The Bermuda Economic Development Corporation is to offer an eight-week course aimed at helping individuals understand the basics of reviewing and understanding financial statements.

Financial Statements, Planning & Costing using Quickbooks is to begin on March 7.

Facilitated by the business data and policy analyst at BEDC, Colina Outerbridge, it is designed for aspiring business owners who already have a business idea but need help managing their finances and getting started with QuickBooks software.

Financial literacy is a crucial aspect of business success, and BEDC said it is committed to providing its clients with the knowledge and skills they need to succeed.

This course will cover key topics such as cashflow and income statements, balance sheets, profit & loss statements, and cost and pricing strategies.

"Starting a business is an exciting journey, but it's important to have a solid understanding of financial management from the beginning," said Ms Outerbridge.

"This course will provide participants with a comprehensive foundation in financial analysis and management, so they can make informed decisions and navigate the challenges of starting and growing a business."

During the eight weeks, participants will learn the fundamentals of financial statements, how to prepare a balance sheet, calculate profitability and much more, the BEDC said.

The course is designed to provide practical, hands-on learning experiences that will give participants the confidence to apply their new business skills.

The course's learning objectives include understanding how to read and analyse cashflow and income statements, creating and reading balance sheets, learning about profit & loss statements, accurately costing and pricing products, and becoming familiar with the QuickBooks software to help manage finances.

The course will be taught bi-weekly at the BEDC main office in Hamilton on Tuesdays from March 7 until June 13 from 6pm until 8pm.

The cost is $435, including the course and Quickbooks software; for those who have already purchased Quickbooks, the price is $190.

www.bedc.bm