Course Objectives

At the end of this IRES training course, you will learn how to:

• Understand financial planning and budgeting 
• Understand the fundamentals of financial accounting 
• Analyze and interpret financial reports
• Effectively manage cost and cash flow 
• Implement effective internal control systems 
• Make informed and accurate financial decisions
• Apply strategic financial management to add value to the budget execution process
• Undertake cost analysis and apply strategic management and costing principles to support improved decision making

Course Outline

Module 1

Introduction to Financial Management 

• Scope of Financial Management
• Objectives of Financial Management 
• Functions of a finance manager
• Importance of finance management
• Organization of finance capitals
• Working capital management
• Resource mobilization
• Evaluation of financing options 

Module 2

Financial Planning 

• Defining financial objectives and goals
• Gathering and analysis financial information
• Developing a financial plan
• Implementation and review of the financial planning.

Module 3

Budgeting in Financial Management 

• Understanding the budgeting process 
• Functions and types of budgets 
• Budget development 
• Budget management 
• Budget regulations/requirements

Module 4

Cash Flow Management 

• Cash flow forecasting
• Consolidated budgets and budgeting for core costs
• Elements of cash flow
• Cash vs profit
• Managing cash
• Bank accounts management

Module 5

Cost Management 

• Understanding types of costs 
• Elements of cost
• Cost Structures and Methods – costing services and products
• Procurement
• Cost allocations

Module 6

Financial and Management Reporting

• Importance of financial reporting 
• Understanding elements of financial statements
• Financial statements; income statement, balance sheet, cash flow statement
• Account management

Module 7

Measuring Finance Performance 

• Introduction to financial Analysis
• Steps in financial analysis
• Financial ratios
• Budget monitoring
• Cash flow monitoring

Module 8

Internal Control Systems in Financial Management

• Organization financial management policies
• Role of audit
• Financial fraud
• Financial spending cross approvals
• Risk management in project financial management

Module 9

Integrating Management Reporting 

• Identifying organizational key success factors
• Measuring economy, efficiency and effectiveness
• Developing Key Performance Indicators
• Use of balanced scorecards