Financial Management

This two day financial management course provides an introduction to financial and accounting information necessary to successfully operate a business or project.

A particular focus on practical examples and exercises are worked through to ensure that a sound level of financial literacy and practical understanding is achieved.

Participant workbook is accompanied by a post-graduate level text book on Financial Management.

Target Audience

For those who are in levels of management with financial responsibility (eg budgeting), or who operate their own business.

Course Outline

Introduction

Financial Management – what is it all about and how does it apply to engineering businesses/organisations and projects of all sizes.

Financial Reasons why Businesses Fail

Eight financial policies to avoid.

Understanding Accounting Terminology, Jargon and Theory

The language of accountants; contributing to solving financial problems.

Financial Statements

Understanding and analysing financial statements; statement of financial performance (income statement); statement of financial position (balance sheet); cash flow statements; financial analysis of a business.

Reading Financial Reports

Understanding and analysing financial reports; profit concepts; debtor collection rate; liquidity; gearing; stock turnover; return on investment; analyse the financial results; forecast financial problems before they occur.

Employee or Contractor?

Consider forming a company?  Workers Compensation insurance; ABNs and GST; taxation implications.

Introduction to Capital  Investment Decisions

How investors financially analyse the economics of proposed capital expenditure including return on investment; payback period; discounted cash flow – DCF; NPV, IRR; time value of money.

Lease or Buy?

Important factors to take into account in a lease versus buy decision for plant and equipment and motor vehicles.

Introduction to Budgeting and Costing

Control by budgeting; fixed and variable costs; analysing variances; break-even analysis; pricing; using standard costs.

Putting is All Together

Financial Management in the workplace – how this is applicable to all concerned – implementing key learnings in day to day operations.

Course Objectives

At the end of the course participants will be able to:

• Relate to the financial reasons why businesses fail.
• Understand accounting terminology, jargon and theory.
• Read financial statements (and carry out analysis).
• Understand financial reports and have an appreciation of what is behind the key financial figures that are reported.
• Determine the differences between employees and contractors from a Workers Compensation, insurance and taxation perspective.
• Identify with the capital investment decision making process and how this applies to engineering businesses and large projects.
• Apply simple budgeting and costing processes.
• Carry out a gap analysis on their competency level relevant to the Engineers Australia Financial Management competency for Executive Engineer.

Facilitator Information

Graham Wilkinson BEc (Hons) CA

Graham is a Lecturer in Accounting, International Marketing and Principles of Marketing in Australia, USA, Singapore and Hong Kong. He is currently lecturing at Adelaide University. He has over 25 years experience at BP Australia including International Marketing and responsibility for the preparation of statutory accounts and income tax returns. Graham is a Chartered Accountant, licensed Investment Adviser, Registered Tax Agent and Company Auditor.

Registration

Please select your preferred location and date from the below table and then click on the REGISTER NOW button.

A 10% saving applies for Engineers Australia Members or for group bookings of 3 or more participants.