Six Dimensions of Effective Accounting and Finance Teams 17747 Course Overview This course presents a modern tactical and strategic approach to managing the accounting and finance department. It focuses on KPI design, team capability building, process re-engineering, innovation, stakeholder satisfaction, and cost improvement. Course Objective By the end of this 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 promote a 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 with accounting and finance operations. Implement cost-saving strategies and innovation initiatives. Target Audience This course is designed for: Finance and Accounting Professionals Directors Managers Supervisors Finance professionals who want to structure and run accounting and finance departments more effectively Course Outline 1. Introducing KPIs: Financial and Non-Financial What are KPIs? The crucial role of KPIs in managing performance Designing a KPI measurement system Linking KPIs to Key Result Areas (KRAs) Input KPIs, process KPIs, output KPIs, and outcome KPIs Common problems with KPI systems Evaluating existing KPI measurement systems for enhancement opportunities Using KPIs in different management areas to assess performance Financial KPIs used by executives Accounting and Finance KPIs related to operational performance Accounting and Finance KPIs related to financial performance 2. Building the Team’s Capabilities Knowledge sharing, learning, and human capital growth Creating a knowledge-sharing culture Knowledge-sharing models: codification versus personalisation Placing incentives for accounting and finance staff to share knowledge Employee learning frameworks: push versus pull approach Available free self-learning tools for accounting and finance staff Criteria for selecting training courses from external providers Diversification of learning solutions On-the-job training methods Off-the-job training methods Creating action plans for staff development programmes Assessing succession plans for the accounting and finance team Building individual development plans for team members Happiness and wellness in the workplace The right physical environment and work atmosphere The appreciation system: rewarding effort or results Positive workplace protocols for different occasions Birthdays, outings, and events Sports and wellness Motivating management styles and building trust relationships Positive employee-manager relationships 3. Accounting and Finance Process Re-engineering Definition, elements, and characteristics of a process Essential requirements for each process Process approach to improving the accounting and finance function Advantages of process mapping The Plan-Do-Check-Act (PDCA) approach Types of mapping tools: Simple flowcharting Swimlane diagrams SIPOC Process-mapping software Best practices in process mapping Mapping an accounting and finance process Value stream maps: value-added and non-value-added analysis Cycle time mapping: opportunities to reduce cycle time and defects Lean thinking to reduce waste in processes 5S as a framework to organise and maintain the workplace 4. Roadmap for Innovation in Accounting and Finance Which accounting and finance processes require the most time and effort Automation opportunities in accounting and finance Utilising 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 organisation Step 4: Motivate stakeholders by articulating the vision Step 5: Communicate Step 6: Act Step 7: Consolidate 5. Stakeholders’ Satisfaction: Internal and External Internal and external stakeholders in accounting and finance Why stakeholder satisfaction is important Using surveys and questionnaires as tools for improvement Setting the objective of surveys Writing survey questions How to ask questions What survey questions tend to measure Sampling methods Administration and analysis of survey results The importance of demographics Simulation: building a satisfaction survey covering: Customers (Accounts Receivable) Suppliers (Accounts Payable) Employees (Payroll) Banks (Treasury) Budgeting Control Financial reporting and analysis 6. Achieving Realistic Cost Savings Importance of cost saving and productivity improvement External reasons for cost reduction and savings Advantages and disadvantages of cost saving Cost reduction decision table Examples of organisational capabilities developed to reduce costs Strategic and tactical cost actions Shared service centres versus centralisation versus outsourcing Organisations that would benefit from shared service centres Process of implementing a shared service centre Cost management scenarios based on the company’s situation How to move forward effectively Revenue 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 reductions
