Efficient Finance and Accounting Operations: 2020 Best Practices and Updates - Virtual Learning

Why Attend

While running the daily accounting and finance operations, accountants are almost programmed to act effectively; as mistakes are not allowed and deadlines are very strict. But in the midst of all of this, we tend to lose on the efficiency side. In this course, we will take a step back, and think at how we operate. You’ll be provided with few tools to assess the efficiency of the accounting operations and identify best practices in this regards. The course will take you through an overview of many of the accounting and finance operations, from financial statements, to receivables and inventory to accounts payable, fixed assets and budgeting.

Course Objectives

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

  • Identify the main elements of a vision for finance and accounting
  • Evaluate and improve accounts payable process
  • List the key best practices in receivables, inventory and cash management
  • Assess the budgeting process in their organizations and recommend improvements

Target Audience

Professionals in the field of finance and accounting, managers, supervisors, and finance professionals who desire to understand, apply and implement practical tools to enable them to run the finance and accounting departments more efficiently.

Target Competencies

  • Analytical skills
  • Accounts payable management
  • Accounting and managing accounts receivables
  • Accounting for inventory

Note

This is a hands-on training course using laptops. Participants are required to use their own laptops equipped with Excel 2016 or higher for the duration of the training.
  • 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
  • The accounting cycle and financial statements
    • The accounting processing cycle
    • Overview of key financial statements
      • Income Statement
      • Balance sheet
      • Cash flow
  • 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
  • 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
  • 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

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

MPC
Per participant

USD 1,750

Fees + VAT as applicable

Tax Registration Number : 100239834300003

Online Training