Category Archives: finance for non financial managers

Business Shares Financial And Non-Financial Information

Finance For Non-Financial Managers

Financial Mangers For Financial Data

Any business enterprise makes use of financial as well as nonfinancial data for its operations. The persons who manage a business make reports on the performance of it with the help of financial and non-financial data. Both the aspects of the business have to be covered. Finance for non-financial managers is therefore a necessity to carry out business operations.

Performance Data

The performance of a company and its employees are measured in terms of several financial and nonfinancial aspects. The use of financial measures to evaluate company performance makes management compare the net income of the year with that of the earlier years, and review the current ratio. The non-financial measures used by the management to evaluate the performance of the company include taking count of the number of defects from the manufacturing process or the sales quantity for the period. To cite examples, a financial performance measure for an employee would be the debtors balances solicited and cash received on delinquent accounts for the company. A non- financial performance measure for an employee would be the customer targets achieved.

Marketing Performance

Marketing is the technique by which products are sold for the business, and it is carried out by the marketing department. The marketing department makes use of financial and non-financial information to form it strategy to carry out its marketing operations. Financial marketing information includes targeting products for sales by sales dollars, and non-financial marketing information includes covering the sales territory for the products.

Monthly Performance

Marketing Operations

Setting Goal

The monthly performance results that are non-financial and financial are required by, the managers and department heads respectively, and the owners. They require this to know how the company has been making progress, and the financial health of the company mainly. Financial information has to cover the sales figures, profit figures, cost figures, outstanding for the month and the stock if any. Non-financial information includes sales figures in terms of product quantities, stock in hand, employee performance.

Set Goal

Any business would require setting a goal for achieving the required results. The goals should be realistic so that they are achievable by the employees. Financial goals for a marketing manager would be to increase the sales in dollars of the products, and the nonfinancial aspect would be to reduce the overtime working hours of the employees.

It can be seen that the finance for non-financial managers are also part of the job of managing.

Business Shares Financial And Non-Financial Information

Finance For Non-Financial Managers

Financial Mangers For Financial Data

Any business enterprise makes use of financial as well as nonfinancial data for its operations. The persons who manage a business make reports on the performance of it with the help of financial and non-financial data. Both the aspects of the business have to be covered. Finance for non-financial managers is therefore a necessity to carry out business operations.

Performance Data

The performance of a company and its employees are measured in terms of several financial and nonfinancial aspects. The use of financial measures to evaluate company performance makes management compare the net income of the year with that of the earlier years, and review the current ratio. The non-financial measures used by the management to evaluate the performance of the company include taking count of the number of defects from the manufacturing process or the sales quantity for the period. To cite examples, a financial performance measure for an employee would be the debtors balances solicited and cash received on delinquent accounts for the company. A non- financial performance measure for an employee would be the customer targets achieved.

Marketing Performance

Marketing is the technique by which products are sold for the business, and it is carried out by the marketing department. The marketing department makes use of financial and non-financial information to form it strategy to carry out its marketing operations. Financial marketing information includes targeting products for sales by sales dollars, and non-financial marketing information includes covering the sales territory for the products.

Monthly Performance

Marketing Operations

                                Setting Goal

The monthly performance results that are non-financial and financial are required by, the managers and department heads respectively, and the owners. They require this to know how the company has been making progress, and the financial health of the company mainly. Financial information has to cover the sales figures, profit figures, cost figures, outstanding for the month and the stock if any. Non-financial information includes sales figures in terms of product quantities, stock in hand, employee performance.

Set Goal

Any business would require setting a goal for achieving the required results. The goals should be realistic so that they are achievable by the employees. Financial goals for a marketing manager would be to increase the sales in dollars of the products, and the nonfinancial aspect would be to reduce the overtime working hours of the employees.

It can be seen that the finance for non-financial managers are also part of the job of managing.

Lessons And Tutorials In Business Studies

Finance For Non Financial Managers

     Business Studies For Financial Managers

What are business studies? They’re meant to provide information relating to the business world for an aspiring businessman. Business studies are taught as part of an academic curriculum in high schools, colleges, and universities. It teaches students how to start and run a business, write a business plan, make money from a business etc and what taxes they have to pay to the government. Finance for non financial managers is a prospectively lucrative field.

Biz/ed –Business Studies Course

This is an online source which provides information on accounting, finance, business objective and strategy, external influences, human resource management, marketing, production, and operation operations management, for students of business studies. The resource is the brain wave of a British public broadcaster. Finance for non financial managers is the purpose of the study.

The internet as a resource for business and management studies

This is a website that imparts free online tutorials to help university students with their business studies. The website develops internet research skills relating to business in the students. The resource is provided by the University of Bristol.

SBA Online Resource

An online resource is provided by the Federal Government through its website. The site provides for theoretical studies as well as practical sessions, for management and owners of small and medium sized businesses. The SBA site gives free lessons on how to start and run a business, how to finance the business with loans and grants. It lists the available financing options available for anyone, and gives information for the improvement of the business.

Open University for Business and Management

There is an Open University-Business and Management. The university imparts a list of online courses in the subject of business and management. The courses offered are for applying strategic thinking, effective decision making skills, finance for non financial managers, managing conflict, marketing etc.

All Business Resource

Internet Research Skills

Business Studies For Non- Financial Managers

All business is another of the resource for providing information to small and medium sized enterprises. This information provider is based in the United States. The information is regarding the financing and planning of the business. It also provides information on how to carry on the day to day operations of a business. It has resources on sales, marketing, finance, human resources, and technology.

These are some of the resources to enhance business studies, and lessons for students preparing in the field.

More On Finance Related Courses

non financial managers

Finance courses for non financial managers

The successful functioning of any business organization depends upon the synchronized working of all the employees of that company. This includes the employees belonging to all departments of the company. Gaining a better understanding of the various aspects of a business is essential to ensure the success of the same.

 Courses on finance for non financial managers

Many business organizations show interest in getting their employees enrolled in to various courses that might add on to their existing knowledge on the functionalities of the company. A good example would be enrolling non-financial managers in courses on finance management. The intended outcome of such a measure is equipping the non-financial managers with the basic knowledge regarding the various financial concepts and functionalities of the company.

Procuring the fundamental knowledge in financing and accounting can help non-financial managers of any organization to deal with all aspects of the working of the company rather than restricting their operations to their own specific functionalities. Since employees from every sector of the company gets involved in the decision making process, this measure might prove to be helpful for the future of the company as well.

The positive effects of finance courses

The basic concepts involved in finance and accounting can be a bit tough for the non-financial people to understand. But courses like finance for non financial managers are usually tailored in such a way that even a person with the least aptitude towards financing concepts can understand the course contents quite well.

These courses are mostly intended on providing the employees with an overall idea of the various concepts involved and not get into the more complex details of the same. Examples of topics that are typically covered in such finance courses are trial balancing, cash flows, budgeting, financial decision-making models and financial strategies.

Improved performance by non financial managers

   Better performance by non financial managers

For any company that focuses on developing a leadership team that shows good quality, such courses can prove to be highly beneficial in the long run. A well-developed course structure can improve the already existing skill of the employees and help them be a productive part of the decision making process of the organization.

It is a well-known fact that accounting and other financial aspects of any business organization is not particularly restricted to the financial section of the company. Hence, equipping non-financial managers with the ability to read reports and assess the work done by accountants will make it easier for them to manage all the departments under them effectively!

Managing The Financial Health Of Health Care Organizations

Finance for non financial managers

                 Finance for hospital management

The Health care industry has become highly dynamic with the onset of modern technology and the surfacing of information science. The changes seen are quick and drastic. At the same time the policy changes have made the operations more complex. The health care industry has a variety of issues in the changing environment. To make the conditions worse, healthcare costs are rising day by day, and the medical reimbursements dwindling. The issues faced by the hospital CEOs, are more often than not financial. The issues concerning reimbursements, bad debt losses, Medicare, Medicaid, etc are also alarming. The situation is finance for non financial managers.

To manage finance you have to take decisions which are sound. The decisions can be based on the financial indicators, which are tools in the hands of the managers.

The financial indicators generally consulted before making managerial decisions are:

Financial capability indicator

This is the ability to raise finance on its own to replace assets and technology and meet the growing demands in the service sector.

Liquidity ease

This is the ability to meet cash requirements within a specific time.

Capital sufficiency

This is the ability to meet long-term financial demands, and perform the maintenance of the long-term assets.

Competence

This is seen as the ability to provide the best services in the industry, at the minimum cost.

Human resource efficiency

This is the ability to provide the best human resources, and ways to manage their practices.

These financial indicators when put into use gave the best results in terms of profits, utilization of the optimum capacity, and reduction in borrowings with time.

CEOs

             Finance for hospital industry

The reasons that necessitate the establishment of such sound methods include the reluctance on the part of the clinicians to involve themselves in the financial management practices, budgeting, costing and cost management. Most Healthcare organizations are with the non-profit sector. The government or the non-profit sector is not keen on preventing loss-making systems and to give incentives to the efficient systems. If such checks are present, they will curb the occurrence of such problems henceforth.

Health care organizations, when they employ financial recording methods, are faced with objections when it comes to budgeting and raising funds. The FASB has issued Accounting Standards updates to make accounting work more simplified and easy to infer from.

The lack of knowledge, and the implementation of efficient accounting methods, are causes for the bad financial health of the Health care organizations. Finance for non financial managers will help solve such problems.

Non Monetary Advantages Of Strategic Management

Finance for non financial managers

Finance for non financial managers involved in management

A company’s mission involves increasing the profit or returns on investment by fulfilling its strategic goals, which are initiated by the management. When the strategic goals are dealt with, they include the monetary benefits as well as the non monetary benefits. Planning the goals and providing suitable guidelines by the management, can be termed as strategic management. Other than dealing with the financial profits from strategic management, you need to be well aware of the other merits that can increase the credibility of the firm. Finance for non financial managers would depend upon their efficiency in strategic management.

Strategic management as a guide

When you reach a large firm, you may not be aware about the processes, functions or goals set by the firm. Well planned management would provide you with enough guidance about how the business functions, about the different processes involved, about the plans that are set and the targets that the company has kept as goal. Thus strategic management can be considered as a complete guide for a newcomer. He thus gets a rough picture or blueprint about the firm.

Amalgamating the decisions set by the organization

A company would consist of many managers and employees. Each one of them would be assigned to do a particular task to achieve the company goal. If the work assigned is not planned in a proper way, the employees would take a decision which is entirely different from that of their employer. To avoid wasting resources on inane decisions, the managers can follow the company strategy that would help to utilize the resources in a better way, thereby saving time. The proclivity to attain business goal can be fulfilled if strategic management is followed, by combining or merging the decisions taken by both individuals and managers. This will motivate them and guide them to achieve the company goal.

The performance made can be calculated

efficiency in strategic management

Finance offered to strategic management

Unlike other management plans, strategic management helps to measure the results made by the firm. They would have set metrics for different categories, and depending upon these criteria, they make the performance analysis quite easily. When the performance gets evaluated, the managers can improve or set new goals or strategies, which can help the business further.

Make an unbeatable environment

A firm that lacks strategic management would alter its decisions and plans according to changes in the environment. They would be highly unstable with regard to implementation of their business goals. Following strategic management would anticipate the changes that can occur in the future, and the initiative that would enable them to overcome it. Finance for non financial managers would be decided after considering their caliber in strategic management.

The above noted are the non profitable benefits of strategic management.