Finance & Numeracy Finance & Numeracy - Balance Sheets A balance sheet is a financial statement at a given point in time. It provides a snapshot summary of what a business owns or is owed (assets) and what it owes (liabilities) at a particular date. The balance sheet shows how the business is being funded, and how those funds are being used. The balance sheet is used in three ways: Reporting purposes as part of a limited company's annual accounts. To help you and other interested parties such as inventors, creditors or shareholders to assess the worth of your business at a given moment. As a tool to help you analyse and improve the management of your business. This course explains who needs to produce balance sheets and when, the different elements within them and how to use the information from a balance sheet to assess and manage business performance.  Finance and Numeracy - Finance and Management Accounts The accounting needs of your business will vary according to its size, type and sector. As the business owner, its your responsibility to make sure your business keeps accurate records and accounts. There are two types of accounting information - financial accounts and management accounts. Financial accounts describe the performance of your business and have to be filed at Companies House - or Companies Registry for businesses in Northern Ireland. Management accounts are aimed at helping you to plan your business and make decisions about key areas such as sales, margins and stock. This Nomad training programme will explain the basics of both types of accounts and what they should include. It outlines your financial accounting obligations as well as how management accounting can help you run your business more effectively. Finance & Numeracy - Cash flow Management Cash is the oxygen that enables a business to survive and prosper, and is the primary indicator of business health. While a business can survive for a short time without sales or profits, without cash it will die. For this reason the inflow and outflow of cash needs careful monitoring and management. This Nomad training programme looks at the elements of cash flow and at how effective cash flow management will help protect the financial security of the business. It outlines the steps that you can take when dealing with your customers, suppliers and stakeholders to improve cash flow. It also highlights common cash flow problems and how to avoid them.