Course Info
Code PF1-103
Duration 10 Days
Format Classroom
Course Summary
Having accurate and efficient accounting and finance processes, employees, and systems is an essential part of any business. Without good record upkeep, policies designed to keep track of spending and overheads, and competent employees who are prepared to identify issues and risk areas, your business could fall foul of overspending causing you to have reduced profit margins.
It’s important to gain an accurate picture of your accounting strategy in order to make the best financial decisions for your business and stay ahead of the game. This involves taking into consideration your systems vs. employee resources and automating processes where required, providing a safe and positive physical environment for your employees, and discovering premium products are services to enable you to secure a higher return on investment.
The role of accounting and finance requires an individual to have an overview of all working processes and departments to understand how the business works as a whole. They will be responsible for paying taxes and identifying areas for improvement based on the business’ spending habits, risks, and future goals.
- To develop a working knowledge of income statements and balance sheets.
- To identify cost-effective processes and risk areas.
- To look for cost behaviour by department and make positive improvement suggestions.
- To create a budgeting process and impart knowledge to other departments based on this.
- To recover from financial downfalls.
- To understand governance mechanisms.
- To motivate others when considering cost implications in change plans.
- To use Baldridge performance criteria as a benchmark for success against competitors.
- To review the future goals of the business and align with key accounting decisions to ensure success.
This course is built for people who are responsible for the accounting functions within a business or are required to consider finances as part of their role to move forward and develop processes. it would be most beneficial for:
- Chief Financial Officers
- Finance Managers
- Accounting Managers
- Operational Managers
- Directors
- Business Owners
- Supervisors or Team Leaders
- Project Planners
- Support Function Management
This course uses a range of learning techniques to uncover the importance of strategic planning in regard to finances and accounting. It includes interactive presentations and seminars to discuss real-life project management and financial thinking, alongside group activities to create project planning frameworks to mitigate areas of financial risk.
Course Content & Outline
- Financial considerations when managing a team.
- Sociotechnical management.
- The benefits of remote and hybrid working for a business.
- Process automation gains and losses.
- The role of CFO, controller, or treasurer.
- Analysing your current processes.
- Identifying strategic development opportunities.
- SWOT analysis development.
- Creating a future vision.
- Planning and Gannt frameworks.
- Journey mapping and budgeting for change.
- Effective communication to create a clear strategy.
- Motivating a team.
- Effective coaching procedures.
- The characteristics of an ineffective team and how to avoid them.
- Managing conflict and expressing shared aims.
- The characteristics of a successful management team.
- Understanding learning and working styles.
- Effective delegation based on key skills.
- The importance of creating a contingency plan.
- Audit trails and risk identification.
- Risk mitigation and appropriate movements with departmental funding.
- Examples of strategic failure and how these could have been avoided.
- Effective accounting records and their security.
- The importance of keeping accurate records.
- Future predictions based on past events.
- IFRS reporting and reviewing.
- Analyst reporting and report intelligence.
- Displaying ROI or ROCE to business associates for planned change.
- Reviewing competitor perspectives.
- Internal review procedures and gaining buy-in for development.
- Shareholder and partnership relationship development.
- Negotiation techniques and moving forward.
- The benefits of effective negotiation on operational performance.
- Your mission statement and how this is affected by your finances.
- The Michael Baldridge standard of excellence.
- Employee commitments and your responsibilities to your team.
- Identifying key success factors and implementing them into your strategy.
- Financial statements and accessibility.
- Good vs. bad investments.
- Record-keeping procedures and accounting books to track change.
- How to utilise reporting systems to identify key areas of loss and support change strategies.
- Executive decisions backed up by facts and figures.
- Time-based costing.
- Competency-based costing.
- Activity-based costing.
- Treasury management with FOREX, working capital, and cash flow.
- CAPEX procedures.
- Reviewing profitability and scaleability.
- NPV decision-making processes.
- Personal training programs to work towards effective balanced scorecards.
- Managing continuous improvement.
- Evaluate current successes and how your team reached them.
- Your budget and your future strategy.
- Lessons learned and moving forward.
- How to stretch your budget to go the extra mile.
Unravel the world of Mini MBA programmes, condensed versions of traditional MBAs. Discover their value, employer perceptions, benefits, and drawbacks, helping you decide if this dynamic learning experience is right for your career.
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