Business Financial and Accounting Skills
Overview:
Introduction:
This training program provides participants with essential skills and knowledge in business finance and accounting. It empowers them to manage financial operations effectively, enhance financial decision-making, and ensure accurate financial reporting and analysis.
Program Objectives:
At the end of this program, participants will be able to:
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Understand the principles of financial accounting and reporting.
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Develop and manage budgets and financial plans.
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Analyze financial statements and performance.
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Apply cost accounting methods for business efficiency.
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Implement best practices in financial management and control.
Targeted Audience:
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Accountants.
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Financial Managers.
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Business Analysts.
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Finance Officers.
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Managers involved in financial decision-making.
Program Outline:
Unit 1:
Fundamentals of Financial Accounting:
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Principles and concepts of financial accounting.
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Understanding the accounting cycle.
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Preparing and interpreting financial statements.
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Key accounting policies and standards.
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Case studies on financial accounting practices.
Unit 2:
Budgeting and Financial Planning:
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Importance of budgeting in business management.
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Different types of budgets (operational, capital, cash flow).
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Steps in the budgeting process.
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Monitoring and controlling budgets.
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Best practices in financial planning and forecasting.
Unit 3:
Financial Statement Analysis:
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Techniques for analyzing financial statements.
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Key financial ratios and their interpretation.
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Assessing business performance and financial health.
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Conducting variance analysis.
Unit 4:
Cost Accounting and Management:
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Overview of cost accounting principles.
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Methods of cost allocation and costing systems.
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Activity-based costing (ABC) and its applications.
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Using cost information for business decision-making.
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Practical examples on cost management.
Unit 5:
Financial Management and Internal Controls:
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Principles of financial management.
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Managing working capital and cash flows.
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Importance of internal controls in financial management.
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Designing and implementing effective control systems.
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Best practices in financial risk management and compliance.