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Accounting Skills for New Supervisors

Cutting Wood

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 content will give new supervisors the accounting skills they need for things to go smoothly.

Outcomes:


Describe the art of finance and financial management
Explain 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 analyse important financial data
Make financial decisions
Read annual reports
Determine whether a company is financially high or low risk
Recognise different types of organisational financial plans
Explain what budgets are and how to prepare them
Recognise what computer skills you need to make you a financial whizz
Deal with financial situations that impact the people that work for you