Finance Essentials for Service Leaders

For a seasoned service leader, fully mastering the nuances of finance within a successful service operation can be a challenge. For a new service leader, it can be a complex and confusing area full of complicated language and unfamiliar concepts. To help service management leadership professionals help navigate their way through this new area of understanding.

This program is produced by Field Service Associates whose co-founders have over 70 years of industry experience and is authored by Steve Cummins and offers excellent guidance into the often overwhelming area of service finance with clear explanations, detailed guidance and practical exercises to work through that re-enforce your learning.

The program includes four modules:

Financial ‘Basics’ for a Service Leader

This course provides an insight into the full training courses available to you as a service leader.

It is not designed to be comprehensive but merely gives the reader an insight into the complexities of a company’s reporting structures, so as to prepare the reader for the depth of enablement to follow.

After this taster course is completed, you will have the choice to move onto the following three other enablement sessions designed to support your development into the realms of financial statements, you may encounter on your service leadership journey.

Finance Essentials for New Service Leaders (1 of 3 modules)

Accounting Fundamentals – Debit, Credit, Equity, Asset, Stock, Liability……etc. etc…; Accountancy has a language of its own; what do these words mean and what does the busy Service Manager need to know.

The words and phrases used in accountancy are alien to those of us that don’t use them on an everyday basis. On this course we will try to demystify some of the jargon, work through examples of the concepts and identify numbers that the interested parties look for and why.

In this course, we will cover the concept of double-entry bookkeeping and some of the “everyday” words that you may come across. Moving on to the underlying core concepts of modern accounting through the legislation of Published Accounts and how these concepts are applied. Finally, the interpretation and analysis of UK Published Accounts.

• Bookkeeping and some more useful words
• Basic Concepts and why they are important
• Outline of Legal Accounting requirements (UK)
• Profit and Loss a/c, Balance Sheet, Funds Flow Statement
• Who uses the Published Accounts and why?
• Ratio Analysis.

Financial Control for Service Leaders (Module 2 of 3)

Within this workshop we will look at the area of Service Management concerned with Financial Control, we will also have to touch on Financial Planning and the use of Non-Financial data in ensuring you have control of the financial aspects of the role of the Service Manager and making decisions based on an understanding of the Management Accounts.

In this workshop, it is assumed that accounting principles and other accounting concepts, words and phrases such as balance sheet, profit & loss, asset, liability, debit and credit along with a superficial understanding of legal requirements is understood. These were covered in the finance essentials for service leaders course, new concepts etc. will be explained as we approach them in the workshop.

Financial Planning for Service Leaders (Module 3 of 3)

Within this workshop we will look at the area of Service Management concerned with Financial Planning, we will also have to touch on Financial Control (the plan is worthless if it is not adhered to) and the use of Non-Financial data in ensuring you have an achievable plan. The Service Manager is expected follow the plan whether it be an annual budget or an individual job determining key milestones and indicators within the plan are essential in good planning.

In this workshop it is assumed that accounting principles and other accounting concepts, words and phrases such as balance sheet, profit & loss, asset, liability, debit and credit along with a superficial understanding of legal requirements is understood. These were covered in the finance essentials for the service leader course, new concepts etc. will be explained as we approach them in the workshop.

About your Program Leader:

Steve Cummins has over 40 years of financial experience including; Auditor, Budgeting, Forecasting, Tender Application Pricing, Costing, Profit and Loss, Balance Sheet, Published Accounts and Credit Management.

Overlaid with over 25 years of Operations and Service Management experience in a wide range of industries including Mechanical Engineering, Civil Engineering, Quarrying, Manufacturing, Wholesale Warehousing and Logistics. Outsourced Soft Service Facilities Management; Print, Post, Archiving and Office Services. Online Retail.

Extensive experience in analysing problem contracts, services and businesses. Identifying underlying traits/issues and determining appropriate correction techniques using tools such as Kaizen, 6 Sigma, Blue Ocean Strategy and Ratio Analysis.