64% of companies surveyed said that their finance department had the language skills needed to succeed in their role with a slight improvement – 66% – in the Financial Services / Banking sector itself.
Speaking English ranks highest at 42%, reading at 30% and listening and writing at 16% and 12% respectively. 35% of the Financial Services / Banking sector responders, said that 35% of them would interview candidate in English.
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Here are some of the most common terms used in a finance function:
Accounts Payable are amounts due to vendors or suppliers for goods or services received that have not yet been paid for.
Accounts Receivable refer to the money a company’s customers owe for goods or services they have received but not yet paid for.
Profit and Loss statement is a financial statement that summarises the revenues, costs, and expenses incurred during a specified period.
Balance Sheet is a financial statement that communicates the so-called “book value” of an organization, as calculated by subtracting all the company’s liabilities and shareholder equity from its total assets.
Cash Flow the total amount of money being transferred into and out of a business, especially as affecting liquidity.
Revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business.
Overheads includes the fixed, variable, or semi-variable expenses that are not directly involved with a company’s product or service. Examples of overhead include rent, administrative costs, or employee salaries.
Variable Costs are corporate expenses that changes in proportion to how much a company produces or sells.
Fixed Costs refer to costs that do not change with an increase or decrease in the number of goods or services produced or sold.
Management Accounts are financial reports produced for the business owners and managers, generally monthly or quarterly, normally a Profit & Loss report and a Balance Sheet.
Regulatory Reporting is the reporting required by local, industry and compliance laws.
Key Performance Indicators (KPI’s) is a measurable value that demonstrates how effectively a company is achieving key business objectives.
Payment Run means the processes which occur when several invoices are grouped together and paid at the same time.
Payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits.
Fixed Assets refers to a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income.
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*data from English At Work study.