Finance for Non-Finance Managers
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
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
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.
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
- 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
- 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