22 Oct 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! This will teach you about:

  • The art of finance and financial management
  • Key financial terms
  • Your role in company finances
  • Where to find the rules and regulations for your area and industry
  • Various types of financial reports, including income statements, balance sheets, cash flow statements, and statements of retained earnings
  • How a chart of accounts is created
  • Cash and accrual accounting
  • Single and double entry bookkeeping
  • Debits and credits
  • Identifying and analyzing important financial data
  • Making financial decisions
  • Reading annual reports
  • Determining whether a company is financially high or low risk
  • Different types of organizational financial plans
  • What budgets are and how to prepare them
  • What computer skills you need to make you a financial whiz
  • Dealing with financial situations that impact the people that work for them

 

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