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Financial Management
Learn the basic financial statements along with essential financial management toolsPreview the first lesson free — get full access to all 8 lessons.
Intermediate Provider : Joel DiCicco 8 Lessons · 28m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
This Financial Management course explores the key financial statements used by businesses to understand their financial position, their operations, and their cash flows. The balance sheet, income statement, and cash flow statement are key statements that any financial manager will want to be familiar with. You will also learn about other fundamentals like cost structures, budgeting, financial management in shipping and receiving, and financial analysis for production and operations.
These financial fundamentals will provide you with the skills necessary to communicate with other financial personnel and make important financial decisions for your business. This course covers many cost classifications, like variable, fixed, and mixed costs, as well as period and product costs. Understanding costs can help with the budgeting process, and this course details best practices for budgeting, as well as the many types of budgeting and how they can benefit your business. This course also addresses operational concerns, like financial management for shipping and receiving. The economic order quantity and reorder point calculations will help you know when to reorder inventory and how much should be ordered. Another important tool for determining the profitability of your business is the break-even analysis, which is used to determine how many items need to be sold to break-even. Use these financial tools, alongside the financial statements, to effectively make decisions for your business.
What You'll Learn
- Identify the key financial statements used by businesses, including the balance sheet, income statement, and cash flow statement
- Classify costs as variable, fixed, and mixed, as well as period and product costs
- Apply budgeting approaches and best practices across the different types of budgeting
- Calculate break-even analysis to determine how many items must be sold to break even
- Use economic order quantity and reorder point calculations to manage inventory in shipping and receiving
- Set up and apply financial analysis for production and operations
Key Takeaways
- The balance sheet, income statement, and cash flow statement are key statements every financial manager should be familiar with for understanding financial position, operations, and cash flows.
- Understanding cost classifications such as variable, fixed, mixed, period, and product costs supports the budgeting process.
- Economic order quantity and reorder point calculations help determine when to reorder inventory and how much to order.
- Break-even analysis is used to determine how many items need to be sold to break even and assess profitability.
- These financial fundamentals build the skills needed to communicate with other financial personnel and make important business decisions.
Frequently Asked Questions
What financial statements does this course cover?
The course covers the balance sheet, income statement, and cash flow statement, which are key statements for understanding a business's financial position, operations, and cash flows.
What will I learn about costs and budgeting?
You will learn how costs are classified, including variable, fixed, and mixed costs as well as period and product costs, and you will learn budgeting best practices and the many types of budgeting and how they can benefit your business.
Does this course cover inventory and operational decisions?
Yes. It addresses financial management for shipping and receiving, including economic order quantity and reorder point calculations to know when and how much inventory to reorder, plus financial analysis for production and operations.
How does the course help with profitability decisions?
It teaches break-even analysis, used to determine how many items need to be sold to break even, alongside the financial statements to help you make effective decisions for your business.
What skills does this course build?
It builds skills in financial accounting, financial and business management systems, financial data management, financial management strategy, financial management, and financial statement analysis.
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