Jeremy Fernando is a Senior Teaching Fellow at the Business School and Programme Director for the Accounting for Decision Makers Summer School course.
Accounting is often described as being the ‘language of business’. No matter what type of organisation you may work for, whether a business or a non-profit making organisation, it will need to measure its performance. Whether it is the profit made by a business, its customer retention rate or the number of patients treated, the accountant will be relied upon to help generate this information. This kind of information, which is often produced to the shareholders and other stakeholders outside of the organisation, is known as Financial Accounting. Our Accounting for Decision Makers Summer School course takes you through all the stages of the Financial Accounting process, teaching how to calculate the profit or loss made by a business and how to analyse the accounts of limited companies or global businesses such as Apple or Vodafone.
But, the accountant is not just there to look backwards. They will also help provide information on which products to sell, and which markets to sell in, how to use your labour force more effectively, and other information relating to the efficient running of an organisation. This kind of information, which is prepared for the decision makers within the organisation, is known as Management Accounting. This course covers the fundamental concepts of Management Accounting, covering both long-term and short-term decision making. For example, we look at how you decide whether to invest in a new factory and also which products to sell and which to discontinue.
Because of its all-round benefit, an accounting qualification can open doors into any area of business. Many qualified accountants choose to go into other areas of business, using their qualification to give them a solid foundation. My accounting training, took me to a wide range of organisations within areas such as Health, Premier League football and the cosmetics industry and is a good example of how wide-ranging the job can be.