The modern day accountant works in an environment of continuous change. Their role has become more challenging by globalization and advancing technology and competition, which has created a worldwide marketplace with a new level of competitiveness for every business and improved and cheaper technology. An effective accountant communicates the story effectively and accurately about what has happened in a business to the users of financial information, as well providing useful and relevant information, so that these users may make effective informed decisions.
• Understand the sources of information in the business • Examine how this information is organized, classified and presented • Utilise effective analytical tools to understand the business • Participate fully in the management of their business • Critically review the financial and other management systems of their business • Understand how change has impacted the role and effectiveness of the accountant in business
Who Should Attend?
• Accountants and finance professionals • All employees working in a financial environment wanting to enhance their skills
• Those professionals with an interest in finance or aspirations to enhance their careers in the field of finance and accountant
Day One: Accounting is an information system • Sources of information • Users of financial information • Users requirements for information • Information flow in a business • Quality of information • Differences between financial and management accounting
Day Two: Financial Reporting
• Internal and external reporting • What the Income Statement tells us about profitability • What the Balance Sheet tells us about the financial strength • Purpose and use of the Cash Flow Statement • Using financial ratios to enhance our understanding • Employing other financial analysis techniques • Interpreting results and making comparisons between businesses
Day Three: Management Reporting
• The emphasis on the customer and the external environment • Developments in Management Accounting and Reporting • Timing and accuracy of data collection and reporting • Benchmarking • The balanced scorecard
Day Four: Planning, Budgeting, and Forecasting
• The relationship between long and short-term planning • Strategic planning • Use of budgets for managing resources • Preparing a departmental budget • Basic forecasting techniques
Day Five: Product Costing
• How we classify costs and set standards • Different costing methods used in business o Absorption costing o Standard Costing o Activity-based costing • Comparing actual performance with the budget
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