Financial Strategy: Essential Finance Management Skills
Course Code: FA11
►Course Objective
- Use and evaluate the various techniques of capital investment appraisal
- Develop appropriate financial strategies
- Relate financial strategy to business strategy
- Effectively manage cash and working capital to reduce costs and improve cash flow
►Target Audience
- Finance Executive
- and financial professionals involved in the development and delivery of financial strategy.
- Junior Executives and
- financial professionals seeking career advancement and development.
- Senior and experienced professionals
- and finance professionals seeking either CPD or a valuable and stimulating “refresher”.
►Course Outline
DAY 1
Management and Financial Accounting: Key Concepts and Terminology
- Identify the major differences and similarities between financial and managerial accounting
- Understand the role of management accountants in an organization
- Linking strategy to planning and costing
- The key role of budgeting and cost control in contemporary organizations
- Towards a cross-functional process-view of the organization
- Understand your processes: integrating financial and non-financial aspects
- Understanding the Financial Statements
- Video, Examples & Discussions
DAY 2
Cost Analysis
- What is costing?
- Cost concepts and terminology
- Different costs for different purposes
- Fixed vs. Variable costs: the Cost-Volume-Profit analysis model
- Contribution Margin analysis
- Manufacturing vs. non-manufacturing costs
- Period vs. Product costs: inventory evaluation and control
- Case study
DAY 3
Traditional vs. Advanced Techniques in Cost-control
- Under-costing and over-costing: the consequences for profitability
- How to refine a costing system?
- Indirect vs. Direct costs
- Traditional Cost Allocations systems Vs. Activity-Based Costing
- Cost hierarchy & Cost drivers
- Linking resources, activities and management
- Introducing Activity-Based Budgeting and Management
- Video, Case Study and Examples
DAY 4
Budgeting: Flexible Budgets and Variance Analysis
- The role of budgeting
- Define the master budget and explain its major benefits to an organization
- Describe the difference between a static budget and a flexible budget
- Compute flexible-budget variances and sales-volume variances
- Discuss the behavioral implication of budgeting
- The budgeting process in your organization: how to improve it?
- Which tools shall we use to complement budgeting and costing?
- Problems, Case Study and Exercises
DAY 5
Measuring Corporate Performance: The Balanced Scorecards and Six-Sigma
- Broadening performance measurement systems
- The key role of customer satisfaction and business process re-engineering
- Beyond budgeting: integrating financial and non-financial issues
- Introducing the Balanced Scorecard
- The key perspectives
- Introducing the Strategy maps
- Introducing Six-Sigma
- Video, Case Study and examples
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