MIDLAND, Mich. – Understanding the numbers is an important skill, especially for those who want to advance their careers. Yet many in the industry are put in positions in which they manage or influence numbers but they have no formal background in finance or accounting.
To address this, the University of the Aftermarket has announced a new program that focuses on the essential finance and accounting skills that aftermarket professionals in all industry channels must understand. The program will be held Nov. 13-14 at the Sloan Family Building for Aftermarket Studies on Northwood University’s campus in Midland, Mich.
The seminar is specifically designed for aftermarket professionals in any market segment who want to improve their understanding of financial and accounting concepts in an aftermarket framework. This two-day course will cover basic financial statements (balance sheet, income and cash flow statements), managerial accounting, budgeting, reading quarterly/annual statements, understanding financial concepts and their practical application, aftermarket case studies, as well as the use of different types of financial resources. Participants will leave the course with an understanding of finance and accounting concepts, as well as their practical application in a variety of aftermarket business environments.
Participants will learn:
• Key finance terms: assets, liabilities, capital, depreciation, capitalization, important financial ratios
• Financially based decision-making
• Fundamentals of Excel
• Basic accounting principles
• Applying and understanding accounting conventions and guidelines
• Developing working rules regarding corporate financial statements
• Using the balance sheet to examine assets and liabilities
• Analyzing the income statement to assess revenues and expenses
• The statement of cash flow — sources and uses of funds
• Content and format of the annual report
• Debt vs. equity financing
• Keeping your plan on target with budgetary controls
• Using profit-planning tools, break-even analysis and financial forecasting
• Cash flow: where cash comes from and how it’s applied
• Elements of cost accounting
• Analyzing payback method, discounted cash flow, present value and present value index in making decisions
• Understanding the cost of capital
“This program is not for financial or accounting professionals,” said Brian Cruickshank, director of the University of the Aftermarket. “Rather, it was created for everyone else in the aftermarket who touches, manages, influences or needs to understand the numbers. This would include managers, sales professionals, business owners and anyone who wants to improve their financial acumen.”
Graduates will earn earn 1.6 continuing education units that can be applied toward their Automotive Aftermarket Professional (AAP) or Master Automotive Aftermarket Professional (MAAP) designations.
The cost of the program is $1,495 and includes all meals. Affordable on-campus hotel housing is available. Industry professionals can register at www.universityoftheaftermarket.com. Click “Course Calendar” and scroll down to find the program’s listing.
