– by Nontokozo Mthembu
The decisions that employees make on a day to day basis often have an impact on the organisation’s financial standing. Nevertheless, a majority of employees do not understand how those decisions could have a positive or a negative impact on the organisation’s bottom line. One of the ways to improve decision making in organisations is to be able to interpret financial statements.
Last week UKZN Extended Learning offered a 3-day course, in which delegates were enlightened on how organisational financial decisions can impact the organisation’s strategy. The course is designed to empower employees and individuals, to understand financial matters and ensures improvements on returns of investments. In the three days the delegates were exposed to the particulars of the balance sheet (statement of position) and income statement and how to assess the organisation’s financial stance, which will enable their organisation’s to be efficient in financial planning.
The course key focus areas included analysing financial statements, Ratio Analysis and their meanings, Financing and Form of Businesses, Evaluating Investment Appraisal decisions, Cost Accounting, Relationship between strategy and Budget, Financial Accounting and Financial Management. The themes were facilitated by a collaboration of academics including Ms Favorite Mhlongo a lecturer at UKZN (School of Accounting, Economics and Finance) and Professor Mogie Subban an Associate Professor at UKZN (School of Management, Information Technology and Governance).
Some of the delegates gave their testimonials on their experience over the three days of the programme and how the facilitators assisted them in being aware of the finances that could help them as individuals and their organisation. This is what one delegates had to say:
“I enjoyed doing the course, as it was something new from my side as a newley appointed manager. I had learnt a lot, especially in terms of budgeting and investments. The facilitators were exceptional as they took their time to teach us step by step on financial matters, I would suggest that most people do the course”.
Another delegate stated that: “the course was exceptional, I wanted it to be longer not just for only 3 days but for maybe a week. However, it helped me a lot on how to handle my personal finances.
This programme is significant especially for individuals and organisational employees who wish to be more knowledgeable in terms of financial management principles and empowering one to better understand financial aspects of business management decisions”.
For more information on the course, please contact:
T: ++27 31 260 1728