Financial Management Program
Financial Management is a two-part program that focuses primarily on accounting fundamentals and understanding the flow of the financial statement in retail automotive, along with an emphasis on departmental best practices and profitability analysis. This program bundles the Financial Management: Foundation course with the Financial Management: Strategies course to show you how to uncover and quickly correct problems by understanding how sales, cost of sales, gross profit, expenses, assets, liabilities, and equity are recorded and reported.
Save $1,095 with this Package!
Part one of two in our Financial Management Program is perfect for those with a desire to learn more about accounting principles and how documents flow through a financial statement. It doesn’t matter if your experience is working inside the accounting department or in one of the operational departments, you will broaden and deepen your knowledge about the format and flow of dealership financial statements. Plus, you will become acquainted with the “jargon,” key performance indicators (KPIs), and best practices of well-run variable, service, and parts departments. This training is appropriate for veteran managers to refresh and enhance basic financial analysis skills, and for those newer to the automotive industry or their position. In this course, students will experience instructor-led interactive discussion, department analysis tools, and classroom lecture. This course will utilize Guarantee of Action (GOA) plans to provide a roadmap for improvement that is individualized for each student.
Class Length: 2 ½ days
Key Objectives & Competencies:
- Increase targeting of expense reduction opportunities
- Learn the structure of the financial statement: balance sheet, income statement, and departmental operating pages
- Understand cash flow versus net profit
- Learn to convey numbers to bridge the gap between operations and accounting
- Recognize fundamental key performance indicators (KPIs) in operating departments
- Improve cash flow through a better understanding of the balance sheet
- Know where the numbers come from and track changes in assets, liabilities, and equity
- Perform calculations for dealership inventories and identify reduction opportunities
- Monitor key departmental weekly and monthly numbers thru the daily operating control
In part two of our Financial Management Program, students learn how to balance conflicting priorities and work more effectively with their COOs, department managers, employees, and the financial community. Students will also learn how to develop valuable departmental profit improvement plans, right-size current asset levels, and construct cash flow statements. After a student completes Financial Management I: Foundation, they become eligible to attend Financial Management II: Strategies. This course will take a deeper dive into specific topics from the first course, along with introducing some new topics. Not unlike Foundation, the Strategies course will utilize Guarantee of Action (GOA) plans to provide a roadmap for improvement that is individualized for each student. In this course, students will experience instructor-led interactive discussion, department analysis tools, and classroom lecture.
Class Length: 2 days
Key Objectives & Competencies:
- Learn the metrics you need to measure to achieve success
- Develop and maintain financial policies and procedures
- Discover how to prepare a cash flow analysis
- Develop and utilize an effective daily operating control (DOC) process
- Facilitate productive weekly manager meetings
- Review and report daily cash flow
Call the NCM Institute at 866-756-2620 or complete this form for more information or to register.
Single Class: If canceled 15–30 days prior to the session, 25% of the tuition will be forfeited unless rescheduled for another date within 6 months. If canceled fewer than 15 days prior to the session, 50% of tuition will be forfeited unless rescheduled for another date within 6 months. Non-attendance without prior notification or failure to attend the course within 6 months, will result in full forfeiture of funds. Must call by 2:00PM CST the Friday before the class begins.
GMEP: A $3,000 nonrefundable deposit is required at time of application with balance due 14 days prior to class start. Below is the refund schedule for the remaining balance, after the non-refundable $3,000 deposit is deducted.
- Cancellation on or before Session 1: 100%
- Cancellation on or before Session 2: 60%
- Cancellation on or before Session 3: 30%
- No Refund will be awarded after completion of Session 3