Financial Acumen - Using Numbers to Make Better Decisions
22 June 2017
AIM WA Leadership Centre
76 Birkdale Street
AIM WA Professional Development Sundowner
Everything in a business eventually gets reflected in dollars - financial results leave an interesting trail. Financial acumen is about understanding these results and gaining workplace insights to help you make better future decisions. The problem with financial acumen is that unlike people, operations or stakeholder acumen, you can't "fake it 'til you make it". You either know it or you don't. Learning on the job is a slow and frustrating process.
This one hour overview will start you on the journey to financial literacy by beginning with your own personal finances, then adding layers of complexity to build a broad understanding of company accounting principles.
During this presentation, Doug and Anne will show you:
- The similarities and differences between personal and business finances
- If you're just looking at your P&L, then you are only looking at one piece of a financial pie
- How the principle of matching creates accrual accounting
- Why sales are vanity, profit is sanity, and cash is reality
- The five key ratios that define a healthy set of financial statements.
Doug Watson FAIM, Independent Consultant AIM WA
Over a 20 year career in banking, Doug spent much of his time trying to understand what accountants do and why they do it. In recent times, he has used his lay person perspective of accounting to help hundreds of people from frontline managers to CEO's make better decisions by using financial information.
Anne Russell AFAIM, Independent Consultant AIM WA
Anne has the knack for deconstructing the complexities of accounting to make it more accessible and understandable to managers and owners. From the local pool contractor to multinational managers, Anne helps those new to accounting unlock the "secrets" in the financials. Backed with 30 years' experience in accounting and 20 years as an educator, Anne is known as an approachable and passionate presenter.
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