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Fundamentals of Finance and Accounting for Non-Financial Managers

American Management Association @ 1601 Broadway, New York, NY

Unlock the power of finance and accounting to enhance your decision-making skills and boost your value in the organization. Gain confidence in interpreting financial reports, drafting budgets, and justifying your ideas in dollars and cents. This program from the American Management Association equips non-financial managers with the essential financial skills needed to succeed in any industry.

(5) All levels 21 and older
$2,595

2 sessions

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Implementing Strategy

  • Intermediate
  • 18 and older
  • $3,624.98
  • Virtual Classroom
  • 20 hours over 5 sessions
Implementing Strategy

Start Dates (0)

  • $3,624.98
  • Virtual Classroom
  • 20 hours over 5 sessions
  • Price include sales tax
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Class Description

Description

What you'll learn in this accounting class:

Implementing Strategy - Business and Accounting Strategies in Uncertain Times 2

You need to reshape your business for the new normal. The strategy and business plan are in place, but how do you convert that into action. How do you make the changes happen that will deliver value in the new world? There’s never been more pressure on the CFO to deliver results.

Your organization needs to deliver efficiently and effectively. You need to have control of costs, prioritize the right things, and need the flexibility to change tactics. As the senior finance leader, you need to be on your toes. You don’t just need to be an expert in accounting, you need to be an expert in business change too. You need to help and guide your fellow managers to spend wisely. In this 5 session course, we go beyond budgeting to more effective and agile ways of managing cost.

Do you know who your most profitable customers are? Do you know the true cost of each of your products or services? Does your pricing reflect the full cost of serving the customer? What drives cost and value for money in your organization?

This information is vital, especially as you build your strategy, but rarely available. The problem is that the information from your accounting systems is designed for external reporting and to meet tax requirements. There’s a big difference between accounting information and the true economics of the business.

We consider how to move beyond budgets to provide an agile financial management system that is focused on delivering the business strategy. When it comes to cost management no one tool is ever right for all circumstances so we look at a variety of tools you can use to maintain a financially efficient and effective organization and a guide to when it is most appropriate to use each one. We also look at what happens when a business has the challenge to make a step-change in its cost base and give a range of ways the CFO can help his team to take cost out of the organization.

The course introduces the concepts of activity-based costing for the small and medium business and then develops these in a practical workshop teaching how to build and use costing models.

Over 5 days we investigate practical ways you can implement your new strategy. We look at:

  • Zero-based budgeting, and cost management techniques you can implement directly in your own organization
  • Activity-based costing techniques that help you understand the true profitability of customers and products, help you segment customers and markets, and make better decisions
  • Understand business change and help you become both instigator and executioner of change

At the end of this seminar you will:

  • Have practical methods you can take back to your business
  • Be equipped to run workshops with your business to develop Zero-based budgets
  • Have learned to use a variety of tools that will allow you to manage and control cost
  • Understand how to rapidly assess the cost and profitability of your products services and customers
  • Be better equipped to manage business change

Learning Objectives

  • To understand how to work with your management team to develop better financial targets to measure performance
  • To understand the different tools and techniques available to you to control and remove cost from your organization
  • To understand the practical tools and techniques that are available to help you, and to get practical hands-on experience of using them in a safe environment

Who Should Attend

The course is aimed at the business finance manager. You are likely to:

  • have responsibility for developing plans and budgets and reporting business results to your management team
  • be the no 1 or no 2 in your finance team, providing financial advice and decision support to the rest of the business

Topics

Day 1 - ZBB

  • The concept of Zero-Based Management
  • How to take out the costs that are not in the business plan
  • Driving change through ZBB
  • Why traditional budgeting doesn’t work
  • How to build a Zero-Based Budget

Day 2 – Taking Cost Out of the Organisation

  • Understanding what drives cost
  • Introduction to Lean & continuous improvement
  • Introducing Activity-Based Management

Day 3 – Supplementing ZBB with ABC

  • Running a cost reduction exercise
  • Sharing services
  • Understanding the true cost of delivering products and services
  • Optimizing Profit (The 80 – 20 rule)
  • The bottom 20% and what to do about

Day 4 - Practical workshop looking at how to build an ABC model

Day 5 – Managing business change

  • Introduction to change & benefits
  • Understanding the change curve
  • Importance of communication and some tools to help
  • Understanding the relationship Benefits, changes & enablers
  • Realizing benefits through managing the enablers (People, processes, and systems)

Prerequisites

A grounding in financial management information will be useful in this course.

Refund Policy

Cancellation/Refund Policies:
  • Provider reserves the right in its sole discretion to cancel or reschedule an Event, or to change the instructor without notice. You will be entitled to no compensation or damages in such a case.

  • If Provider cancels an Event (or reschedules it to a date inconvenient to you), we will provide a full refund within 30 days upon your written request, or at your option you may transfer the credit to another Provider Event or to another person.
     
  • If you cancel your registration in writing to Provider at least 14 days before the start of the Event, we will provide an 80% refund - the remaining 20% represents our administration fee. Alternatively, you are welcome to transfer the full credit to another course or to another person at no extra charge.
     
  • If you cancel your registration with less than 14 days prior written notice to Provider, or do not attend the Event for any reason whatsoever, no refund will be made and no Provider Content will be distributed to you. A transfer of the credit to another course or to another person may be possible, in Provider's sole discretion, at an extra charge equal to 20% of the original registration fee.

  • No refunds will be made after you have attended the Event. Nonetheless, the Provider is proud of its reputation in the marketplace and also of its level of customer service, and will always seek to address any concerns that you may have before, during or after the course.

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