Business Financial & Accounting Skills

DAY 1

Management and Financial Accounting: Key Concepts and Terminology

• Identify the major differences and similarities between financial and managerial accounting

• Understand the role of management accountants in an organization

• Linking strategy to planning and costing

• The key role of budgeting and cost control in contemporary organizations

• Towards a cross-functional process-view of the organization

• Understand your processes: integrating financial and non-financial aspects

• Understanding the Financial Statements

• Video, Examples & Discussions

DAY 2

Cost analysis

• What is costing?

• Cost concepts and terminology

• Different costs for different purposes

• Fixed Vs Variable costs: the Cost-Volume-Profit analysis model

• Contribution Margin analysis

• Manufacturing vs. non-manufacturing costs

• Period Vs. Product costs: inventory evaluation and control

• Case study

DAY 3

Traditional vs. Advanced Techniques in Cost-control

• Under-costing and over-costing: the consequences for profitability

• How to refine a costing system?

• Indirect Vs. Direct costs

• Traditional Cost Allocations systems Vs. Activity-Based Costing

• Cost hierarchy & Cost drivers

• Linking resources, activities and management

• Introducing Activity-Based Budgeting and Management

• Video, Case Study and Examples

DAY 4

Budgeting: Flexible Budgets and Variance Analysis

• The role of budgeting

• Define the master budget and explain its major benefits to an organization

• Describe the difference between a static budget and a flexible budget

• Compute flexible-budget variances and sales-volume variances

• Discuss the behavioral implication of budgeting

• The budgeting process in your organization: how to improve it?

• Which tools shall we use to complement budgeting and costing?

• Problems, Case Study and Exercises

DAY 5

Measuring Corporate Performance: The Balanced Scorecards and Six-sigma

• Broadening performance measurement systems

• The key role of customer satisfaction and business process reengineering

• Beyond budgeting: integrating financial and non-financial issues

• Introducing the Balanced Scorecard

• The key perspectives

• Introducing the Strategy maps

• Introducing Six-sigma

• Video, Case Study and examples