Programme Modules
 

"For the first few months, particularly if things are going well, there is a tendency to leave financial matters alone.

If there isn't a problem, why go looking for one...

But businesses can be taken by surprise by unexpected changes in circumstances and when cash flow problems arise, the lack of proper financial management systems can threaten business survival"

Claire Ferris - WorkWest Belfast

 

FINANCIAL MANAGEMENT

Financial management is defined as managing the finances of a business to achieve its objectives. It involves measuring the financial performance of a business, cash flow management, budgeting and keeping timely and accurate financial information. Good financial management is the keystone to the success of a small business as it allows consolidation and ultimately growth. Effective financial management will help you improve the financial functioning of your business and plan for future development.

The aim of this workshop is to provide you with information and guidance in different areas of financial management. First, financial analysis tools and techniques are examined to help you measure the past performance of your business, which will result in identifying any areas requiring improvement. Next, cash flow management techniques and budgeting are described to help you improve the cash flow position of your business. Budgeting is explained as it is essential for planning and control purposes. Details on sources of finance are also provided. Finally, financial control and administration systems such as bookkeeping, tax, and online banking are explored.
The specific topics covered in this module are:

  • Measuring Financial Performance
  • Cash Flow Management
  • Budgeting and Raising Finance
  • Computerised Book-keeping
  • Tax Planning and Online Banking