You’re a laboratory manager who wants to improve financial management. What skills do you need to learn?

Conocer la importancia de ciertos procesos de medición que permiten las NIIF. Además poder analizar la compa?ía a través de sus indices.

Firstly any organization can lead its goals and objectives by sitting its policy the key word here ethics because it's important items for any organization when the employee have knowledge about entity he will know his rights and his responsibility. Competence also very important and the are a relationship between the employee who have a good skills and good thinking to implement the organization goals

All department managers need to know at least the basic accounting functions to help them understand and track the department budget

Budgeting and forecasting can be of help in inventory management. Having a record of how much ingredients were used in the past can be used to make estimate of the stocks that the company needs to keep which helps to prevent stock obsolescence.

Budgeting and forecasting is very important tools to achieving organization goals and objectives .goals here means the long term . Objectives is a short term . All of above items will be under Mission& Vision &strategy. So we can use tools to illustrate the three level . Budgeting give us lead us to know whay we are here and forecasting lead to know what will happen in the future and variances also lead to whay it happen . There are many formating tools like Regration analysis & learning curve etc .

Its Totally depend upon the Vision and Goal of the company that how the want to achieve the then its Budgeting and Forecasting the Revenue and Expenses how the achieve and how much they are capable to spent. Its make perfection when you have old data and market position, but keep in mind that you must be with the market position and run with innovation and creativity.

One thing that is of most importance is knowing who you are analysing the data for, when to report and how to report. In so doing, you will ensure relevance and data accuracy

Financial analysis. It's amazing tools to evaluate the organization performance Performance here about the last data (performance ) and future data and comparisons between organization and same organization in same activities. Industry trend can be used also to evaluate the organization performance . Financial analysis use all data for statements like BS for example Current ratio , quick ratio, working capital ratio it will provide the performance for all items included in Balance sheet . There are many level in Fianacial analysis ROA &ROE . Total Assets to liabilities. Total Equity to liabilities. Total liabilities to Assets Total Equity to liabilities. Income statement ratios. Gross profit margin Net profit margin Activity

I'm always looking for ways to decrease costs. Finding new vendors or contract for lower pricing whether its volume based or for any quantity.

Always provide viable recommendations to every problem identified. The recommendations should be measurable by establishing a metrics to ensure you are able to identify the level of success for each region recommendation.

The top skills that are necessary in financial management ideally would be: - Analytical skills To analyse sources and applications of financial resources entrusted to an organisation - project management skills Necessary inorder to understand viability and suitability of a project or expenditure needed - Time management and control Inorder to administer financial allocations and usage - forecast or scenario analysis So as to understand return on investment or expected outcomes - planning As a tool for prioritising resource allocations and limitations now and into the foreseeable future - waste control and management So as to avoid or eliminate unnecessary expenses or needs and lose recovery

Also, caution has to be exercised to avoid extravagant communication especially since there is an involvement of multiple internal and external stakeholders.