Fundamentals of Finance, Accounting & Budgeting Course
Financial management has a key role in any business, irrespective of the size of the company. It is a crucial part of organizational management and cannot be considered as a separate task to be left to finance team. Financial management comprises of planning, organizing, controlling and monitoring financial means in order to achieve organizational objectives.
This course presents the underlying framework and fundamental of Finance, Accounting & Budgeting in the context of how accounting fits into the overall business environment of contemporary society. Participants will learn how accounting functions as an information development and communication system that supports economic decision making and provides value to entities and society. As well this course provides an overview of the essential tools and the skills to build world-class standards into your budgeting. Important elements of this programme include making your budgeting process more efficient & effective.
WHO SHOULD ATTEND?
All professionals with financial responsibility
Managers seeking to develop their understanding of the accounting methods
All professionals with planning and budgeting responsibility
Anyone with direct planning and budgeting responsibility
Professionals responsible for management reporting
Corporate governance directors and compliance officials
Board level members who wish to develop their understanding of Budgeting &Planning
Professionals who are working with financial organizations
At the end of the course, participants will be able to:
Explain basic accounting concepts, terminology, principles, processes and procedures that govern how the financial statements are prepared. and the relevance to a business department.
Identify the basic principles used in safeguarding assets and insuring the accuracy of accounting records
Understand the difference between accrual and cash basis accounting
Know the importance of accounting in running businesses.
Understand the accounting cycle.
Explain the components of an annual report.
Understand how financial information, primarily that provided by the financial statements, can be used to analyze business operations and make economic decisions
Effectively prepare balance sheets and income statements.
Analyze a set of financial statements to evaluate the business’ financial health.
Differentiate the financing options available to a business and situations where each might be used.
Explain how to prepare a budget and effectively manage the budgeting process
How to implement advanced planning and control techniques into your budgeting process
Know how to integrate the budgeting process with the development of the company’s long-term strategic vision
Successfully build an integrated planning, budgeting and reporting process
Know how to provide a decision support structure that provides timely and useful information to decision makers
Apply management tools to the budgeting process that contribute to strategic goals
Develop ways to increase profitability and performance through stream lined planning and reporting
TOPICS TO BE COVERED
Module 1 - Company objectives & Fundamental of Finance & Accounting
Introduction to finance: Terminology
Purpose of financial analysis and reporting
The finance role in running businesses
The Accounting Equation- what does it mean?
Generally Accepted Accounting Principles
Understand the nature, purpose and role of accounting
The accounting environment
Walking through an Annual Report
The Role of External Auditor
Users of accounting and financial information
Distinguish between accounting and finance
Module 2 - Financial Statements - Understanding and Analysis
Understanding the Financial Statement
Profit and loss account (income statement)
Cash flow statement
Why are ratios useful
Horizontal and trend analysis
Vertical analysis: common size statements
Building blocks analysis and reading through the numbers:
Liquidity ratios: ability to settle short-term dues
Solvency ratios: ability to settle long-term dues
Limitations of financial ratio analysis
Module 3 - Management Accounting
Cost behavior: fixed, variable, semi-fixed cost
Understanding Cost behavior and types of costs
Plan for Cost Reduction and Profit Improvement
Costing Approaches – Full Absorption, Marginal, ABC
Cost volume profit analysis (CVP)
Working Capital Management
Definition of working capital and working capital management
Working capital management strategies for current assets
Balancing profitability and liquidity
Working capital management strategies for current liabilities
A trade-off between profitability and certainty
Module 4 - Budgeting and the Strategic Management Framework
What is the budget?
The objectives of budgeting
Types of Budgets
The budget process
The Role of Budgeting
How to identify problems and limitation of budgetary control?
Approaches to Budget Development
Using budgets to manage organizational performance
Finance and budgeting teams- role in supporting strategic planning
Capital budgeting techniques & Cash Flow
Using Activity-based Budgeting
Day 5 - Advanced Capital Budgeting Evaluation Techniques
Business risk and cost of capital
Classifying investment projects
Analyzing investment and operating cash flows
The time value of money concept
The required rate of return
Net Present Value (NPV)
Internal Rate of Return (IRR)
Multiple internal rates of return
Modified Internal Rate of Return (MIRR)
Profitability Index (PI)
Payback period and discounted payback period
Comparing and evaluating techniques
The instructor led trainings are delivered using a blended learning approach and comprise of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.
All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.
Upon successful completion of this training, participants will be issued with an Indepth Research Services (IRES) certificate certified by the National Industrial Training Authority (NITA).
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments and lunch.
All participants will additionally cater for their, travel expenses, visa application, insurance, and other personal expenses.
ACCOMMODATION AND AIRPORT PICKUP
Accommodation and airport pickup are arranged upon request. For reservations contact the Training Officer.
IRES has a firm belief that every organization has a unique purpose only they can fulfil in this world. We work with you in organizing your resources to exploit opportunities so that you can fulfil your purpose and realize full potential.