Understanding the fundamentals of Accounting and Finance is essential for making and communicating decisions. This training course will provide a comprehensive illustration of how accounting information is collected, recorded, how it is analyzed and presented both internally and externally, to support effective management, control, and decision making. This is important because key personnel in an organization use accounting information which is often said the ‘language of business’; hence it is essential to understand and to be able to use this language. This training course will also introduce delegates to the systems and structures of financial and management accounting and their value in ensuring the success of the business.
What are the Goals?
By attending this COPEX training course you should achieve these goals:
Understand Income Statement, Balance Sheet, and Cash Flow Statement
Interpret Cost Behavior and its Impact on Product Costing
Understand the Process of Budgeting
Master Cost Allocation to Departments, Products, and Services
Design a Performance Measurement System
Who is this Training Course for?
This COPEX training course is suitable for a wide range of professionals who wish to achieve career progress by expanding their financial knowledge.
However, it will be most suitable for Operational and Middle Managers who wish to better understand and make use of financial information in their management roles, for example:
Members of the Operational Management Team
Managers Who Have Responsibility for Divisional Performance
Managers Who Have Responsibility for Support Functions
Consultants Who Provide Advice on Systems and Operations
Senior Staff Members of Any Department
Day One: Introduction to Accounting
The importance of accounting information
The role of the Finance Function
The accounting equation and financial accounting systems
Recording facts and applying judgement
Preparing the Income Statement and Balance Sheet
Accounting principles and accounting standards
Day Two: Accounting Reports
The format and contents of the Income Statement
The format and contents of the Balance Sheet
The effect of depreciation and impairment on profit
Identifying and valuing inventory
Preparing the Cash flow Statement
The importance of cash flow in business
Day Three: Management Accounting for Control and Decision-Making
Collecting and analyzing costs
The structure of direct and indirect costs
Dealing with overheads – absorption costing or ABC?
Cost-Volume-Profit and break even analysis
Decision making – make or buy
Decision making – the effect of limiting factors
Day Four: Communicating the Plan through Budgeting
Corporate planning and corporate objectives implemented through budgeting
The budgeting process and timescale
Sales budget forecasting techniques
Cascading the budgets across the whole business
Preparing functional budgets and the cash budget
Budgeting principles, methodologies and applications
Day Five: Measuring Performance to Inform Decision Making
Monthly management reporting
Setting and using standards
Identifying and calculating variances
Operating and planning variances – who is responsible?
Measuring responsibility centre performance, ROI, RI, and EVA
Non-financial performance – the Balanced Scorecard
COPEX Certificate of Attendance will be provided to delegates who attend and complete the course
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