Strategic financial management provides the essential ingredients for achieving a sound budget preparation and execution system.
This course focuses on the issues and challenges likely to impede the seamless operation of management and financial accounting processes and examines the techniques and tools needed to address them. It will underline what constitutes strategic financial management and effective budget execution within the context of management and financial accounting, by exploring its role in providing entities with the means to achieve their strategic and operational objectives.
The course will enhance participants’ understanding of all the key processes within the accounting cycles leading up to the preparation of financial statements, including the use of performance management tools.
On completion, you will be able to:
- Apply strategic financial management to add value to the budget execution process
- Describe the differences between a management accounting system and a financial accounting system
- Undertake cost analysis and apply strategic management and costing principles to support improved decision-making
- Understand types of cost information and how to put that information to best use
- Design robust and meaningful financial performance measures to help enhance financial control
- Understand the main processes involved in the preparation of accounts for strategic and operational use by all level of management
- Appreciate the accounting adjustments which are necessary to transform internal management accounts into statutory and regulatory financial statements
- The budget execution process
- The framework of management control and expenditure monitoring
- Traditional financial reporting and results-based performance measurement
- Design and implementation of the Chart of Accounts (COA)
- Procurement planning and the use of Public-Private Partnerships (PPPs)
- Costing principles and techniques
- Principles of effective cash management
- Planning and budgeting and their impact on cash-flows and profitability
- Integrated financial management information systems
- Sources of finance
All courses will be conducted entirely in English. A proficient level of both spoken and written English is required by all delegates so that they are able to fully benefit from the course and participate in our interactive style of training.