ABOUT THE COURSE CFA

Hello,

I want to talk to you about some of the skills and knowledge I acquired in one of my MBA courses, Corporate Financial Accounting – CFA.

The course provided me a broader view of how accounting can contribute to an organisation.

Before coming to the Lagos Business School – LBS, I know nothing about; Financial Planning and Forecasting. Cash Management. Financial Reporting. Financial Control. Risk Management. But today, I am proud to say LBS gave me the knowledge and skills of these critical functions of financial management.

As a Real Estate Developer, the course helped me quickly to develop financial accounting literacy skills. Now, I understand better the financial information of my company, and other real estate investment companies as outsider.

The course has introduced me business and financial statement analysis, evaluation and execution. I can perform financial analysis for my external and internal clients. With the knowledge I acquired; I can handle financial, securities, research, equity, investment and rating analysis, without stress.

As the GMD/CEO of Ecovillage Group, I have acquired skills of financial statements to make my business decisions. Further, the skill is beyond basic financial statements, I can interpret and apply nonfinancial statement disclosures, such as footnotes and supplementary reports. Without doubt, for me to interpret financial statements I needs to understand how they’ve been prepared.

The knowledge will enable me to compare my financial performance over time, estimate my cash flow, calculate me tax return, and make timely bill payments.

A true story; after attending the first intensive week for MEMBA12 sometime in September, I returned to my base and decided to review our past statement of financial position, statement of profit or loss and other comprehensive income and statement of cash flow. Behold, we did not do well. To improve on our accounting, we decided to commence digitizing the business, getting a cloud-based accounting software, and outsourcing.

Now, it sank better that accounting will play an important role in recording, summarizing and providing relevant and reliable information to our external and internal clients, in form of financial data that will help in their decision making. By making records properly, we can evaluate our finances. For example, reducing expenses that are considered less effective and efficient. “The application of accounting makes it easier for us to plan finances in the next period so that we can have healthy finances”, this is the message I took home for my accounting and financial analysis department.

I am more be careful on how we manage our assets, liabilities and equity.

I will ensure we apply the basic methods of financial statement analysis in all we do.

I know that our finances and accounting must go tother. Accounting as the process of recording and reporting financial information from business transactions. Finance uses this information to determine and improve the efficiency and effectiveness of its operations.  It is clear to me; finance uses accounting information to create working capital analyses and budgets.

Finally, I will apply financial accounting processes and standards to everything I do, to help my businesses keep track of operations, but also, the application will help me provide a snapshot of my business’s financial health. Financial data will be provided through a variety of statements including the balance sheet and income statement, to give to my investors and lenders more power in their decision-making.

Thank you.

#MEMBA 12