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 behavioural concepts related to the day-to-day finance and accounting operations

Outline:

The importance of best practices

• Effectiveness versus efficiency
• Functions of management
• Finance and accounting vision and mission
• Customer service survey
• Purposes and processes of finance and accounting
• 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 ine?ciencies - 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
  • Enhancing policies and procedures manuals
• Essential behavioural 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