Course: Business Financial & Accounting Skills

SEMINAR OUTLINE 

DAY 1

Management and Financial Accounting: Key Concepts and Terminology

• Identify the major differences and similarities between financial and managerial accounting
• Understand the role of management accountants in an organization
• Linking strategy to planning and costing
• The key role of budgeting and cost control in contemporary organizations
• Towards a cross-functional process-view of the organization
• Understand your processes: integrating financial and non-financial aspects
• Understanding the Financial Statements
• Video, Examples & Discussions

DAY 2

Cost analysis

• What is costing?
• Cost concepts and terminology
• Different costs for different purposes
• Fixed Vs Variable costs: the Cost-Volume-Profit analysis model
• Contribution Margin analysis
• Manufacturing vs. non-manufacturing costs
• Period Vs. Product costs: inventory evaluation and control
• Case study

DAY 3

Traditional vs. Advanced Techniques in Cost-control

• Under-costing and over-costing: the consequences for profitability
• How to refine a costing system?
• Indirect Vs. Direct costs
• Traditional Cost Allocations systems Vs. Activity-Based Costing
• Cost hierarchy & Cost drivers
• Linking resources, activities and management
• Introducing Activity-Based Budgeting and Management
• Video, Case Study and Examples

DAY 4

Budgeting: Flexible Budgets and Variance Analysis

• The role of budgeting
• Define the master budget and explain its major benefits to an organization
• Describe the difference between a static budget and a flexible budget
• Compute flexible-budget variances and sales-volume variances
• Discuss the behavioral implication of budgeting
• The budgeting process in your organization: how to improve it?
• Which tools shall we use to complement budgeting and costing?
• Problems, Case Study and Exercises

DAY 5

Measuring Corporate Performance: The Balanced Scorecards and Six-sigma

• Broadening performance measurement systems
• The key role of customer satisfaction and business process reengineering
• Beyond budgeting: integrating financial and non-financial issues
• Introducing the Balanced Scorecard
• The key perspectives
• Introducing the Strategy maps
• Introducing Six-sigma
• Video, Case Study and examples

The Scandinavian Academy for Training and Development adopts the latest scientific and professional methodologies in training and human resource development, aiming to enhance the efficiency of individuals and organizations. Training programs are delivered through a comprehensive approach that includes:

• Theoretical lectures supported by PowerPoint presentations and visual materials (videos and short films).
• Scientific evaluation of participants before and after the program to measure progress and knowledge acquisition.
• Brainstorming sessions and practical role-playing to simulate real-life scenarios.
• Case studies tailored to align with the training content and participants work nature.
• Assessment tests conducted at the end of the program to evaluate the achievement of training objectives.

Each participant receives the training material (both theoretical and practical) in printed form and saved on a CD or flash drive. Detailed reports, including attendance records, final results, and overall program evaluations, are also provided.

Training materials are prepared professionally by a team of experts and specialists in various fields. At the end of the program, participants are awarded a professional attendance certificate, signed and accredited by the Scandinavian Academy for Training and Development.

Program Timings:

• 9:00 AM to 2:00 PM in Arab cities.
• 10:00 AM to 3:00 PM in European and Asian cities.

The program includes:

• A daily buffet provided during the sessions to ensure participants comfort.

Effective planning and control entails developing skills that go far beyond mastery of any one discipline. This program addresses key issues, such as cost analysis, continuous improvement of cost assignment, budgeting, management control, and performance evaluation. In so doing, the program pushes delegates to understand the cause-and-effect relationship among business strategy and vision, operational objectives, measures and targets, as well as advanced performance measurement and reporting. The program focuses on:

• Master the finance and accounting jargon to understand business processes
• Cost analysis for budgeting purposes and decision making
• Financial and operational measures to support the budgeting process
• Best practices to manage organizational performance
• Link strategy to costing and performance evaluation

Objectives

• Understand the finance and accounting jargon
• Learn costing and budgeting terminology used in business
• Determine full costs of outputs for the goods and services provided
• Master traditional techniques and recent best practices
• Link finance and operation for budgeting purposes and strategy execution
• Learn how to build a comprehensive performance measurement system

Training Methodology

The seminar 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. Difficult mathematical concepts are minimized and handled in a visual way that is easy to understand with examples demonstrated.

Organisational Impact

• Cost and budgeting awareness will be enhanced
• Higher chances to select a budgetary system that works
• Broadened knowledge of performance management techniques
• Better attitude to link cost and budgeting to strategy and performance measurement
• Deeper understanding of cause and effect relationship for budgeting purposes
• Better awareness of non-financial implications of budgeting

Personal Impact

• Delegates will understand the costing and 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
• They will reinforce and expand their knowledge by linking budgeting to strategy and performance measurement
• They will broaden their understanding by linking financial and operational issues

The Scandinavian Academy for Training and Development is committed to hosting all training programs in dedicated and well-equipped hotel facilities specifically designed for conducting and delivering training sessions, unless explicitly stated otherwise on our website. Participants will be notified of the program venue within 7 to 21 days prior to the programs start date, based on the Academys assessment and the programs circumstances. The Scandinavian Academy for Training and Development emphasizes that it holds no responsibility for any force majeure events that may prevent the program from being held at the designated venue. Nevertheless, the Scandinavian Academy for Training and Development will make every effort to provide suitable alternatives and extend the necessary support to participants in the event of a venue change due to unforeseen circumstances.