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Accounts: an introduction to the terminology, statements, and more

Clock

29/05/2020 - 10:30 - 13:00

Location

Online - Streamed Live

Online - Streamed Live
Due to the current situation, this event will be streamed live to registered attendees. You can book using the login details emailed to you, but if you have any problems please contact scaleup360@shu.ac.uk.

Accounts: an introduction to the terminology, statements, and more

What we cover

The workshop introduces key financial concepts, demystifies the terminology, and builds confidence in interpreting your accounts. This is especially important at the moment, as banks require information about company finances to progress CBILS or other borrowing during Covid-19. It is a highly practical session that emphasises the importance of sound finance to every business and where to get help.

The morning starts with a look at finance: what it is, why it matters, how to measure, where to record, and who needs to know.

It then moves on to consider the three essential statements: cashflow, profit and loss, and the balance sheet.

We then look at how to draw up a budget before we consider the importance of cashflow and how to manage it.

The group then learns where to find help and resources and spell out the benefits of using a bookkeeper or accountant.

The workshop ends with a brief look at how to get finance: types to consider, the pros and cons, what it costs, and how to secure it!

Raising finance is covered in more detail in a separate workshop.

What will I learn?

  • the importance of finance to your long term success
  • the basics of the three financial statements: cashflow, P&L, and balance sheet
  • best practice in drawing up a budget for your business
  • manage cashflow to ensure your short term survival
  • understand your financial needs and how to meet them
  • whether raising capital is right for your business
  • interpreting financial statements – both yours and others
  • simple ratios that will improve your financial decision making

Who should attend?

Any entrepreneur, director, or manager who want to make sure their finances are in good order and how to interpret their accounts.


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