Finance for Absolute Beginners
- Format: Self-paced
- Course Duration: 1 hr 0 mins
- SHRM Professional Development Credits: 1.0
- HRCI Business Recertification Credits: 1.0
- Certificate of Completion (after passing quiz)
It’s the beginning of the day and you’re just settling into your first leadership team meeting. The CFO is about to review the organization’s financial report. You’re familiar with a few of the terms but you think to yourself, “I am not a numbers person”. Here’s the good news, you can be! This course is designed for HR professionals with no or limited financial background. The overall goal is to gain a better understanding of business and financial concepts to help build a foundation for becoming a strategic business partner.
It’ll cover the interpretation of important sections on financial statements in a simple and understandable way…by running your own lemonade stand!
It’ll also help you identify what drivers impact the organization’s performance and how you, in HR, influence those results. Take this course to become more comfortable with numbers, learn the basics and have some fun!
SHRM:
HR Jetpack is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP or SHRM-SCP. This program is valid for 1.0 PDCs for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit shrmcertification.org.
HRCI:
This activity, has been approved for 1.0 HR (Business) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
The use of the HRCI seal confirms that this activity has met HR Certification Institute's® (HRCI®) criteria for recertification credit pre-approval.
Title: Key Concept on all Financial Transactions
Module: Setting The Foundation
Duration: 1:35
Let’s address the key concept on all financial statements before we dive into our Lemonade Stand business.
The key concept is, each monetary or financial transaction has two sides. For us to better understand financial statements we need to begin thinking of each financial transaction with this concept in mind.
In this course, we will cover two financial statements. Income statement and balance sheet.
Under the income statement, we will cover sales, cost of goods sold and expenses and profit or net income. Under balance sheet, we will cover, cash, accounts receivable, inventory, accounts payable, owner’s investment and retained earnings.
To make it simple during the first three days of running the lemonade stand, we will allocate our supplies to expenses and assume that, all sales are for cash. We will have no accounts receivable. All purchases are with cash. We will have no accounts payable. All supplies are discarded at the end of the day. We will have no inventory.
To create a map of transactions during the first three days of the lemonade stand, please create a similar layout in your notepad or take a screenshot of this screen and print it out.
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Lessons Not Completed:
- Introduction & Course Overview
- What is Business and Financial Acumen?
- Welcome to the Lemonade Stand Business
- How Does it Work in My Organization?
- Key Concept on all Financial Transactions
- Starting a Lemonade Stand Business
- Drivers of Demand
- Welcome to Day 2
- Welcome to Day 3
- Introduction
- Accounts Receivable
- Accounts Payable
- Inventory
- Summarizing All Financials
- Lemonade Stand Grows into a Nationwide Company
- How Do HR professionals Impact Performance of Their Organizations?
- How Do You in Your HR Role Impact Your Organization?
- Course Wrap Up
Instructor: Anna Samorukova
Anna designs and delivers learning and change facilitation experiences that speak to the learner and inspire people and organization reach for potential and create an impact with. She applies engaging, immersive, simulation- and game-based methodology and developments in neuroscience, psychology and concepts of motivation to learning design and change...