Finance for Non-Finance Managers

Course Objectives
The objectives of the one-day course are to


  • Provide an rigorous overview of basic Accounting principles to all participants (i.e. How do Accountants think)
  • Explain how daily actions impact reported Financial Performance


Course Deliverables

Following completion of the one-day Programme, participants will be able to

  • Understand the role of Finance in their daily operations
  • Understand how they can contribute to improving company financial performance
  • Interpret Accounting information in their day-to-day roles.
  • Engage in tangible discussions with financial colleagues to drive plant performance initiatives.
  • Understand and contribute to their in-company budgeting process


Delivery Style
The course will be delivered in a discursive and interactive manner with a strong emphasis on participation. The objective is to make participants comfortable with the language of finance and confident to engage discussion with their financial colleagues.


Course Content
The role of Finance

  • What is the purpose of Finance
  • Compliance and Shareholder issues.

 

Financial Accounting Principles

  • Fundamental Principles: Matching, Accruals
  • Profit and Loss Overview                                                                   Exercise
  • Balance Sheet Overview                                                                     Exercise

 

How daily tasks impact Financial Reporting

  • Inventory Valuation
  • Identifying obsolete inventory.
  • Transaction accuracy and timeliness
  • Formalising the Purchase Order process


Standard Costing

  • Overview of Management Accounting
    • Fixed Costs, Variable Costs, Contribution                             Exercise
  • Standard Costing Overview
    • How Standard Costs (Mat, Lab & O/H) are set
  • Overhead Absorption Principles
    • Traditional Methods                                                               Exercise


Variance Analysis

  • Principles of Variance Analysis
  • Variance Analysis Example
    • Total Materials Variance
      • Price Variance (PPV)                                                  Exercise
      • Usage Variance (Yield and MUV)                             Exercise
    • Total Direct Wages Variance
      • Rate Variance                                                             Exercise
      • Efficiency Variance                                                    Exercise