Understand the relationship between finance and human resources.
Control and budgeting systems can help human resource managers identify problems or opportunities, analyze business plans, execute those plans, and use financial information to make more informed decisions. In HR 503 Control and Budgeting Systems, you’ll examine several financial concepts appropriate to the study of organizations from a human resources perspective.
Both financial and managerial accounting are used daily by human resource executives to help them solve problems and make informed decisions. You’ll consider both the practical application of accounting for, and the human resources impact on, an organization’s bottom line. As you become more familiar with the language of finance and accounting, you’ll apply techniques used in reading financial statements. You’ll also focus on financial ratio analysis to compare company performance with industry benchmarks.
This course addresses topics covered in SHRM’s Assurance of Learning® Assessment, including Strategy, Workforce Planning, and Training and Development.
In addition to examining how to prepare, write and monitor operating and capital budgets, you’ll become more familiar with projecting revenues and expenses. You’ll consider the financial techniques used to set prices, target costs, and control budgets as well as the types of cost used to determine the unit cost of a good or service.
Data is essential in measuring financial reporting. You’ll review sources of data and how to analyze it, as well as human resource metrics for financial management. Proper financial data management can be used for forecasting and planning and risk reduction. You’ll also see how capital decision making can impact human resources strategic direction, recruitment, and staffing.
Annual reports are a common tool for presenting an organization’s financial information to shareholders, the general public and others. You’ll become familiar with the standard annual reports structure that explains what was done, how and why it was done, and then what the financials conclusions were. You’ll also examine how other types of financial reports and presentations are structured and written.
You’ll obtain a company’s annual report and use it as a basis for an in-depth analysis of its financial position, whether that position has been improving or declining, and justification for your analysis. This project will be presented to the class in a PowerPoint format.
Sample Course Topics
Throughout each week of the course, you will focus on a core topic or theme. Sample topics are listed below and are subject to change based on the instructor.
- Fundamentals of Financial and Managerial Accounting
- Interpreting Financial Statements and Information
- The Budgeting Process
- Profit/Cost Behavior, Breakeven Analysis, Marginal Analysis
- Evaluating Financial Performance, Variance Analysis
- Capital Expenditure, Capital Investments
- Forecasting, Risk Management
- Human Resource Implications for Accounting and Finance, Manager's Performance
What You’ll Learn
In HR 503, you’ll critically examine the use and application of financial concepts for human resource professionals.
- Apply financial techniques and analysis on topics pertaining to the human resources field.
- Further develop your communication skills.
- Compare and contrast various managerial and financial concepts.
- Use skills, competencies, values, and points of view pertaining to financial analysis, budgeting, and performance.
- Critically examine financial performance of organizations.
- Analyze qualitative approaches to solving financial and human resource problems.
In HR 503, you’ll examine the use and application of financial concepts for human resource professionals. For more information about The University of Scranton’s online Master of Science in Human Resources degree, request more information or call us today toll-free at (866) 373-9547.
The content presented on this page is representative information for example purposes and is subject to change as course and student needs change over time.