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Best Practices in Finance & Accounting

by on January 5, 2015
Posted in Finance

Objective:
To equip the accounting professional with a comprehensive array of best practices now being employed by today’s leading organizations. You’ll explore many practices you can implement immediately with little or no expense, as well as practices that require advanced technologies but can pay off quickly. You’ll be empowered to challenge traditional accounting paradigms and prioritize the practices that will work best for your organization.

 

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

  • Understand the operations of the Finance and Accounting department.
  • Acquire internationally implemented best practices in the following areas: Accounts Payables, Billing, Budgeting, Cash Management and Treasury, Costing, Filing, Financial Statements, General Ledger, Inventory, Payroll, and Policies and Procedures.
  • Apply their knowledge through hands-on workshops and group presentations.

Who Should Attend?

This Program is designed for professionals in the field of finance and accounting, managers, supervisors, and finance professionals who need to understand, apply and implement practical tools to enable them to run the finance department more efficiently.

Outline:

Day 1

Importance of Best Practices (BP)

  • Defining BP and Implementation Techniques
  • Effective versus Efficient Tools
  • Your First and Most Important Tool: Internal Customer Surveys

Accounts Payable (AP) Best Practices

  • The Role of Accounts Payable and Accounts Payable Cycle
  • Improving AP through Decentralization and Centralization
  • Enhancing AP Processing Using Vendor Analysis and Reconciliation
  • Purchasing Catalogue
  • Automating Expense Reporting

Billing, Collection, and Cash Management Best Practices

  • Calculating Allowance Methods
  • Internet and Web Billing
  • Improving Cash Management, Lockbox Collections, and Zero-Balance Accounts

Day 2

Budgeting Best Practices

  • Automating Budget Development
  • Enhancing Budgeting Process
  • Preparing Variance Analysis Reports
  • Conditional Formatted Budgets

Financial Statement and Reporting Best Practices

  • Can We Really Improve the Quality of Financial Data?
  • General Ledger
  • Enhancing Report Generating and Analysis

Day 3

Fixed Assets Best Practices

  • Bar Coding Principles
  • Reconciling Your Fixed Assets
  • The Rules of Capitalizing versus Expensing of Fixed Assets

Enhancing the Finance and Accounting (F&A) Departmental Operations

  • The New Set of Skills for F&A
  • Meetings, Clean Desk Policy, and Delegations Best Practices
  • Hiring the Best, Cross-Training, Back-Up Strategies, and Teamwork
  • Staff Responsibility Charts

Finance Process Improvements

  • Document Management Systems
  • Pivot Tables and Pivot Charts
  • Paperless Printing

Day 4

Action Plans-  Case Studies and Exercises

  • Working on a number of case studies
  • A chance to build skills as well as awareness
  • Delegates will be able to raise their own issues and concerns
  • Tools and Techniques for best Practices in Finance and Accounting

Getting Your Plan of Action Together

  • Working in small groups with tutor guidance

 

 

 


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