Accounting professionals leading finance functions in corporate, government and large not for profit entities are tasked with projecting the financial position and performance of the organization. The challenge for the finance leader is to manage the complications of organisational structures, product portfolios, systems and processes to deliver accurate budgets, forecasts and management reports that enable the fulfillment of strategic intent.
The fundamental pillars for a successful management reporting function is to have in place;
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A culture of business partnering in the Finance Function
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KPIs that enable the delivery of strategic intent
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Effective variance analysis that cascade from streamlined budgets and forecasting processes.
The Series takes the registrants through establishing KPIs that complement their organisation strategy, to delivering an efficient budgeting/annual planning process, and then the effective reporting and re-forecasting of the organisation performance.
Session 1 - Aligning KPIs with Strategy
A central accountability of the finance and accounting function in corporate, government, not-for-profit and large SME environments is to deliver the monthly management reporting of business performance.
This session seeks to equip members with leading contemporary management reporting theory and also importantly, the workflow and processes required to develop, implement and deliver strategically mapped executive management reports.
How each organisation measures and monitors its performance against stated strategy and goals is a key element of success.
This LiveOne session updates members on the contemporary theory of value creation for customers and how KPI’s and their alignment with strategy plays a critical role for organisations delivering customer value.
More importantly, the product provides members with a road map to re-design their current executive management reports.
Key Learning Outcomes
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Explain the purpose of aligning KPI’s with Strategy
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Identify KPI’s for specific strategic outcomes
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Design management reports that integrate organizational strategy
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Measure specific business requirements
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Thorough understanding of the influence of KPI’s on organizational performance
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Engage the organization in management reporting redesign and development
Key Topics Covered
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Mapping KPI’s to outcomes
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Kaplan and Norton Strategic Mapping principles
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Value Creation measures v Outcome measures
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Performance Metrics and Measures
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Design and implementation of management reports
Session 2 - Streamline the Annual Budgeting and Forecasting cycle
The annual budget cycle can be amongst the most stressful periodic deliverables for a finance leader. The annual budget process involves preparing a number of systems and models, managing numerous stakeholders across the business, and balancing ongoing deliverables while working within tight timelines. Challenges of a budget cycle include effectively communicating budget requirements to the business, establishing operational buy-in, then consolidating and re-communicating the outcomes of the budget process to executive management—all the while managing the expectations of all stakeholders in regards to time lines, quality of input and delivery.
This session will outline techniques for improving budgeting outcomes, minimising finance handling and managing stakeholder input.
Key Learning Outcomes
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Define key elements of the budget/forecast process work flow
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Align budgets and forecasts with organizational strategy
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Explain the purpose of the budget/forecast to operational staff
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Manage operational buy in
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Leverage software for workflow efficiency
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Apply techniques for minimizing budget/forecast iterations
Key Topics Covered
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Define objectives and goals
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Assumptions setting – timing and sourcing
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Master budget components and project workflow
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Budget templates – staff and overhead costs
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Preparing operational budgets
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Management & responsibility accounting
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Consolidation and communication
Session 3 - Effective Variance Analysis and Forecasting
Navigating the path to deliver strategic objectives is one of the great challenges for finance professional. A critical ingredient for delivering business strategy is to understand the current position of the business, report on the status and assign actions. Effective variance reporting is a critical management reporting deliverable. The implication from variance reporting for making informed decisions is pivotal to the performance of senior management.
This session will outline how you can effectively leverage the relationship between budgets, forecasts and variance reporting to support the decision-making process and improve business performance.
Key Learning Outcomes
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Apply framework for preparing operating forecasts
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Align forecasts with organizational strategy
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Understand the role of management in the forecasting process
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Understand the components of variance analysis
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Identify business trends and explain impact on business model
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Leverage software for workflow efficiency
Key Topics Covered
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Forecasting Central Tenants
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Purpose of variance analysis and forecasting
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Implications for your Business Model
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Composition of variance analysis
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Communicating variances
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Forecasting and a value creation process
Benefits of attending
Getting everybody within your organisation to focus on hitting the same (and the right) strategic targets is essential in gaining and leveraging competitive advantages in the market place. Chris shares simple steps to follow to ensure your management reporting systems align well with the organisation’s strategy whilst also divulging his experiences and practical tips.
Session inclusions
All delegates will receive a copy of the presentation and any handouts.
Who should attend
For those involved in the strategic direction of an organization and their immediate assistants for the implementation of the strategies.
CPE Hours
Earn 2 CPE hours per session or 6 CPE hours for the three-part series.
*Register for the 3-part Series to receive 10% discount off the individual session pricing.
This series includes the following sessions
Strategic planning and performance reporting - Session 1: Mapping KPIs to Strategy - Decision support
Strategic planning and performance reporting - Session 2: Streamlining the Budget and Forecast Process
Strategic planning and performance reporting - Session 3: Effective Variance Reporting and Forecasting
