The benefits of ‘Finance for Non-Finance Managers’ training: Understand your accountant

The ultimate goal of almost every business is to make a profit. If you don’t understand the way money flows in and out of your business, how will you ever know if you’re making any?

Many people prefer to leave their financial ‘stuff’ in the hands of their accountant and simply forget about it altogether. The flaw in this strategy is that the scope of an accountant’s role is limited. The accountant is there merely to report results, not to develop, grow, or improve your business. That part is up to you. So how do you do it? You need to understand what your accountant is telling you. Do the terms EBIT, gross profit margin and working capital scare you? Well they shouldn’t, because all three are vital pieces of information that can reveal major insights into your business’s performance. The role of your accountant is to produce this information for you whenever you need it. The key is to understand financial information and apply that feedback in the management of your business. When misunderstood, your accountant seems like an expensive burden. However as your financial literacy improves and you start speaking the same language, they become a valuable partner and resource, essential for achieving your financial goals. We often think of them as the dashboard in your car – not the ones driving, but when problems arise they’ll turn on the oil light, or the seatbelt sign, letting you know that something needs to be fixed. And unless you understand why you need to change the oil, that light will keep turning on again and again. At the end of the day, it’s your business, not your accountant’s business. Making it a success is up to you. Colour Accounting™ is our financial literacy course. It will enable you to understand your financial dashboard. Click here to secure your place. [traininglist slug=”colour-accounting-normal”]  ]]>