Genesis Institute refines the concept of finance, its jargons and importance in today’s business world

Dubai, UAE, 25 November 2014 - The Dubai Business Women Council (DBWC), the official representative organization for business women, both professionals and entrepreneurs, in the Emirate of Dubai, hosted its November Network Majlis at the Dubai Chamber of Commerce and Industry under the theme “Demystifying the Numbers”. The session was hosted by Binod Shankar, FCA, CFA and Managing Director of Genesis Institute. 

“We are very fortunate to host today’s session on financial analysis as so many entrepreneurs and managers tend to ignore the importance of having a solid financial understanding” said Mrs. Raja Al Gurg, President of DBWC. “Many existing and aspiring entrepreneurs don’t have the adequate education on finance which can be highly detrimental to a business and even one’s person life. With today’s session we covered all those “hidden numbers” we are not aware of and gave our members the insight into financial analysis, enabling them to improve their financial structures, self-knowledge and how to run an even more successful business.”

Binod Shankar, Managing Director of Genesis Institute hosted the morning session and provided the members with a better understanding of how they can take the lead on their business’ finances. During his presentation, Binod provided a step-by-step explanation of how a company’s finances work including how to read financial statements, the differences between profits and cash and the basics of income statements, balance sheets and cash flow – the Big 3 in financial management. The session was concluded with a workshop during which Binod provided effective solutions to some of the financial management issues shared by the attendees.

“We often find that even financial managers with years of experience find it challenging to understand a company’s finances let alone aspiring entrepreneurs who just entered the business world. SMEs quite often don’t have the funds available to afford an experienced financial manager and usually the owner or CEO/ MD, who may have limited knowledge about financial management, takes the role of managing the finances. The right training and mentorship can assist anybody to overcome those challenges and to build and grow an even more successful business, said Binod Shankar, Managing Director of Genesis Institute.

Binod Shankar is a Chartered Accountant and CFA charter holder. He has vast experience in project appraisals of SMEs and spent six years executing audit, financial due diligence, financial feasibility and valuation assignments with KPMG, Arthur Andersen and Ernst & Young in Oman and Dubai. He has held top positions at Nakheel, the leading property developer, as Manager-Financial Analysis and was the Director-Finance of its largest project by the time he left in 2007. His last position was as the Executive Director-Finance at Gulf Finance House in Bahrain. In 2009, Binod left a successful career in Finance to co-found Genesis Institute. Since then he and his team have built the company into a reputed brand in financial training in the region and propelled it to the leader in CFA prep courses in the Lower Gulf with a client list that includes some highly respected corporates like Tecom, Oman Oil and Saudi Aramco.

Genesis Institute’s trainers bring a valuable blend of theory and practice. Its innovative programs are structured to combine the right balance of practical case studies and insights from business reality to hone both skills and knowledge of participants. A wide range of courses are offered in both Arabic and English for Finance and Non-Finance Professionals working at entry, mid-career, or senior level positions.