Whether you are a manager in the private sector, public sector or third sector understanding how finance works and how to read your financial reports is an essential skill.
Business owners are often happy to leave the numbers to the accountant because accountants understand numbers. Certainly this is true but it is the managers who understand their business and the financial numbers provides vital information on the health and wellbeing of the organisation. The language of business is numbers and all organisations are measured in numbers.
You may believe that finance and accounts is too full of jargon or that there is just too much arithmetic and arithmetic is always hard! A one day session with BH Financial Tuition can explain the jargon and demonstrate that the ability to do arithmetic is not essential. Rather it is important to be able to compare one number with another and understand the relationship between the two. Failing to understand these numbers meaning that you are missing out on some vital information that will help you better run your business.
We believe that cash is the single most important consideration for most organisations large and small. BH Financial Tuition is on a mission to ensure that all business owners are aware of how cash flow operates and have enough business awareness to know how to take the best advantage of the available options. Having cash in the bank means that the business owner can have restful nights rather than worrying about how the suppliers and staff are going to be paid. Of course it is essential to remember that some of the cash may rightfully belong to HMRC.
The profit and loss is one of the key reports in finance. It shows the manager how the business is doing and where it is making profits, or worse, a loss. Understanding the P&L will show a business owner where sales are being made, where costs are leaking from the business and risking the health of the company. Comparing numbers with a budget or last year will show the business manager that the sales mix is improving or destroying profits and help to focus the company's time and effort on those products and services that make money rather than those that are easy to sell.
We provide financial training to non finance managers to help them better understand finance for their business.