To remain competitive and provide a truly top-quality service, all legal professionals serving the international business and finance markets, need to be in a position to read and understand financial information and statements, for both the efficiency of their own departments and business, as well as to be able to develop a stronger understanding of their clients’ requirements.
This highly interactive seminar provides participants with a thorough understanding of financial statements, offering the opportunity to learn the key financial concepts and use this information in their everyday work, such as to propose and manage budgets and track initiatives’ financial performance. It integrates team exercises that will allow participants to practice their new skills in real-life scenarios.
- Introductions and course objectives
- Participants’ own needs and wants from the course
The Balance Sheet
- Understanding different Assets and Liabilities
- About Fixed Assets
- Current Assets – what they are and how to improve
- Current Liabilities – what they are and how to improve them
- Benchmarking and comparators
- Key Ratios and trends
- About Gearing
The Income and Expenditure Account (or Profit and Loss Account)
- The key components of the Income and Expenditure Account
- Analysing Key ratios and trends
- Managing different types of Costs and their behaviour
- Analysing income streams
- Improving Profitability and Productivity
- The Power of 1%
- Profit/Surplus and Cashflow are different things!
- What Management Accounts should tell us
- How these figures contribute to overall performance
- Managing the cashflow as well as the costs
- Managing variances and making any necessary improvement
Using ratios to benchmark performance
- How to use the key ratios to benchmark our performance
- Recognising areas where performance is slipping, and which need management attention
Generating ideas to improve financial performance, including people’s productivity
- Identifying and investing more in high performing assets and activities
- Identifying and improving underperforming assets and costs
Moving from Analysis to Forecasting
- The principles of Forecasting and Budgeting
- Revenue Budgets
- The strengths and problems of traditional budgeting methods
- 2 other approaches which can complement and improve traditional budgeting methods
- Budgeting for Projects – how to do a Cost-Benefit Analysis
- Cost of Capital issues and the time value of money
- Where budgeting can go wrong and how to avoid the principal problems
Understanding the jargon
- A free discussion clarifying any remaining questions about terminology and jargon
- Benchmarking and comparators
- Illustration of key terms and concepts
- Preparation and discussion of practical examples, including mini cases
- The course will have both a theoretical and practical framework with real examples drawn from actual companies, local and international
- Activities and Break-out groups
This programme may be approved for up to 14 CPD units in Law. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
The Cyprus Bar Association (CyBAR) has confirmed that this programme is accredited for 14 CPD units.
Who Should Attend
The programme is ideal for lawyers at any level that are engaged in business decision making or engage in any way to the financial of the organization and would like to acquire a basic overview of the topic.