Financial management

Financial management from Peakford Management Consultants

By: Peakford Management Consultants  12-06-2010
Keywords: Financial Management

Financial Management Programme Public Sector

The financial management function is critically becoming important in all sectors of the economy. Proper financial management and decisions can enhance the competitiveness of the organization. For emerging organizations keeping eyes on the ball means being able to accurately understand, interpret and reporting on financial information.

 

- has a proven record in facilitating this programme utilizing expert, experienced and qualified facilitators

 

Learning outcomes

  • Determining the structure of financial statements
  • Relating the income statement to the balance sheet and cash flow statement
  • Demystifying financial jargon
  • Budgeting process: translating the business plan into figures
  • Understanding revenue and cashflow management
  • Appreciating the PFMA
  • Detailing the procurement process
  • Understanding effective asset management

 

 

Programme outline

Part one

 

Understanding basic accounting practices

  • Basic concepts and rules of accounts
  • Income and expenses
  • Significance of entries
  • Different types of costs
  • Fixed costs and Variable costs
  • Semi-variable costs
  • preparing financial statements
  • The balance sheet and its components

Budget planning and management

 

Setting budgets

  • Working within the context of the strategic plan
  • Forecasting sales and revenue
  • Calculating cost of sales and overhead
  • Rolling, incremental, flexible and zero-based budget methodologies
  • Budget coordination: creating the Master Budget
  • Limiting factors

Monitoring budgets

  • Actual vs. budget
  • Calculating and interpreting variances
  • Diagnosing the cause of variances
  • Reforecasting
  • Feedback and feed forward controls

 

Part two

Cashflow management

  • General principles of cash flow management
  • Reconciling the difference between profit and cash
  • Identifying the key elements of the cash flow statement
  • Determining historical operating cash inflows and outflows

Working capital management

  • Optimizing the impact of working capital on cash flow
  • Forecasting future cash flows
  • Controlling inventory levels
  • Managing receivables and payables

 

Revenue management

  • Principles of revenue management
  • Understanding and analyzing sources of revenue
  • Demand forecasting
  • Pricing, costing and profits effects on revenue
  • Understanding markets and demand
  • The revenue cycle

 

Financial Reporting

  • The need and purpose of financial reports
  • Uses of financial reports and statements
  • The components of financial reports
  • Financial statements

 

Auditing process

  • Understanding the audit function
  • The reason and concept of auditing
  • The internal and external auditors
  • The audit committee
  • The auditing process

 

 

Part three

  • The public Finance Management Act (PFMA)
  • Introduction the Act
  • Financial controls and internal control systems
  • Defining roles and responsibilities
  • Strategic planning
  • Developing the accountability frame
  • Reporting and fraud control

 

 

Asset management and procurement

  • Defining key terms
  • Understanding the procurement process
  • Demand management
  • Acquisition management
  • Asset management
  • Disposal management
  • Contract management

Keywords: Financial Management

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