Introduction
This training course offers a comprehensive understanding of financial and management accounting, designed for professionals seeking to elevate their financial literacy and enhance decision-making through accurate financial reporting and budgeting. In today’s competitive and compliance-driven business environment, having a solid foundation in accounting is not just beneficial - it’s essential.
This training course is meticulously crafted to simplify complex accounting concepts, improve financial reporting and budget accuracy, and build participants' confidence in interpreting financial data. Whether you are in finance, administration, management, or operations, this training course equips you with the knowledge and tools needed to understand how businesses track and report financial performance. By the end of this training course, you'll be ready to contribute more meaningfully to your organization’s financial well-being.
This GLOMACS training course will highlight:
- The fundamentals of financial accounting and reporting
- How to interpret and analyze financial statements
- Effective use of accounting information for decision-making
- Link budgeting and costing with strategy execution
- Discuss about modern system of cost analysis for budgeting purposes
- Master the budgeting and financial skills required for better decision-making
Objectives
At the end of this training course, you will learn to:
- Understand the fundamentals of financial accounting
- Analyze and interpret financial statements
- Use accounting information for better decisions
- Understand Costing and Budgeting terminology used in business
- Implement a well-defined costing and budgeting process
- Determine full costs of outputs for the goods and services provided
- Master traditional techniques and recent best practices on budgeting / cost management
- Link finance and operation for budgeting purposes and strategy execution
Training Methodology
This training course will be conducted along workshop principles with formal lectures, case studies and interactive worked examples. Relevant case studies will be provided to illustrate the application of each tool in an operations environment. Each learning point will be re-enforced with practical exercises.
Organisational Impact
Participants will return to their organizations equipped to:
- Strengthen financial oversight and transparency
- Improve budgeting and forecasting accuracy
- Reduce financial misreporting and errors
- Cost and budgeting awareness will be enhanced
- Support strategic decision-making processes
- Align with international accounting standards
Personal Impact
Participants will benefit by gaining the ability to:
- Comprehend and apply accounting principles
- Confidently interpret key financial statements
- Understand accounting’s impact on business strategy
- Identify financial risks and opportunities
- Enhance their professional credibility and growth
- Delegates will understand the budgeting methods most useful to them
- They will understand how to construct a relevant and efficient budget
- They will learn to evaluate the usefulness of costing techniques in accurately calculating and ensuring profitability
Who should Attend?
This training course is suitable for a wide range of professionals but will greatly benefit:
- Finance and accounting professionals
- Budgeting and financial planning staff
- Project managers and business analysts
- Operations, HR, and procurement managers
- The staff person who will be responsible for entering data into the budget system or training others how to enter information
- Those who want to gain control of the firm's financial standing and obtain a firm grasp on the numbers side of their job
- Anyone who wants to refine and advance the budgeting and costing knowledge
Understanding Financial Accounting
- Financial & Management Accounting
- Financial Accounting - From Double-entry bookkeeping to Trial Balance
- An Introduction to IFRS
- From Trial Balance to Preparing Financial Statements for Publication
- Understanding Cash Vs Profit
- Understanding retained earnings
Financial Statement Analysis
- Vertical and horizontal analysis techniques
- The Importance of Profitability, Liquidity & Leverage/Gearing
- Ratio Analysis for performance evaluation
- Interpreting trends and business cycles
- Limitations of financial statements
- Benchmarking and variance analysis
Strategic Use of Financial Information
- The Link between Strategic Planning, Financial Accounting & Management Accounting (Budgeting and Cost Management)
- Budgeting and Forecasting essentials
- Cost Classification, Concepts and Terminology
- Fixed vs. Variable Costs: The Cost-Volume-Profit Analysis Model
- Contribution Margin Analysis
- Cost control and break-even analysis
Cost Management for Budgeting Purposes
- Calculating, Evaluating & Managing the Cost of:
- Purchases
- Manufacture
- Inventory (IAS 2)
- Working Capital
- Improving Efficiency to Reduce Costs
- Hedging to Reduce Costs
Traditional vs. Advanced Techniques in Cost-control
- Traditional Standard Cost Allocations Systems
- Cost Drivers: Linking Resources, Activities and Management
- Activity Based Costing
The Budgeting Framework and its Role within the Management Process
- The Role & Types of Budgets within Management Accounting
- The Budget Process
- Preparing the Master Budget & Departmental Budgets
- Advantages and Disadvantages of Budgets & the Budget Process: The Critical issues for Success
- Budgetary Control
- Preparing a Project/CAPEX Budget
- Upon successful completion of this training course, GLOMACS Certificate will be awarded to the delegates. Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance
Endorsed Education Provider
