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ACCOUNTING FUNDAMENTALS FOR PROCUREMENT PROFESSIONALS

COURSE NO. AF09

Why Should You Attend:

Procurement Professionals manage many and varied suppliers and are required to assess each of them based on financial information, such as performing financial appraisals using a range of financial performance and efficiency ratios.

Accounting Fundamentals for procurement professionals will assist you to understand the financial processes within the business and understand how financial information is applied from a procurement perspective.

This APS course focuses on understanding financial statements and measuring and communicating a procurement department’s contribution to the organization. This course will provide a working knowledge of accounting and finance, specifically aimed at how to evaluate and understand a given supplier (supplier health) at a point in time, as well as providing a basis to manage risk or make key decisions.

Course Outcomes

By the end of this APS training course, participants will be able to:

  • Understand the standards that apply to financial reporting
  • Create, update, and understand financial statements such as the income statement, balance sheet, and cash flow statement
  • Apply accounting concepts related to inventory, including the goals sought by senior management and how a procurement department can contribute
  • Interpret and analyse financial statements using key ratios
  • Understand how negotiated discounts and freight charges are accounted for
  • Understand the difference between direct and indirect expenses
  • Understand how buying or selling on credit terms impact financial statements
  • Calculate both straight-line and accelerated depreciation
  • Understand the financial implications of buying and maintaining capital assets
  • Expertly manage working capital and improve cash flow through smart supply chain management
  • Select appropriate payment terms, taking various cash cycles into consideration
  • Measure a procurement department’s contribution to the organization’s financial performance, including calculating cost savings and reconciling them with changes in expenses as reported on financial statements

Target Group

The workshop will benefit procurement officials (who may not have any formal qualifications in finance or accountancy) but who wish to improve the utilisation of financial tools and techniques in operational procurement decision making.

 

Course Fee – R11 999

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