Financial Statements: What they’re actually telling you – Online Workshop

As an Org Plus Plan subscriber, you have unlimited access to the On Demand training library of pre-recorded training videos. You can watch these as many times as you like at your own leisure. Questions can be posed to trainers during and after the video, with responses being provided within 2 working days. Ensure you’re logged into your account to access.

For non-subscribers and all other plan subscribers, access can be purchased separately.

An overview of the different forms of financial statements – dependent on formation type (partnership, LLP, Ltd), difference between statutory accounts and management accounts.

Profit & Loss and Balance Sheet

• How to read and interpret the statements
• How items end up in each statement and how the two interact with each other
• What the statements tell you about the performance of the business
• Indications on the balance sheet that a company might not be performing so well (inflated WIP, lock up generally, heavy borrowing, negative net assets, excessive drawings etc.)
• Comparing P&L to budget, exploring variances
• Profit distributions / dividend payments
• Taxation – difference between how an incorporated and non incorporated entity would be taxed

Cash flow reconciliation

• Difference between cash and profit
• Difference between cashflow reconciliation and cashflow forecast
• Why both are important

Timings of the financial statements – how often do you need the information, how quickly after month end; what’s feasible for your finance team etc.

Further Information

Accounts & Finance Practice Notes

Blogs

Forum

Compli-Q

Compli-Tools

Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow.

Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.

All ALCA online training is delivered live, interactive and is recorded. We bridge the gap between ‘face-to-face’ and online training by applying a blended approach. Questions can be posed to trainers throughout the workshops with quizzes/polls being used to engage with attendees.

Workshops can be continuously replayed for 60 days after broadcast.

Benefits?

• Reduced cost
• Can be taken anywhere on any device – no travel time or cost
• Shorter and more efficient than face-to-face
• Live and interactive
• Recorded and can be replayed at your leisure

Depending on your subscription and the length of the workshop, the pricing is as follows:

Our online workshops are delivered via Zoom. You can access the session via your computer, tablet or mobile device.

Details on how to join the online session will be provided the day before the training goes live.

We recommend you run a system test and check your internet speed by clicking <a href=”https://zoom.us/test” target=”_blank” rel=”noopener”>HERE</a>.

If your firm prevents you from using Zoom, please <a href=”mailto:hello@alca.org.uk”>contact us</a>.

There is no requirement to attend live but we advise that you do where you can as this will be the best experience for you. Don’t forget, you can pose questions live to the trainer and join in with the interaction when you attend live. Also, be mindful that you have access to the recording for 30 days, after which, it will no longer be available.

Not at all. We prefer it if candidates do as it makes the training more engaging but it is not mandatory to turn your camera or microphone on during the training session.

If you don’t have a microphone, you can still pose questions using the chat facility.