This course runs through the key mistakes accountants make that cause them and the finance function they are part of to be sub-optimal.
What makes a finance function unproductive, delivering the wrong information to the wrong people at the wrong time? This course considers what the top 6 mistakes might be based on 10 years interaction with accountants from a wide range of companies and industries. Although each company is unique, these are the common “mistakes” behind them being less than optimal in the service they provide. This course explains what the mistakes are but, more importantly, how the mistakes can be prevented or corrected. The “mistakes” covered, in brief, are:
- Lack of integration with the business
- Lack of integration between parts of finance
- Lack of communication about the business strategy
- Lack of effective internal financial control
- Use of and reliance on ineffective systems
This course is therefore for any manager with responsibility for a part of the finance function with a view to preventing these mistakes in the future.
On completion of this course, you will have a greater understanding of:
- How to integrate your finance team into the business
- How to make your team more effective in its delivery
- What makes for excellent management information
- What makes for effective internal control
- The biggest barrier to making your new systems work
The course considers the mistakes themselves, the impact of these mistakes and list the solutions that will prevent or correct the mistakes. The course discusses:
- The risks behind finance being seen as a business add on, an overhead, and the steps finance and the business need to take to make sure this does not happen.
- The potentially fractured nature of a finance division and making sure the finance department works as a whole from purchase to pay to management reporting.
- The need for every part of a business to understand business strategy and the potentially motivational effect on staff.
- The use, or overuse, of spreadsheets within finance.
- The need for clear and visible internal control within an organisation following on from recent corporate scandals and insolvencies.
- Business systems that need to engage the whole of the business and not be finance led simply because they have an element of financial control in them.
Authored by: Andy Wilkes
Andy is a qualified trainer and Management Accountant obtaining his qualifications during his 17 years in Central Government. Since leaving the public sector Andy has delivered a wide range of in-house and public learning development programmes for CIMA and BPP working at every level in organisations from trainees to Directors. In the limited time between work and family Andy relaxes by playing cricket, squash and golf and has recently produced his son’s first album!
CPD Points: 1.5
CPD Duration (hours): 1.5
Access: 12 months from purchase date