Finance for non finance executives
What is finance?
Finance is the process of creating, moving and using money, enabling the flow of money through a company in much the same way it facilitates global money flow. Money is created by the sales force when they sell the goods or services the company produces; it then flows into production where it is spent to manufacture more products to sell. What remains is used to pay salaries and fund the administrative expenses of the company.
Finance also includes progressive changing of assets and liabilities over time under the rate of uncertainty and risk. So it is clear that every decision in an organization revolves around Finance whether it is a decision on Sales, Purchases, Acquiring Assets, Raising loans, etc.
Finance also comprises the study of investments which a entrepreneur should undertake so that all the fund can be efficiently utilized to generate maximum returns .
Importance of Finance
The biggest problem founders face these days is the inability to judge the financial strength of their strategic inputs. This barrier is due to the lack of financial background knowledge. One can excel in their career by understanding the financial data. It helps you identify and analyze business opportunities, assess financial risks and most importantly, evaluate your own ideas through a financial lens.
What to study in finance?
1). Basics of Accounting system & its uses for different business owners
2). Differentiation of Accounting and Finance Management
3). Financial statements and its use in decision-making
4). Financial Ratios and its implications in various managerial decisions
5). Working capital management.
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