Managing Financial Functions and Improvement Opportunities: The Effective Financial Controller

Managing Financial Functions and Improvement Opportunities The Effective Financial Controller ‫‬

Monday 19 July 2021

  • Duration: One Week
  • City: Madrid 
  • Fees: Classroom: 4300 GBP / Online: 1950 GBP

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Introduction

The duties of a financial controller revolve around ensuring that a business is operating effectively and efficiently. Financial controller duties are to manage accounting and monitor internal controls. Furthermore, the financial controller responsibilities include banking and finance activities, proper reporting and payment to all taxing authorities, insurance recommendations and related purchases and corporate documentation.

Financial Controller operates in a global environment where flexibility is the watchword. There has been widespread recognition of the need for finance to develop from being a scorekeeper to a business partner. Many organisations have changed their finance function as a result

By the end of the course, participants will be able to:

  • Identify the main responsibilities handled by financial controllers
  • Describe the different financial statements used in their organizations
  • Analyse 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 organisation

Course Outlines:

Day 1:

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

Day 2:

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

Day 3: 

Cost and Management Accounting

  • Introduction to Cost and Management Accounting
  • Materials Costs, Labour 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

Day 4: 

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

Day 5: 

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)
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