Empowering Non-Finance Managers: Successful Finance Training Held at UMA Show Grounds.

by | Jan 27, 2025 | Policy & Advocacy

A highly impactful two-day training on Finance for Non-Finance Managers took place on January 23rd and 24th, 2025, at the UMA Show Grounds. The event attracted a diverse group of professionals, including Directors, Heads of Departments, Supervisors, Finance and Procurement Staff, Team Leaders, IT Staff, Tax Advisors, Marketers, Human Resource Managers, Engineers, and Production Managers. The training aimed to equip participants with essential financial knowledge to help them make informed decisions and drive performance within their respective roles.

The primary objectives of the training were to:

  • Improve understanding of business finance and accounting terminology.
  • Enable participants to use financial data effectively for decision-making and performance measurement.
  • Provide the tools needed to interpret financial statements and annual reports.
  • Enhance skills in budgeting and applying Generally Accepted Accounting Principles (GAAP).
  • Facilitate the preparation of electronic invoices and receipts.

The curriculum covered a wide range of practical and theoretical topics, including:

  • Fundamentals of financial accounting and the importance of GAAP.
  • Understanding source documents used in accounting.
  • How to prepare and interpret financial statements for annual reports.
  • Practical applications of Electronic Fiscal Reporting and Invoicing (EFRIS).
  • Budgeting essentials for non-finance managers, empowering them to make strategic decisions for their departments.

The training sessions were led by two distinguished facilitators. Mr. John Odada, a professional accountant, shared his deep expertise on financial statements, performance metrics, and budgeting. He guided participants through the intricacies of interpreting financial information to make informed decisions. Ms. Eva Nalubowa, a corporate finance and tax lawyer, provided valuable insights into tax compliance and the importance of financial reporting standards, ensuring participants understood the legal and regulatory frameworks in which they operate.

The training was tailored to provide hands-on learning, with a focus on how non-financial managers can apply financial knowledge in their everyday work. By the end of the event, participants gained practical tools and a deeper understanding of how to navigate financial data, from budgeting to preparing and analyzing financial statements.

This initiative underscores the growing need for professionals in all departments to be financially literate. In today’s dynamic business environment, understanding the language of finance is no longer just for accountants or finance teams. It’s a vital skill for anyone involved in decision-making or managing resources. With this knowledge, participants are better equipped to support their teams, make smarter financial decisions, and contribute meaningfully to the overall success of their organizations.

The event was well-received by all attendees, who expressed their appreciation for the Uganda Manufacturers Association (UMA) for organizing such a vital and timely training. Participants recognized the importance of financial literacy in their roles and were grateful for the practical skills and insights they gained. Many also suggested that future training sessions include additional topics, such as Auditing, Marketing and Sales, Cooperate Governance, Data Analysis, Human Resource Management, Quality Control Management, Customer Relationship Management , Procurement &Logistics and Forensic accounting.

In conclusion, the Finance for Non-Finance Managers training proved to be a transformative experience for the attendees. It provided them with the confidence and tools to navigate financial matters effectively, fostering a more collaborative and financially aware workforce across various departments. This type of training is expected to have a lasting positive impact, not only improving individual skills but also strengthening organizational performance.

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