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Home All Courses MFC Masterclass in Financial Control
4.8

MFC Masterclass in Financial Control

Certificate in Accounting and Financial Control

2 alternative location(s) available

Course Overview

The MFC program is the “controlling” module of the masters series in administering business organizations. It focuses on the tools to management in directing and controlling the activities of a business to determine whether targets are being met within acceptable risk parameters.

This is a “nuts and bolts” course which begins with an examination of (short-term) working capital management covering how to right size and monitor working capital and tackling credit controls. We review the process of “managing the numbers”, that is, the more traditional approach using the analysis of financial results and the use of ratios as a control tool.

The program then pushes into more pro-active managerial tools reflecting cutting edge organizations that are results orientated: standard costing, relevant costing and cost behavior are examined with a view to achieving the most effective budgetary planning and variance analysis processes. Activity-based costing and Beyond Budgeting are compelling examples of the more pragmatic and practical approach to planning and controlling.

A key part of the course is the focus on how successful companies focus on EVA (economic value added) and how to use EVA to practically assess the value that a business is creating of their business and how they design and implement appropriate KPI (key performance indicators) and OKR systems (objectives and key results). The course incorporates how to consider and implement more recent trends in the applications of using blockchain as an effective control tool.

The program concludes with an interactive case study and discussion of sound internal controls and the COSO framework. All of the above are key areas that a controller must be familiar with in order to effectively perform the controlling function, thereby safeguarding company assets and the bottom line from uncontrolled risks.

2 alternative location(s) available

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5 Key Takeaways

1

Take-away toolbox of the “how to do” techniques in effective cost control.

Getting the right level of working capital coupled with effective monitoring and controlling this critical component of a company’s resources.

2

3

Application of advanced ratios to identify problems in an early stage and how to take effective action.

Mechanisms to link long-term corporate goals to short-term target-setting.

4

5

Getting the buy-in of staff: mastering the link between corporate culture and effective controls.

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See What’s Inside Our 2020 Catalog

Course Outline

DAY ONE

Course Background and Overview

  • Delegate introductions and course objectives

  • High level overview of course content

The Modern Accountants Role

  • Disciplines of financial accounting, management accounting and tax accounting

  • Current challenges and issues in financial accounting

  • International tax professionals

Working Capital Management

  • The working capital cycle
    - Components of working capital
    - Review of working capital ratios
    - Interpreting the working capital ratios and what action should be taken

  • Inventory management
    - Determining optimal order points

  • The balancing act
    – having the right amount of working capital and the costs / benefit analysis of extra or not enough

  • Risk of working capital deficiencies

Case Study: Calculations and discussion to ascertain if a company is at risk of overtrading coupled with solutions / alternatives to tackle this risk.

Application of Advanced Ratio Analysis

  • Examination of financial ratios and their use as a control tool
    - Review of key ratios: profitability, solvency, liquidity, stability
    - Information through comparison: competitive benchmarking
    - Trend analysis: identification of problems and corrective actions

DAY TWO

Application of Advanced Ratio Analysis

  • Structured approach on gearing (leverage) distinguishing between financial and operational gearing
    - Establishing the link between performance and risk taking
    - Controlling operational gearing: understanding the risks of high fixed costs
    - Controlling financial gearing: risk implications and compliance issues

Case Study: Calculations and discussion on financial and operating gearing and how to effectively use these ratios as a control tool.

Effective use of DuPont Analysis as a Control Tool

  • Linking financial ratios and business realities – identifying internal problems

Case Study: An examination of the comparative performance of three companies in the same industry (pharmaceuticals) from a DuPont perspective, allowing management to identify strengths and weaknesses of their chosen business strategies, while making explicit the risk implications and consequences of those strategies. The case highlights the benefits of competitive benchmarking

Review of Costing Concepts

  • How cost behavior impacts our analysis
    - Fixed, variable, stepped and semi-variable cost behavior

  • Approaches to deal with fixed costs
    - Absorption costing concepts
    - Using an overhead absorption rate
    - Allocation of cost from support / service cost centers
    - Marginal costing concepts

Case Study: Participants will complete an exercise to reinforce differences between full absorption and marginal costing followed by a discussion of the different choices to tackle fixed and corporate overhead allocations.

Relevant Costing in Decision Making

  • Determining relevant costs determined

DAY THREE

EDUCATIONAL PARTNER

LSBF - London School of Business and Finance

LSBF EE offers a range of short programmes and postgraduate certificate courses, tailored specifically to the needs of working professionals who want to succeed in today’s globalised business climate. The school was established in 2003 and has campuses in the UK and Singapore; it is also partnered with the award-winning online platform InterActive, delivering education to students around the world who can’t attend classes on campus. The LSBF experience is career-driven, tailored to each individual student, and led by expert tutors who are passionate about their subject and about teaching.

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Who Should Attend?

This highly practical and interactive course has been specifically designed for:

  • Directors and Senior Officers

  • Heads of Finance

  • Chief Accountants

  • Financial Controllers 

  • Management Accountants

  • Managers Responsible for Controlling Cost

  • Internal Auditors

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FREQUENTLY ASKED QUESTIONS

Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.

LEORON Institute partners with 20+ international bodies and associations.
We also award continuing professional development credits (CPE/PDUs) for:
1. NASBA (National Association of State Boards of Accountancy)
2. Project Management Institute PDUs
3. CISI credits
4. GARP credits
5. HRCI recertification credits
6. SHRM recertification credits

The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +971 4 447 5711 or [email protected].

The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.

Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.

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