accounting terms you need to know
Identify different types of accounting, including managerial or cost accounting
Session 3: Understanding Revenue, Expenses and Profitability
Recognize how revenue, expenses and cash flow gauge an organization's health and performance
Distinguish between cash-basis and accrual-basis accounting
Prepare a simple income statement to report revenue and expenses
Explore how financial ratios are used to determine profit and profitability
Discuss ROI and how it helps shape future business decisions
DAY 2
Session 1: Interpreting Common Financial Statements
Identify the 3 basic financial statements, how they differ and how they work together
Learn to read balance sheets, income statements and statements of cash flow
Discuss financial ratios to gain better understanding from each financial statement
Know how to calculate your company's net income (the bottom line)
Understand free cash flow, why it's important and what it can tell you
Session 2: Markups, Margins and Discounts
Determine how to calculate cost of goods sold
Know the different inventory systems and the benefits of each
Discover how markups, margins and discounts impact sales
Explain how companies are able to maintain a profit while offering discounted prices
Discuss common-size financial statements as a tool to further explore profitability
Session 3: Budgets and Forecasts
Discuss guidelines for developing an effective budget
Review common budgeting strategies and challenges
Explain why different budgets are created for different functions of business
Identify steps needed to produce accurate forecasts
List common factors that can negatively impact forecasting