Managing Financial Functions and Improvement Opportunities: The Effective Financial Controller Course

Course Overview:

The Managing Financial Functions and Improvement Opportunities: The Effective Financial Controller course prepares the participants to the changing environment of the Financial Controller.

It encompasses such aspects as finance reporting, budgets, finance teams’ supervision, but also emphasizes on strategic planning and decision- making processes. Participants will understand how to assess organizational performance, budgetary analysis, and other business processes’ efficiency, to improve accounting processes by applying advanced software tools including MS Excel.

In addition, the course takes into account the methodologies on the organizational internal control elements, cost and management accounting techniques as well as the planning and forecasting enhancement methodologies. Moreover, it discusses risk management practices and their application in new techniques such as Activity-Based Costing (ABC) and Balanced Scorecard. 

The course is suitable for already practicing financial specialists seeking to advance to higher positions as well as new employees. Participants are equipped with the skills needed to manage financial functions within the fast-paced business framework.

Course Objectives:

By the end of the Managing Financial Functions and Improvement Opportunities: The Effective Financial Controller Course, participants will be able to:

• Recognize the extent of change in the role of the Financial Controller and to focus on the areas of their organization where change is required
• Identify the main responsibilities handled by financial controllers
• Describe the different financial statements used in their organizations
• Analyze company performance highlighting impact of current operations on future financial results
• Evaluate and present company budgets and assist management in selecting proper plans
• Practice some of the key skills required using Excel to boost the efficiency of accounting and finance work
• Assess internal controls within the finance department and the organization in general
• Integrate new developments in strategic management accounting, information management and support for decision making
• Implement methods of change management in their organization
• Use the information sources within their organization to assist the management process
• Prepare for the introduction of advanced methods of information management
• Critically assess the planning process in their organization and participate fully in strategic planning
• Understand the role of advanced budgeting and where it might fit into their organization
• Integrate new developments in strategic management accounting, information management and support for decision making

Who Should Attend?

This Managing Financial Functions and Improvement Opportunities: The Effective Financial Controller Training Course is beneficial to:

• All financial professionals involved in the daily operation and control of financial functions
• It is of particular benefit to those employees who aspire to become senior financial professionals in their future careers

Course Outlines:

The Main Responsibilities of Financial Controllers

• Accounting and Reporting Responsibilities
• The Controller’s Role in Management
• The Controller’s Status in the Business
• Budget Reporting and Analysis
• Managing Finance and Accounting Staff
• Evolving Role of Financial Controller

Control Function

• Structure of Internal Control
• Setting and Updating Policies and Procedures
• Assessing Internal Control Policies
• Internal Controls on Financial Reporting
• System Controls
• Backup and Disaster Recovery Planning

Cost and Management Accounting

• Introduction to Cost and Management Accounting
• Materials Costs, Labor Costs and Overhead Costs
• Product Cost Determination
• Activity Based Costing (ABC) and Activity Based Management (ABM)
• Product Profitability and the Cost of Quality
• Theory of Constraints

Planning, Forecasting and Budgeting

• Long Term and Short-Term Planning
• Strategic Planning, Budgeting and Risk
• Operational Forecasting Risk
• The Balanced Scorecard, Strategy Maps, Alignment
• Sources of Competitive Advantage
• Capital Forecasting, Capital Budgeting and Risk

Management Decision Strategies

• Economic Value Added (EVA)
• Electronic Data Interchange
• Value Chain Analysis
• Total Life Cycle Costing
• Managing in a Time of Change
• Enterprise Risk Management (ERM)

see more; Masterclass in Corporate Finance Course