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Corporate Subject Area: Accounting

 

 

WHO SHOULD ATTEND?

  • Those who are new managers or managers wanting a refresher
  • Budget holders who want to create and manage their budgets more effectively
  • Operations managers who want to know more about cost management and projects
  • Sales and marketing employees who want to understand financial statements
  • Anyone who needs to understand key accounting concepts, and improve forecasting and cost management skills
  • Managers whoare about to be promoted into positions which require financial literacy
  • Managers facing financial decisions or expect to make a contribution to a wider planning process

 

LEARNING OBJECTIVES

  • Introduce fundamental bookkeeping and accounting concepts enabling them to manage the financial aspects of their role more effectively.
  • Review the different approaches taken in the public and private sector
  • Make sense of key financial statements and some key ratios
  • Enable participants to manage financial aspects of projects more effectively
  • Assist you to put together a budget which will enable you to justify expected expenditure
  • Enable you to measure budgetary performance
  • Provide skills to enable you to conduct effective investment appraisals

 

COURSE CURRICULUM

  • Bookkeeping versus accounting
  • Cash accounting versus accrual accounting and use in private and public sectors
  • Types of accounts in the General Ledger, their purpose and the chart of accounts
  • Double-entry bookkeeping concepts and implications
  • Depreciation and amortisation

  • International standards in the private and public sectors, IFRS and IPSAS
  • Format and content of the statement of financial position (balance sheet)
  • Format and content of the statement of profit or loss
  • IPSAS principles of financial statements presentation for the public sector
  • Investor ratios

  • Financial accounting and management accounting compared
  • Types of management information prepared for internal consumption
  • Financial information managers need to manage – the power of comparisons
  • Analysing costs, key ratio calculations for management and variance analysis, including ROE, ROA and liquidity ratios

  • Financial aspects of building the business case and getting approval for funding
  • Estimating project costs – different estimating techniques, expert, analogous, parametric, bottom up etc.
  • Project forecasts, cost variances and cost control
  • Project risks and financial implications

  • Public sector v. Private sector budgeting differences in purpose, processes and motive.
  • Budgetary methodologies, incremental and zero-based
  • Budget and variance analysis
  • End of week quiz to appraise learning achieved

  • The income statement (P & L) statement, format, content and key concepts
  • Interpretation of key ratios derived from the income statement; P/E ratio, Profit margin
  • The language and major components of the balance sheet
  • Business ratios derived from the balance sheet and P & L together, liquidity, debt, profitability etc.

  • Defining the value generated and the required return – the hurdle rate
  • Return on capital employed – calculation methodology and interpretation
  • Payback period calculations
  • NPV and IRR calculations
  • Non-financial aspects of investment appraisal and decision making

  • Purpose and benefits, problems and limitations of capital and operational budgets and the important differences
  • Budget processes in the private sector
  • Budget processes in the public sector
  • Identification of risks to the budget and actions to mitigate them

  • What is financial performance?
  • Financial performance in the public sector
  • The importance of cash flow – how to measure and improve it
  • Gross profit, operating profit, net profit margin
  • Key investor ratios

 

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