In any Procurement and Supply Chain role it is critical that all practitioners have a solid understanding of all Financial Aspects that can affect their role.
This course introduces delegates to the fundamentals of Accounting, the key elements of an Annual Report, Profit & Loss, Balance Sheet, Ratio Analysis etc. and the principles of costing and pricing.
Who Should attend?
This course will prove useful for all members of the Procurement and Supply Chain team as either a learning experience as a refresher / reinforcement exercise.
To ensure that all delegates:
- Gain a fundamental understanding of the principles of Finance and Accounting
- Interrogate a set of Financial Accounts and be able to interpret and utilise the information found. Working through exercises and examples of Profit & Loss, Balance Sheets, Cashflow Statement etc
- Understand and utilise Ratio Analysis when reviewing a Suppliers Financial Accounts including Current Ratio, Acid Test, Profitability etc.
- Appreciate the limitations of a Company’s Financial Accounts and access other current sources of information.
- To have a greater understanding of both a Supplier’s costing make-up and own pricing strategy.
Our trainers are all FCIPS / MCIPS qualified teachers who have extensive experience of Negotiations across numerous industries including Automotive, Retail, Food / FMCG, Finance to name but a few. Collectively our training team have delivered across all levels to hundreds of delegates, both domestic and Global, over the last decade.
The course will be extremely participative and exercise driven, with many relevant examples and anecdotes provided to bring practice and theory to life.
Benefits of Attending
Upon completion of this course every delegate will be able to:
- Understand the principles of Financial Accounting
- Fully understand the workings of a Profit & Loss account and Balance Sheet – with delegates undertaking exercises on both sets of Accounts and understanding the purpose of each during the course
- Use Ratio analysis to gain a thorough understanding of a Supplier’s financial position and be able to use this accordingly
- Have a greater understanding of how Suppliers cost prices are derived and the elements that influence a Suppliers pricing decisions.
- Practice working with Profit & Loss accounts, Balance Sheets and Ratio Analysis using real exercises and examples within a safe environment.