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How important is finance is to non finance managers?

Business is driven by numbers. So, even for those managers who don’t have “finance” in the job title, there’s still a need to ensure enough awareness of the impact of finance on the business to provide essential context. Working as a manager in an organisation without an awareness of the way that finance affects the entire business is almost like operating in a vacuum. From the point of view of the career development of any manager, as well as the progress of the business as a whole, the benefits of an understanding of finance for non-finance managers are broad. So what benefits are there of finance for non-finance managers?

Demystifying the terminology

Ensuring comprehensive understanding of financial terms and how they relate to non-finance manager roles within the business, as well as the broader company.

Understanding the context

Everyone within a business is influenced by the figures but a lack of financial awareness may stop a non-finance manager from identifying where this is happening, and how.

Providing insight into the Profit & Loss and the Balance Sheet

A solid understanding of finance gives non-finance managers the ability to read these key sources of financial information. It also enables the information in these documents to be interpreted and understood from the manager’s own unique point of view, which filters down into decision making.

Getting to grips with the mechanics of business

Without a solid understanding of finance and how the numbers relate to an individual organisation it’s difficult for non-finance managers to interpret key financial data and ratios within the organisation. This is a key skill, not just for those who are dealing directly with the numbers but for ensuring that decision making by non-finance managers is properly informed.

The key finance questions

Financial considerations and business performance feed into every role within an organisations and particularly those at a management level. Knowledge of finance is crucial for non-financial managers in order to be able to understand and provide answers to key questions such as:

What the management accounts are and how they can be read and interpreted
The key difference between profit and cash flow
How to get to grips with the basics of budgeting and reading budget reports

There are also a number of important skills that non-finance managers need to have to inform positive decision making within the business. These include the techniques of costing and pricing and what the relationship is between the two. Cost control is also another key skill that will come in incredibly useful for those in a management position – it may not be something that is taught or learned outside of a finance role but it can still have a big part to play in making the right decisions.

If you’re looking to better understand the role that finance has to play in your organisation – and to have better informed discussions with your finance team – our training courses are designed to help. Using the language of business, and adaptable to your own company’s internal formats, it can provide the key information that all non-finance managers need to have when it comes to the business numbers.

For all your finance training needs, contact PTP today on 01509889632.

In-House Training with PTP

PTP stands for Practical Training for Professionals and our aim is to make our training as practical as possible so delegates can return to the workplace with skills they can implement immediately. PTP now delivers training to over 40% of the FTSE 100.

What you get for your money

What is 1-to-1 training?

1-to-1 training can be based on any of the 100 plus courses that PTP provides, it includes an initial telephone conference of up to 1 hour, a 1/2 day (3.5 hours) on-site one to one training session at your premises with one of PTP's expert trainers and then a further telephone conference call of up to an hour within 2 weeks of the on-site visit.

You have the option of a line manager being involved in both telephone conferences, the second telephone conference which can be for feedback and action planning is generally scheduled during the on-site visit.

Who does 1-to-1 training suit?

Individuals taking on a new challenge or responsibilities. Professionals who want a trusted "sounding board" and thinking partner. Executives or managers who want to enhance their leadership effectiveness to achieve organizational and career success. Executives and professionals wanting to compete successfully but still retain balance in their life. Individuals who want to understand their blind spots so that they don't stand in their own way on their path to success. Executives and Professionals who want to improve their interpersonal skills so as to be more effective with bosses, peers, subordinates, or people in general. How much does 1-to-1 training cost?

A 1-to-1 training session costs from as little as £400 + VAT and will include an initial telephone conference of up to 1 hour, a 1/2 day (3.5 hours) on-site training at your premises and then a further telephone conference call of up to an hour within 2 weeks of the on-site visit.

What is U-Choose?

Choose from any of the 150 plus courses that PTP provides, and choose from 1 of our 50 plus UK wide training venues. You must book for 2 or more delegates and at least 4 weeks in advance, but that’s it, the course you want where you want it. The reason we ask for a minimum of 4 weeks notice is to enable us to market the course you have scheduled to other companies and organisations. However, if we fail to sell any additional places we guarantee to run the course just for you.

How much does U-Choose Training cost?

U-choose costs the same as our normal open courses i.e. the normal delegate rate. This includes lunch and refreshments throughout the day, framed certification and comprehensive training notes. A U-Choose booking can only be confirmed once we receive payment which can be made via credit/debit card, BACS or cheque. Payment is due at least 4 weeks before the date you request. Please note to be eligible for U-Choose you must book a minimum of 2 delegates on the same course & date.