– by Noluthando Makhaza
The goal of finance in business is to maximise the value of a business through effective financial planning and resource management, while always being mindful of risk and profitability. Whether in the public or private sector or in a non-profit organisation, maximising the company’s finances is of utmost importance. Therefore, it is imperative that those who are involved in the decision making process understand how finance works as this will contribute to the success of the organisation.
With the aim of equipping those that manage teams within various departments, we recently hosted a Finance for Non-Financial Managers (FNFM) programme for the Mangosuthu University of Technology (MUT). This was a customised programme which took place at our Durban offices for a duration of three days. The programme was facilitated by our esteemed and highly qualified academics: Ms Navitha Sewpersadh CA(SA), and Ms Favorite Mhlongo (PhD candidate).
The three-day programme covered the following: Financing and Forms of Business; Investment Appraisal Decisions; Costing Overview and Basic Technique; Cost Accounting; Relationship between strategy and Budget; Financial Statements and Ratio Analysis; and Objectives of Financial Accounting and Financial Management. On each of the above-mentioned themes, delegates were given the opportunity to solve financial case studies based on a daily financial management procedure in a public university. This enabled them to better understand their roles while aligning them to the acquired knowledge on their day-to-day decision making process.
“The more you can understand about how finance works the better you will understand your organisation and the better you will be able to communicate with a wider range of people across your business. You will come across as a much more engaged and responsible individual if you have a grasp of the finances of the organisation and it will help you also to see where savings can be made and why plans are sometimes shelved” said Ms Sewpersadh.
The MUT group proved the following saying to be true: ‘knowledge isn’t power until it is applied’, as they go back to their roles and apply what they have learnt.
The next intake for our open FNFM programme is scheduled for 15th April 2020. You can enrol by clicking here.
Alternatively, you can contact Thobeka Malinga, for more information:
T: +27 31 260 1728