The Goals
After attending the program, delegates will be able to:
- Know how to prepare business budgets.
- Understand budget deviations and variances.
- Know how a business may maintain liquidity.
- Prepare costing information for business.
- Record stock movements in a business.
- Understand principles of credit control.
- Understand how to use business performance indicators.
The Process
Participants will learn by active participation throughout the programme through the use of the course material, case studies, simulation, and discussion of “real life” issues in their organizations, to ensure the development of skills as well as knowledge.
The Benefits
As a result of attending the employee will:
- Gain an internationally recognised qualification.
- Develop essential skills to enhance their position within the workplace.
- Be able to work more effectively with colleagues.
- Develop and ability to prepare and manage budgets effectively.
- Appreciate the need for liquidity and stick management.
The Results
As a result sending a delegate on this seminar the organization will:
- Improve the knowledge and qualifications of their staff.
- Improve the professional finance skills of staff.
- See an improved performance within the workplace resulting in better cost control and increased profitability.
- Allow knowledge and skills to be shared within the organisation.
- Ensure staff and up-to-date with latest developments and events in the world of finance.
The Core Competencies
- Budget Preparation.
- Sales Budgets.
- Production Budgets.
- Cash Budgets.
- Capital Budgets.
- Budget Management including “What If, Sensitivity Analysis and Budget Control including Variance Analysis.
- Liquidity Management and the assessment of risks.
- Methods of Stock Control.
- Performance Measurement to improve performance, liquidity and profitability.
Day 1: Preparing Business Budgets
- Calculate increases and decreases in quantities and money value of materials.
- Calculate increases and decreases in hours, wage rates and labour costs.
- Calculate increases and decreases in expenses.
- Calculate increases and decreases in amounts and money value of income.
- Make allowance for the timing of receipts and payments arising from credit transactions.
Day 2: Managing Budgets - Budget Deviations/Variances and Costing
- Identify variances (deviation) between actual outcomes and budget information.
- Calculate variances (deviation) between actual and budget data.
- Identify fixed, variable, direct and indirect costs.
- Extract data about income and expenditure from given information.
- Prepare estimates and job costs.
Day 3: Liquidity Management
- Identify how a business may maintain a level of liquidity in accordance with cash budgets and forecasts.
- Invest surplus funds and Investment risk.
- Obtain loans and obtain overdrafts.
- Interest rate risk.
- Recent events in the banking and financial markets.
Day 4: Stock & Credit Control
- Apply stock valuation methods to record the movement in stock using First In, First Out (FIFO), Last In, First Out (LIFO) and Weighted Average Cost (AVCO) perpetual method.
- Calculate cost information and explain the benefits and risks of providing credit.
- Calculate credit prices and compare them with cash prices.
- Use an age analysis of debtors to determine appropriate action in accordance with given policies and circumstances.
- Calculate average periods of credit given and bad and doubtful debts.
Day 5: Measuring Performance
- Key performance indicators and Financial Ratios analysis.
- Extract and organise information into appropriate form from data provided in tables or graphical format.
- Calculate performance indicators measuring customer growth, satisfaction, quality of service, efficiency, effectiveness and productivity.
- Prepare information about financial and non-financial performance in graphical format - line graphs, bar charts and pie charts.
- Compare performance indicators/trends over time and benchmark information against comparative organisation or collected industry relevant data.
Language: English
Place: London – UK
Venue (TBC): Radisson Edwardian Sussex Hotel (Address: 19-25 Granville Pl, Marylebone, London W1H 6PA).