Why Choose this Training Course?
"Turnover (Sales) is vanity, Profit is sanity, but Cash is reality! Cash is King!"
In the realm of business, nothing underscores the importance of sound financial management quite like the saying above. While sales and profits are key metrics for success, it's the cash flow that ultimately dictates the financial health and sustainability of a company. Poor cash management practices can lead to increased costs, bad debts, fraudulent activities, and risky investments, all of which can significantly impact a company's bottom line and overall success.
Effective cash management entails more than just keeping track of incoming and outgoing cash flows. It involves optimizing cash and bank balances to maintain liquidity, making informed and profitable investment decisions, and efficiently handling international payments. By mastering these aspects, businesses can reduce costs, increase profitability, and mitigate financial risks.
This comprehensive online training course is designed to equip delegates with the essential skills and strategies needed to navigate the complexities of cash management. From effectively reconciling bank balances to managing various cash and banking issues, participants will gain invaluable insights and practical knowledge to enhance financial performance and ensure long-term success.
What are the Goals?
By attending this COPEX online training course delegates will be able to make a substantial, positive impact on Bank Reconciliation and Cash Management best practices within their organization, more specifically:
- Prepare and Use Bank Reconciliation Statements
- Prepare Cash Statements and Forecast Cash Flow Forecasts / Budgets
- Manage the Bank & Cash Balances Effectively
- Recommend Appropriate Action in Line with Leading Practice
- Implement Controls to Reduce Risk and Fraud
Who is this Training Course for?
This COPEX online training course is suitable for a wide range of professionals who are involved in any aspect of Bank Reconciliation & Cash Management and who want to understand, implement and improve the latest Cash Management concepts, processes and ideas. For example:
- Those Preparing and Controlling Bank Reconciliation
- Staff Preparing and Controlling Cash Statements or Budgets
- Staff Managing Payments
- Staff Engaged in the Budget Process
- Those Who Prepare or Act Upon Budgets
Course Outline
Day One: Bank Reconciliation
- What is a Bank Reconciliation Statement?
- The Importance of Bank Reconciliation
- Undertaking a Bank Reconciliation
- Report & Correcting Differences
- Avoiding Future Differences
- Controlling Bank Records & Balances
Day Two: Cash Flow – Past & Future
- The Importance of Cash & Liquidity – Cash is King
- Cash Flow Statements – Evaluating the PAST Cash Flow
- Cash Forecast & Budgets – Forecasting and evaluating the FUTURE Cash Flow
- Variance Analysis
- The Cash Flow Cycle & Operational Efficiency
- Working Capital – The ideal ratio
Day Three: Cash Management
- An Overview of Cash Management
- The Optimal Cash Balance
- Sources of Short Term Finance
- Short Term Investment Opportunities
- Minimising Interest Cost & Maximizing Interest Earned
- Minimising Bank & Cash Balances
Day Four: Petty Cash Management
- What is Petty Cash?
- Forecasting Cash Needs
- Minimising Cash Holding
- Recording Cash Transactions
- Balancing the Cash Balance
- Dealing with Foreign Currencies & Exchange Rate Risk
Day Five: Advanced Bank & Cash Management
- Managing Accounts Receivable & Payable
- Methods of Raising Short-term & Long-term finance
- Minimising the Cost of Finance
- Bank Finance
- Factoring & Invoice Discounting
- Derivatives
The Certificate
- A COPEX e-Certificate for delegates who attend and complete the online training course
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