Managing Financial Functions and Improvement Opportunities: The Effective Financial Controller
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Managing Financial Functions and Improvement Opportunities: The Effective Financial Controller Course
Introduction:
Financial Controllers play a crucial role in overseeing the day-to-day financial transactions within a business, which are then reported to senior finance officers. These positions are typically found in larger companies that require a dedicated team within the Finance Department.
The duties of a financial controller involve managing accounting processes and monitoring internal controls. Additionally, financial controllers are responsible for banking and finance activities, ensuring accurate reporting and timely payment to taxing authorities, making insurance recommendations and related purchases, and managing corporate documentation. Financial controllers operate in a global environment where adaptability is key. There is a growing recognition of the need for the finance function to evolve from being merely a scorekeeper to becoming a strategic business partner. Consequently, many organizations have transformed their finance function accordingly.
The Effective Financial Controller training course aims to acknowledge the significant changes in the role of financial controllers and focuses on the areas within organizations where change is required. Participants will learn how to utilize the information sources available within their organization to enhance the management process. The course also prepares participants for the implementation of advanced methods of information management and provides insights into the role of advanced budgeting and its relevance within their organization.
By the end of this training course, participants will have a comprehensive understanding of the evolving role of financial controllers. They will be equipped with the knowledge and skills necessary to drive organizational change, optimize information management, and effectively contribute to advanced budgeting practices.
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)