Business Financial & Accounting Skills

The Business Financial & Accounting Skills Training Course addresses critical aspects of modern financial management, including cost analysis, continuous improvement of cost allocation, budgeting, management control, and performance evaluation. The program is designed to help participants understand the cause-and-effect relationship between business strategy and vision, operational objectives, performance measures, targets, and advanced performance reporting systems. Effective planning and control require a diverse set of competencies that go far beyond mastery of a single discipline. This training course focuses on: Mastering finance and accounting terminology to better understand business processes. Applying cost analysis for budgeting and informed decision-making. Using financial and operational measures to strengthen the budgeting process. Implementing best practices in organizational performance management. Linking corporate strategy to costing systems and performance evaluation

This course is ideal for: Finance professionals, financial controllers, treasurers, and inventory specialists. Senior professionals responsible for financial management and control. Accountants, planners, and cost management professionals. Professionals involved in any stage of the planning process. Medium and senior-level professionals engaged in financial decision-making. New interns and trainees with finance-related responsibilities.

Day 1 – Management & Financial Accounting: Key Concepts Major differences and similarities between financial and managerial accounting. The role of management accountants in modern organizations. Linking strategy to planning and costing. The role of budgeting and cost control in today’s business environment. Moving toward a cross-functional, process-oriented view of the organization. Understanding processes by integrating financial and non-financial aspects. Interpreting and analyzing financial statements. Day 2 – Cost Analysis Introduction to costing: concepts and terminology. Different types of costs for different purposes. Fixed vs. variable costs: the cost-volume-profit (CVP) model. Contribution margin analysis. Manufacturing vs. non-manufacturing costs. Period vs. product costs: inventory valuation and control. Day 3 – Traditional vs. Advanced Cost Control Techniques Under-costing and over-costing: profitability consequences. Refining costing systems. Direct vs. indirect costs. Traditional allocation systems vs. activity-based costing (ABC). Cost hierarchy and cost drivers. Linking resources, activities, and management decisions. Introduction to activity-based budgeting and management (ABB/ABM). Video demonstrations, case studies, and practical examples. Day 4 – Budgeting: Flexible Budgets & Variance Analysis The role and importance of budgeting. Defining the master budget and its benefits to organizations. Differences between static and flexible budgets. Calculating flexible-budget and sales-volume variances. Behavioral implications of budgeting. Improving the budgeting process within organizations. Tools and methods to complement budgeting and costing. Day 5 – Measuring Corporate Performance: Balanced Scorecard & Six Sigma Expanding performance measurement systems. The role of customer satisfaction and business process re-engineering. Moving beyond budgeting: integrating financial and non-financial performance indicators. Introduction to the Balanced Scorecard (BSC). Key perspectives: financial, customer, internal processes, learning & growth. Strategy maps: linking objectives to performance. Introduction to Six Sigma as a performance improvement tool.