Why is Finance important for non-Finance Managers?

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FEP by TopCFO in the Finance For Non Finance Workshop is clarifying many of the finance unknown or less understood aspects of finance management.

We are approaching and clarifying topics like cost types and cost behaviour, Financial Statements, Financial Ratios, Costing, Budgeting. All of the mentioned topics when approached by non financial professionals can be a major endeavour. Through FEP by TopCFO these topics are approached in an practical manner that allows everybody to understand the foundations of the mentioned basic financial and economic topics.

The Finance for Non Finance Workshop, part of the FEP by TopCFO, is starting with some fundamental and basic questions about Finance and Finance Management.

Why is Finance important for non-Finance Managers?

As a non-finance manager you are part of an organisation that is acting in a business environment to create value for its shareholders. Any business organisation has as its ultimate goal the value creation process for its shareholders. Therefore, you are part of a team that is creating business and competitive advantages for itself as an organisation and for its shareholders through value creation for its shareholders by meeting the required results financially and operational.

Finance and Non-Finance have a “ying-yang” inter-dependency and relationship. One cannot thrive without the other.

How can an Non Finance Manager benefit from Finance?

One of the Finance Department Role is to provide reactive and proactive data and information that you as a Non Finance Manager can use to improve your activities results.

Finance is providing for Non Finance Managers the following:

  • What to look for and what to keep in mind for future actions and activities
  • Decision support for planning, problem solving and decision making
  • A clear picture what is your business looking for and where you are at the time
  • Data and information support for strategic and operational planning
  • Capital investments business partner

 

Scope and role of Finance

Finance is safeguarding the company’s assets balancing risks and expected returns. Therefore, Finance is providing the investors predictability and risk assurance that enables the internal development of the business.

Finance is relying on accounting data, the accounting records are the basis of performance evaluation and decision support.

Financial accounting is showing the statutory financial aspects of the business whereas management accounting is focusing on costs, revenue and their variances to assure future business issues are eliminated and benefits are maximized.

All the other departments of the company are the beneficiaries of the finance department activity:

  • Production
  • Sales
  • Marketing
  • Research and Development
  • Human Resources
  • Operations

 

For more details about this topics check the FEP by TopCFO page or book your place at the  Finance for Non Finance Workshop  .

 

 

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