In any organization the finance function plays a key role in developing business and determining service or product costs. Proper financial management assists the organization to effectively and efficiently utilize its limited resources to achieve its objectives. Non-financial managers are also involved in managing finance for their business functions, hence the need for them to acquire the requisite financial skills. this course aims to equip the non-financial managers with knowledge in core financial principles and improve their financial decision making in this ever changing business environment. This course will help managers understand how the decisions they make will affect the financial performance of their organization.
What is financial management?
Importance of financial management in projects
The finance function and its relation with other business functions
Project financial management cycle
Good practice systems: the building blocks of financial management
Key supporting policies and standards
The Financial planning process
Functions and types of budgets in projects
Practical approaches to building good project budgets
Donor budget regulations/requirements
Budget change/modifications
Cash flow forecasting
Consolidated budgets and budgeting for core costs
Elements of cash flow
Cash Vs Profit
Managing cash
Bank Accounts management
Project payments supporting documents
Use of cost data in decision making
Types of Costs
Elements of Cost
Cost Structures and Methods – Costing services and products
Procurement
Project cost allocations
Admin cost allocations
Importance of Financial Reporting
Principles and Objectives of Financial Accounting
Types of Accounts
Financial Statements; Income Statement, Balance Sheet, Cash Flow Statement
Introduction to financial Analysis
Steps in financial analysis
Sources of data for financial analysis
Financial ratios
Budget monitoring
Cash flow monitoring
Introduction to Earned Value Analysis
Earned Value Calculations
Application of EVM analysis in project performance monitoring
Value for Money in Projects
Organization financial management policies
Role of audit
Financial fraud
Financial spending cross approvals
Risk Management in Project Financial Management
Due diligence in grants management
Understand the sources and availability of finance for an organization
Understand relevant financial information within the organization
Plan, develop, implement and control budget
Analyze financial statements to understand performance
Implement cash management practices
Comprehend the impact of various business decisions on the organization’s performance.
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