Course Name (short): Accounting & Finance Essential
School: Continuing Ed & Corp Training
Program(s): Accounting and Finance Profess
Program Coordinator(s): Tba
Course Leader or Contact: N/A
Originator: Ravneet Malhi
Designate: Ravneet Malhi
Version: 3.0
Status: Approved - Under Rev (AREV)

Calendar Description
N/A

Typical Instructional Format

Courses may be offered in other formats.

Section I Notes: This course is offered in a blended format that includes online and in class/virtual meeting components. The total instruction time will be 21 hours. The online portions of the course are web-based and offered entirely online through Sheridan College's SLATE learning management system. Students taking this course will need a laptop computer, reliable access to the internet, should have a basic level of comfort using computers as well as the self- discipline to study independently. Students can expect to spend additional hours per week for online activities such as postings, discussions, reading, homework and assignments.

Detailed Description
It is anticipated that students will either already be running their own businesses or have a strong interest in starting one up. Students will learn that, as entrepreneurs, they need a basic understanding of accounting and financial management in order to better understand their businesses, ensure their viability and plan for growth/diversification in the future. Using real-world examples, the students will learn about options for funding their businesses, gaining the confidence of financial institutions and investors, budgeting and how to read financial statements. The course will also prepare students to price their products or services to make a profit, market their businesses with low cost options, such as social media, and manage the risks of being an entrepreneur in competitive and uncertain markets.

Program Context

 CRITICAL PERFORMANCE:
By the end of this course, students will be able to manage and control 
the financial aspects of their businesses, make accurate cash flow 
projections, and complete and implement a business and financial plan. 


LEARNING OUTCOMES:
To achieve the critical performance, students will have demonstrated 
the ability to:

1. Explain the crucial role that accounting and finance play in a 
successful business.
2. Create a business and financial plan for a business.
3. Create a personal and business budget.
4. Analyze financial statements to predict and recognize financial 
weaknesses.
5. Cost and price goods or services accurately.
6. Apply cost-effective strategies to marketing a business.
7. Describe various options for financing a business and financial 
record-keeping. 
8. Describe the importance of managing risk and risk mitigation 
strategies. 

As this is a non-credit course, there will be no official exams or
graded assignments. Students will assess their learning via self, peer
and instructor feedback on weekly assignments.

Online texts, articles, videos, assignments and group discussions to 
complete activities that support the learning outcomes and critical 
performance requirements. Each class will include a short 
podcast/interview of a local entrepreneur.

Instructional Strategies

Each classroom session will be organized as follows:
- Lecture on the weekly topic
- Relevant examples/case studies related to the instructor¿s business 
experience, as well as other local businesses
- Introduction of the business plan section to be covered that week
- Group work based on the weekly topic and business plan section¿
students to work in groups to complete the seven sections of their 
business plans in class. Students will present their business plans to 
the class in week 7 (the final week).

Online learning will include:
- Podcasts/interviews of local entrepreneurs (may be shown in class, 
but also posted online)
- Readings and videos related to weekly topics
- Online discussions between classroom sessions based on the weekly 
topic

Sample Exercises/Assignments
The students will:
- Prepare a 7-part business and financial plan for their business 
during class time
- Create a personal budget and a business budget
- Participate in online discussions related to weekly topics between 
weekly classes


Week 1 - Welcome and Introduction to Financial Management

- Introductions/discussion of course syllabus
- The crucial role that financial planning and financial literacy in 
business success
- The components of a business and financial plan will be presented, 
with the goal of having students' basic business structures up and 
running by the plans 
- Types of business structures - sole proprietorship, partnership 
corporation 
- Creation and organization of the online class discussion forum

Week 2 - Show me the money; Ways to finance your business

- Determining how much cash you will need
- Creating a personal budget and a business budget
- Pros and cons of various funding options, including bootstrapping, 
government grants, bank loans, investors, family and friends
- How to address the fears and concerns of lenders before they raise 
them

Week 3 - The Basics of Financial Statements

- Profit and loss statements
- Balance sheets
- Income statements
- Cash flow statements
- Calculating the break-even point
- Creating a balance sheet and an initial cash flow statement to back 
up your financial goals
- Using financial statements to predict and recognize financial 
weaknesses
- How financial literacy can help sustain and grow a business

Week 4 - Advice to bank on; Choosing a financial institution

- Differences between banks and credit unions
- Choosing a method of financial record keeping
- Differences between accrual and cash flow record keeping
- Terminology used by banks and financial professionals
- Bookkeeping and year end accounting
- When and how to hire a bookkeeper
- Low-cost accounting software, such as Quickbooks, Excel, Fresh books
	
Week 5 - Pricing, Inventory and Marketing

- Formulas for pricing goods and services
- Advantages and disadvantages of being a low price/high volume 
business
- Advantages and disadvantages of being a high price/low volume 
business
- How a marginal percentage increase in price can have a big impact on 
a business's bottom line
- Strengths and weaknesses of traditional and new marketing methods 
(e.g. social media)
- Setting a marketing budget

Week 6 - Mitigating Risk

- The three types of risk: the market, people (staff) and operational
- Thriving on change: how to adapt a business to cultural and economic 
shifts
- Adding revenue streams without diluting a brand 
- Financial planning for diversification
- Identifying and evaluating diversification directions for a business

Week 7 - Wrapping it Up! Student Business Plan Presentations and 
Critiques

- Ways to remain motivated as an entrepreneur
- Student presentations: Students to present their completed business 
and financial plans and discuss the progression of their new 
businesses.