Understanding the numbers is an important skill, especially for those who want to advance their careers. Yet many in the industry are put in positions in which they manage or influence numbers, but they have no formal background in finance or accounting.
Like this article? Sign up for our enews blasts here.
To address this, the University of the Aftermarket has announced a new program that focuses on the essential finance and accounting skills that aftermarket professionals in all industry channels must understand. The program will be held Nov. 13 and 14, 2012 at the Sloan Family Building for Aftermarket Studies on Northwood University’s campus in Midland, Mich.
The program is specifically designed for aftermarket professionals in any market segment who want to improve their understanding of financial and accounting concepts in an aftermarket framework. This two-day course will cover basic financial statements (balance sheet, income and cash flow statements), managerial accounting, budgeting, reading quarterly/annual statements, understanding financial concepts and their practical application, aftermarket case studies, as well as the use of different types of financial resources. Participants will leave the course with an understanding of finance and accounting concepts, as well as their practical application in a variety of aftermarket business environments.
Participants will learn:
Key finance terms: assets, liabilities, capital, depreciation, capitalization, important financial ratios.
Financially based decision making
Fundamentals of Excel
Basic accounting principles
Applying & understanding accounting conventions and guidelines
Developing working rules regarding corporate financial statements
Using the balance sheet to examine assets and liabilities
Analyzing the income statement to assess revenues and expenses
The statement of cash flow: sources and uses of funds
Content and format of the annual report
Debt vs. equity financing
Keeping your plan on target with budgetary controls
Using profit-planning tools, break-even analysis and financial forecasting
Cash flow: where cash comes from and how it's applied
Elements of cost accounting
Analyzing payback method, discounted cash flow, present value and present value index in making decisions
Understanding the cost of capital
“This program is not for financial or accounting professionals,” explained Brian Cruickshank, director of the University of the Aftermarket. “Rather, it was created for everyone else in the aftermarket who touches, manages, influences or needs to understand the numbers. This would include managers, sales professionals, business owners, and anyone who want to improve their financial acumen.”
The cost of the program is $1,495 and includes all meals. Affordable on-campus hotel housing is available. Industry professionals may register at www.universityoftheaftermarket.com. Click “Course Calendar” and scroll down to find the program’s listing.
Graduates will earn earned 1.6 continuing education units that can be applied toward their Automotive Aftermarket Professional (AAP) or Master Automotive Aftermarket Professional (MAAP) designations. To learn more about Finance Skills for Non-Financial Professionals and other University of the Aftermarket programs, call 1-800-551-2882 or visit www.universityoftheaftermarket.com
Have articles like this sent to you weekly by signing up for our enews blasts here.