Despite this assertion, findings last year from Melbourne University’s Household, Income and Labour Dynamics in Australia (HILDA) Survey of 17,000 reveals Australia’s knowledge in this critical area is lacking.

“The unavoidable conclusion is that no progress has been made on improving the financial literacy of the Australian population since 2016, and in fact we have gone backwards,” it says.

A decline is evident for all age groups but is largest for the 15 to 24 age group, followed by the 25 to 34 age group. There is also a considerable gender gap in financial literacy according to the study.

With a lack of financial literacy posing a risk to business, closing the knowledge gap is now more important than ever.

This in turn can enable businesses and business owners to make informed decisions based on financial data, better understanding cash flow, budgets, expenses and more to make strategic decisions to improve profitability.

The Victorian Chamber has devised a new suite of finance, business and accounting training to upskill employees and the self-employed.

Finance for Small Business Owners (for Non-Finance People)

The two-day workshop teaches the essentials of finance, analysis and reporting, helping you take control of your business’ finances and set yourself up with a blueprint for financial success.

Key features include:

• How to interpret key finance terminology
• Legislative and compliance requirements in operating a small business.
• How to use various financial analysis tools to evaluate business performance
• Preparing and managing budgets and cashflow
• How you can make better business decisions.

For non-business owners, the Victorian Chamber has a broader Finance for Non-Finance People course, comprising:

• Interpreting key finance terminology
• Accounting concepts
• Reading and understanding financial statements
• Using financial KPIs (key performance indicators) to evaluate business performance
• Cost concepts and budget forecasting techniques to plan and develop robust operational budgets.

Understanding and Managing Costs

This detailed but time-efficient half-day workshop has been specifically designed to help you better manage costs in your business by using a range of cost identification, management, and analysis techniques.

Key features include:

• The difference between direct, indirect, fixed and variable costs
• The importance of break-even analysis
• How to use cost-volume-profit (CVP) analysis
• The importance of managing and controlling costs in a business.

Budgeting Fundamentals

This course teaches you the fundamentals of budgeting so you can learn how to prepare, analyse, and use budgets as a management tool.

Key features include:

• Budgeting fundamentals and techniques
• The importance of using budgets as a management tool
• What components make up a budget
• The difference between budgets and forecasts and the importance of forecasting
• How to interpret performance reports.

Accounting Fundamentals

This comprehensive one-day workshop has been specifically designed for non-accountants to demystify and provide you with an introduction into accounting fundamentals.

Key features include:

• Interpreting key finance terminology
• The five basic accounting elements – assets, liabilities, equity, revenue and expenses
• Accounting concepts such as cash accounting, accrual accounting and depreciation
• Reading and understanding financial statements
• Legislative and compliance requirements.

Analysing and Evaluating Business Performance

This comprehensive one-day workshop has been specifically designed for anyone that has the responsibility of managing, analysing, and reporting on financial business performance.

Key features include:

• The different types of financial statements and how to read and interpret them
• How to use various financial analysis tools to evaluate business performance
• How to take corrective action in areas of the business that your analysis has identified as needing further attention
• Ultimately how to make better business decisions.

More training

Each training page outlines course dates, duration and cost.

The Victorian Chamber is committed to upskilling business and can provide customised and onsite training tailored to your needs.

For more short courses, nationally recognised diplomas and certificates, briefings and webinars, visit the Victorian Chamber’s training page.