Nearly every transaction — both business and personal — requires some understanding of finances. Business operations require capital, and knowing how to account for the money coming in and going out of a business is a vital part of whether the business succeeds or fails. Taking finance courses through an online MBA program can provide you with useful tools to fully understand general accounting principles, financial forecasting, raising capital, and billing and receiving.
Let’s Get Coffee
You go into a coffee shop and order a double skinny mocha with extra foam, and the barista is going to ask for money. Sure, you can pull out some money for this beverage from your wallet, but is it money actually earmarked for some other purpose? Do you need to buy cat food? Socks? Is your rent or mortgage paid up for the month? Knowing how much money you have, how much is coming in on a regular basis, and what manner of debt load you are carrying are all questions you typically answer in a heartbeat as you reach for cash to pay for your coffee. Now, imagine adding tens or hundreds or thousands more business transactions. How do you keep track of all the money coming in and going out?
The finance department of your organization or business is responsible for managing all these transactions and more on a daily basis, and having team members with accounting experience is critical. One way to gain this experience is through finance classes online for an MBA degree. The organization cannot function well if it doesn’t know where its money is located. Imagine the embarrassment of going to pay for your coffee and being unable to find your wallet.
The Power of Learning
Taking finance classes online for a degree through an online MBA program will give you the skills to successfully manage the financial aspects of an organization. As organizations become more technologically efficient and more global, a well-ordered and well-educated finance department will be key to a company’s future success.
At the most basic level, financial managers help a company receive and process invoices, pay staff and bills in a timely manner, and prepare for future large-scale acquisitions. As companies begin to grow and diversify their holdings, a skilled financial manager with a degree from an online MBA program will be able to help the company’s management craft a successful strategic vision. This vision can be inwardly directed as well. Many companies discover that they can make more profits by streamlining and tightening their own internal processes. A skilled financial manager can help with internal governance, seeking ways to reduce wasteful spending.
Finance courses online teach business financial planners the ins and outs of strategic planning, financial-risk management, cost-savings analysis, business forecasting, credit-allocation planning, alternate financing opportunities, and the complicated world of mergers and acquisitions. Instead of visiting that coffee shop to buy a cup of coffee every day, perhaps one day you’ll drop by with an offer to buy the whole shop!
Learn more about the University of Tennessee Chattanooga online MBA program.
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