Finance for non financial managers

Duration
3 Days
Who should attend
• Financial officials
• General employees
• Professionals
• Financial managers
• Managers
• Heads of departments
• Bookkeepers
• Credit Controllers
• Debt managers

Why you need to attend?
Financial management skills course is based on significant practical business financial experience aimed at providing delegates with a due diligence framework that will ensure that they are able to:

• Programmed is SAQA/NQF aligned and accredited
• Learn from best speakers in the financial management sector
• Gain credits towards and national certificate
• Obtain a certificate of competence upon successfully completion of the programme
• Understand their job descriptions as financial officials
• Get a hands-on or practical approach to financial management
• Learn best and modern ways to cut cost
• Understand case studies of best and worst financial management standards
• Understand how the financial department is structured and its functioning to the organization
• How to undertake financial decisions in line with business aims and objectives
• Apply your Key Performance Indicators to the day to day financial management of the organization
• Understand the role of financial directors and relationships to stakeholders
• Undertake sound financial management decisions in line with company financial policies and regulations
• Apply corporate governance principles to the finance department
• Learn best fraud prevention mechanisms
• Understand the importance of budgeting and expenditure management
• Examine financial records and ensure effective records management
• Discuss sound financial reporting standards in line with respective legislations (GRAAP or IFRS)
• Read and interpret financial statements
• Understand financial performance management principles
• How to monitor and evaluate budget and expenditure

Programmed Description
The objective of this workshop is to equip participants with modern and practical skills, competencies, and knowledge to take control of their business financial planning and management. While financial management may seem confusing and cluttered, the truth is, the average person, with good training, can equip himself or herself to competently manage their own financial affairs. With increased knowledge, participants avoid unnecessary brokerage and financial planning and management reporting fees.
This program will also examine financial concepts that are critical to the success of an organization. We will work with participants to provide them with the tools they need to make more consistent and informed decisions regarding financial matters. The consistent application of these financial techniques will improve the performance and productivity of participants.

SAQA/NQF ALIGNMENT
The workshop programme in finance for non-financial managers is aligned to unit standards drawn from the South African Qualification Authority (SAQA). The following unit standards will be used:

SAQA ID Unit Standard Title NQF Level Credits
110388/1171556 Interpret basic financial statements 4 4
13941 Apply the budget function in business unit 5 10


Course Agenda

Module One: Fundamentals of finance for new financial officials & Compliance
• What is finance?
• What is financial management?
• Introduction to PFMA, MFMA, & MSA
• Corporate governance
• Discuss the link between Company documents (CM1, CK1 or CK2, memorandum of unserstanding, Articles of association & founding documents) and financial management
• How is finance related to financial management?
• Discuss management accounts and managerial accounting
• Examine company financial policies and procedures
• What are financial statements of the organization?
• Discuss the role of the company board of directors
• Application of financial planning principles to an organisation
• What are financial management goals? How are they related to the organizations overall business strategy?
• How is the finance department structured and roles and responsibilities of personnel?
• How does an organization measure its financial performance?
• Discuss key Performance Indicators of new financial officials

Module Two: Financial Policies, Roles & Responsibilities
• What are financial policies, regulations and laws? How are they applied on a day-to-day basis?
• What are the roles and responsibilities of financial managers?
• Explanation of how key performance indicators can be effectively applied
• How the National Credit Act (NCR) affects individuals and organizations cash flow?
• How credit agreements can be altered and terminated?
• What is the role of the financial managers in relation to financial reporting and auditing
• Analysis of Credit management agreements
• Debt collection, repayments, surrender and debt reinforcement


Module Three: Company Annual Financial Statements
• Define annual financial statements
• Discuss the index of company financial year end statement
• Discuss how to draft financial statements
• Best practices in reading and interpreting financial statements and accounts
• Explain and perform Financial Forecasts for the organisation
• Discuss cash flow statement and impact to organizations performances
• Explain the importance of a balance sheet & what to look for
• Explain the income statement and how it is constituted
• Discuss what constitute a detailed income statement and impact on auditing
• Explain the importance of notes to financial statements
• Discuss statements of changes in company equity
• Discuss approval of company financial statements and statement of responsibility


Module Four: Budgeting & Expenditure Management
• Discuss budgeting and cash flow management
• Discuss basics of activity-based costing & management
• Expenditure management
• Discuss financial cost cutting strategies
• Discuss the components of a budget
• Budgeting and goal setting: How to evaluate results and improve effective financial decision-making
• How to prepare and manage departmental budgets
• Discuss the break-even analysis and the impact on business
• Explain how to create and manage an annual budget
• Develop and expenditure plan and monitor quarterly expenditure against set targets
• Develop and manage monthly and periodic expenditure plans
• How to perform financial projections
• Discuss how to do budgeting performance evaluation
• Setting budgetary controls

Module Five: Financial Risk, GRAAP, Auditing & Tax (SARS) returns
• Identity theft and fraud prevention in the department
• Discuss FICA compliance
• What are the key performance indicators required in measuring financial performance?
• Explain ways to deal with financial risks
• How to prepare company tax returns (SARS)
• How to balance company bank accounts
• Read and interpret bank statements
• Business ethics and corporate governance for financial managers (King III Report)
• Auditing your financial accounts
• Operate a cash and credit control management system
• How to manage petty cash
• How to monitor and evaluate financial performance of the department

Module Six: International Financial Reporting Standards
• Explain key concepts of IFRS
• What are financial records?
• What is an independent auditor’s report?
• Discuss company director’s report
• The importance of receipts and relevant documentation
• Methods to keep and maintain company financial records (Ledgers)
• Discuss the structure of a financial report
• Explain how to undertake bank reconciliations
• Drafting a credit and debt report
• How to record and make payments
• Case studies of good and bad financial management standards

Module seven: Financial analysis and Modeling
• Discuss financial analysis
• Explain financial modeling
• How to use excel spreadsheets
• Application of formulas and ratios
• Ratio analysis

Module Eight: Company assets and liabilities
• What are company assets
• Discuss company assets policies and procedures
• Explain company asset list
• Discuss personal assets and liabilities
• The roles and responsibilities of asset managers
• What constitute asset depreciation?
• Discuss company asset form and register
• Discuss methods to protect company assets
• Measures and methods to sale company assets



ASSESSMENT/CERTIFICATION
Learners will compile a Portfolio of Evidence (POE) and this will be assessed to determine the level of competence. Successful candidates will be awarded Certificate of Competence. Learners who do not submit POEs for assessment will obtain Certificates of Attendance.

OUR UNIQUE TEACHING MODEL
A range of methodologies will be used to deliver the course, including: Group training sessions; Small group projects; Role plays; Case studies; Bridging / Articulation

IMPLEMENTATION STRATEGY
• STEP 1 Pre-training Skills Audit
• STEP 2 Training Material Development
• STEP 3 Training
• STEP 4 Practical learning (Only for Learners who choose to go through formal assessment).
• STEP 5 Collection and assessment of POE learning (Only for Learners who choose to go through formal assessment).
• STEP 6 Feedbacks
• STEP 7 Follow up and consultation

Spectrium is accredited as a training and development service provider in South Africa by the Department of Higher Education and Training, UMALUSI, and Services Seta.

We are an accredited and recognised student Support Centre for the following professional bodies:

- Chartered Institute of Management Accountants (CIMA)
- Association of Certified Chartered Accountants (ACCA)
- IMM-GSM
- Institute of Certified Bookkeepers
- Project Management South Africa

Our course offering include:
- Business Management
- Marketing Management
- Project Management
- Financial Accounting and Management
- Bookkeeping
- Call Centre
- Office Administration
- New Venture Creation
- Human Resources management
- Information Technology

At Spectrium we also offer the following services
- Research and statistical analysis
- Conferences and events
- Translation and interpretation
- Recognition of Prior Learning (RPL)
- Learnerships
- Customised training interventions