Financial Operations Management And Advanced Financial Planning

Course Objectives

By the end of the course, participants will be able to:

• Identify the main elements of a vision for finance and accounting
• Evaluate and improve accounts payable process
• List the key best practices in receivables, inventory and cash management
• Assess the budgeting process in their organizations and recommend improvements
• Apply MS Excel reporting and analysis techniques for a faster accounting and finance operations
• Develop an enhanced understanding of the behavioral concepts related to the day-to-day finance and accounting operations
• Describe the key function and purpose of financial planning and budgeting, and how they contribute to various business goals
• Enlighten and explain the key function and purpose of financial performance analysis

Course Outline

The accounting cycle and financial statements

• The accounting processing cycle
• Overview of key financial statements
• Income Statement
• Balance sheet
• Cash flow

Applying best practices in Accounts Payable (AP)

• Accounts payable life-cycle
• AP common inefficiencies - areas for improvement
• Centralized versus decentralized AP
• AP/supplier portal
• Electronic expense reporting
• Online purchasing catalogue
• Document management system

Applying best practices in Accounts Receivable (AR), inventory and Cash

• AR Life cycle
• Accounting for the allowance for doubtful accounts
• Four dimensions in managing AR
• Credit policy
• Billing
• Collection
• AR segmentation
• Inventory life-cycle
• Costing methods
• Valuation and presentation of inventory
• Best practices in inventory management
• Best practices in cash management

Best practices in fixed assets and budgeting

• Fixed assets life-cycle
• Capitalizing versus expensing
• Tracking fixed assets
• Budgeting approaches
• Tips in creating efficiencies in budgeting process

Reporting best practices using MS Excel

• Consolidating your data
• Validating data for accuracy
• Using pivot tables
• Preparing periodic reports in no time
• Performing efficient and accurate reconciliation
• Bank statement reconciliation
• Payroll reporting and analysis
• Accounts payable reporting and analysis
• General ledger reporting, reconciliation and analysis
• Budgeting reporting and analysis
• Invoice analysis and reporting
• Creating flash management reports

Essential behavioral concepts for enhancing Finance and Accounting (F&A) operations

• The new set of skills for F&A
• Clean desk policy
• Peak performance time
• Successful meetings
• Communication skills
• Reviewing and authorization matrix
• Cross training and back up strategies