Accounting Skills for New Supervisors

Many of us flinch when we hear terms like depreciation, cash flow, balance sheet, and (worst of all!) budgets. However, these are all important concepts to understand if you’re going to succeed in today’s business world, particularly as a supervisor. Even better, financial terms are not as scary as they seem!

Learn Objectives:

Describe the art of finance and key financial terms
Determine your role in company finances
Find the rules and regulations for your area and industry
Discuss various types of financial reports, including income statements, balance sheets, cash flow statements, and statements of retained earnings
Explain how a chart of accounts is created
Tell the difference between cash and accrual accounting
Explain single entry and double entry bookkeeping
Differentiate between debits and credits
Identify and analyze important financial data and make financial decisions
Read annual reports
Determine whether a company is financially high or low risk
Recognize different types of organizational financial plans
Explain what budgets are and how to prepare them
Recognize what computer skills you need to make you a financial whiz
Deal with financial situations that impact the people that work for you

How You Will Benefit:

Identify key financial terms such as depreciation, cash flow, balance sheet, and budgets.
List the types of financial reports including income statements, balance sheets, cash flow statements, and statements of retained earnings.
Recognize the basic differences between cash and accrual accounting systems.
Describe the role of a supervisor in company finances.
Explain the importance of financial terms and concepts in business operations.
Summarize the process of creating a chart of accounts.
Discuss the rules and regulations relevant to the financial area and industry.
Use financial data to make basic financial decisions.
Apply knowledge of debits and credits in different accounting scenarios.
Prepare simple organizational financial plans and budgets based on given guidelines.
Differentiate between single entry and double entry bookkeeping.
Analyze financial statements to determine a company’s financial health.
Compare and contrast cash and accrual accounting systems in terms of their impact on financial reporting.
Evaluate the financial risks associated with different companies using annual reports.
Develop a basic budget for a department or project.
Formulate strategies to deal with financial issues affecting team members.
Design a plan to improve financial literacy and practices within a team.
Assess the effectiveness of financial reports in reflecting the financial status of a company.
Judge the applicability of different types of financial reports and accounting practices in specific business scenarios.
Critique a company’s financial decisions based on its financial data and industry standards.