- July 1, 2023
- Posted by: admin
- Category: Current News
The MEFMI Business Development Unit (BDU) delivered a virtual training on Finance for non-Finance Managers for the staff of FBC Bank, from 3 – 5 May 2023.
Understanding finance is essential for making sound business decisions even for non-finance managers. It is crucial for all managers to understand the basic financial statements of a company, including the balance sheet, income statement, and cash flow statement. It is also important to understand financial metrics such as revenue, profit margin, and return on investment (ROI) which can help in evaluating the financial performance of a department or project.
Further, financial planning and budgeting are vital skills for non-finance managers. Developing and implementing a budget helps in making informed decisions about resource allocation and identifying potential areas for improvement. In addition, understanding financial risks and the strategies to mitigate them can help protect a company’s financial position and ensure its long-term success. Hence, risk management is another critical aspect of finance for non-finance managers.
Presiding at the official opening of the workshop, the MEFMI Director of Finance and Administration, Mr Jacob Mukamba, highlighted the training aimed to ensure that participants have a holistic view of financial management which would help them take back good practical lessons that will add value to the Bank. He reiterated that financial management is one of the most important aspects of a business as it enables organisations to have enough cash to meet their daily obligations. He commended the FBC Bank for organising the important training for its staff.
The workshop covered: the basic financial terminologies and developments in the accounting environment; key financial statements (profit and loss account, balance sheet, income and expenditure accounts, and cash flow statements); working capital management in the current environment; cash flow management and long-term cash flow strategies; and budgeting and forecasting.
The training was attended by a total of twenty-five (25) participants. Of the twenty-five (25) participants, females represented 64 percent of the total, with the balance of 36 percent being male.
The workshop was facilitated by Mr. Jonathan Dube.