Why Attend
Managing the accounting and finance department requires building
on various dimensions to keep the balance between growth and performance.
‘Modern Accounting and Finance Operations' presents a dynamic and
modern approach to managing the accounting and finance operations on a
strategical level, beyond the technical day-to-day skills.
Dimension 1 is about designing a Key Performance Indicator (KPI)
measurement system which will serve as a cornerstone for managing the performance
of the subsequent practices. Dimension 2 focuses on building teamwork,
happiness, collaboration and self-mastery for the team which is a base to
achieving better results. Dimensions 3 and 4 are focused on re-inventing
processes while using innovation. Dimension 5 is focused on the satisfaction of
internal and external customers with whom the accounting and finance teams
interact. Dimensions 6 is about using all the previous practices to improve
profitability.
Course
Methodology
This course uses a mix of exercises, workshops, group case studies, and
presentations based on the issues and challenges facing the participants.
Conceptual ideas, rules, and best practices will also be discussed in selecting
KPIs, process mapping, cost-saving techniques, and innovative tools.
Course
Objectives
By the end of the course, participants will be able to
- Describe and explain the financial and non-financial KPIs of the
accounting and finance team
- Build a knowledge sharing culture and individual development
plans for employees
- Develop a plan to increase happiness and positive attitude in
the workplace
- Apply up-to-date practices in process mapping, value mapping and
process re-engineering
- Develop a practical survey to understand internal and external
stakeholders' satisfaction from the accounting and finance operations
- Implement costs saving strategies and innovation initiatives
Target
Audience
Professionals in the field of finance and accounting, directors,
managers, supervisors, and finance professionals who desire to understand,
apply and implement practical tools to enable them to structure and run the
finance and accounting departments more effectively.
Target
Competencies
- Develop financial and non-financial KPIs
- Sharing of professional knowledge
- Personal development
-
Accounting and finance process analysis
- Problem solving and process re-engineering
- Change management and innovation in accounting and finance
-
Risk management / Stakeholder orientation
- Cost management
Course
Outline
Introducing Key Performance
Indicators: financial and non-financial- What are Key Performance
Indicators (KPIs)
- The crucial role of KPIs in
managing performance
- Designing a KPI measurement
system
- How KPIs should be linked
to Key Result Areas (KRAs)
- Input KPIs, process KPIs,
output KPIs, outcome KPIs
- Common problems with KPI
systems
- Evaluating your existing
KPI measurement system for enhancement opportunities
- Using KPIs in different
management areas to assess performance
- Which financial KPIs do
executives use?
- A&F KPIs:
operational-performance related
- A&F KPIs: financial-performance
related
Building the team's
capabilities
- Knowledge sharing, learning
and human capital growth
- Creating a culture of
knowledge sharing
- Knowledge sharing models:
codification versus personalization
- Placing incentives for
A&F staff to share knowledge
- Employee learning
frameworks: push versus pull approach
- Available “freeâ€
self-learning tools for A&F staff
- Criteria for selecting
trainings from external providers
- Diversification of learning
solutions
- On-the-job training methods
- Off-the-job training
methods
- Creating action plans for
A&F staff development programs
- Assessing succession plan
for the A&F team
- Building individual
development plans for team members
- Happiness and
wellness in the workplace
- The right physical
environment and work atmosphere
- The appreciation system: do
you reward effort or results?
- Happy work protocols for
different occasions
- Birthdays, outings and
events
- Sports and wellness
- Motivating management
styles: building trust relationship
- Happy employee/manager
relationship
Accounting and finance
process re-engineering
- Definition, elements and
characteristics of a process
- Must-haves for each process
- Process approach to
improvement of A&F function
- Advantages of process
mapping
- The Plan, Do, Check, Act
(PDCA) approach
- Types of mapping tools:
simple flow charting, Swimlane, SIPOC
- Process-mapping softwares
- Best practices in process
mapping
- Mapping an A&F process
- Value stream maps: value
added and non-value added analysis
- Cycle time map:
opportunities in terms of reducing cycle time and defects
- Lean thinking to reduce
waste in processes
- 5S: a framework to organize
and maintain your workplace
Roadmap for innovation in
accounting and finance
- Which A&F processes
require most time and effort?
- Automation opportunities in
A&F
- Utilizing ERP solutions to
close time gaps
- Eight essential attributes
for innovation
- Steps for innovation and
transformation
- Aligning key stakeholders
- Step 1: Understand the
problem
- Step 2: Enlist champions
for the tasks
- Step 3: Start with the end
in mind
- Engaging the organization
- Step 4: Motivate
stakeholders by articulating vision
- Step 5: Communicate
- Step 6: Act
- Step 7: Consolidate
Stakeholders’ satisfaction:
internal and external
- A&F internal and
external stakeholders
- Why stakeholders’
satisfaction is important?
- Using surveys and
questionnaires as a tool for improvement
- How to set objective of
surveys?
- How to write survey
questions?
- How to ask?
- What do survey questions
tend to measure?
- Sampling methods
- Administration and analysis
of survey results
- The importance of demographics
- Simulation: building
satisfaction survey
- Customers (A/R), suppliers
(A/P), employees (payroll), banks (treasury), budgeting, control, financial
reporting and analysis
Achieving realistic cost
savings
- Importance of saving costs
and improving productivity​
- External reasons for cost
reduction and savings
- Advantages and
disadvantages of saving costs
- Cost reduction decision
table
- Example of capabilities
developed by companies to reduce costs
- Strategic and tactical cost
actions
- Shared service centers versus
centralization versus outsourcing
- Organizations that would
benefit from shared service centers
- Process of implementing a
shared service center
- Cost management scenarios
based on company’s situation
- How to play going forward
- Revenues and cost targets
to increase shareholder value
- ​Limitations of simple
employee lay-offs
- Use of target costing
- Control of maintenance,
office supplies, theft and lawsuits
- ​10 steps to accomplish
cost reduction