Course outlines
Module One:
The importance of best practices
- Effectiveness versus efficiency
- Functions of management
- Finance and accounting vision and mission
- Customer service survey
- Purposes and processes of finance and accounting
Module Two:
The accounting cycle and financial statements
- The accounting processing cycle
- Overview of key financial statements
- Income Statement
- Balance sheet
- Cash flow
Module Three:
Applying best practices in Accounts Payable (AP)
- Accounts payable life cycle
- AP common inefficiencies – areas for improvement
- Centralized versus decentralized AP
- AP/supplier portal
- Electronic expense reporting
Module Four:
Applying best practices in Accounts Receivable (AR), inventory and Cash
- AR Life cycle
- Accounting for the allowance for doubtful accounts
- Four dimensions in managing AR (Credit policy/Billing/Collection/AR segmentation)
- Inventory life cycle
- Costing methods
- Valuation and presentation of inventory
- Best practices in inventory management
- Best practices in cash management
Module Five:
Best practices in fixed assets and budgeting
- Fixed assets life cycle
- Capitalizing versus expensing
- Tracking fixed assets
- Budgeting approaches
- Tips in creating efficiencies in budgeting process