Six Dimensions of Effective Accounting and Finance Teams

Why Attend

Managing the accounting and finance department requires building on various dimensions
to keep the balance between growth and performance. ‘Six Dimensions of Effective Accounting
and Finance Teams’ presents dynamic and modern approach to manage the accounting and
finance department on a tactical and strategical level, beyond the technical day-to-day skills.

Dimension 1 is about designing a Key Performance Indicator (KPI) measurement system
which will serve as a cornerstone for managing performance of the subsequent practices.
Dimension 2 focuses on building teamwork, happiness, collaboration and self-mastery for
the team which is a base to achieving better results.
Dimensions 3 and 4 are focused on re-inventing processes while using innovation.
Dimension 5 is focused on the satisfaction of internal and external customers with
whom the accounting and finance teams interact.
Dimensions 6 is about using all the previous practices to improve profitability.

Course Methodology

This course uses a mix of exercises, workshops, group case studies, and presentations based
on the issues and challenges facing the participants. Conceptual ideas, rules, and best practices
will also be discussed in selecting KPIs, process mapping, cost saving techniques and innovative tools.

Course Objectives

By the end of the 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 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
    from the accounting and finance operations
  • Implement costs saving strategies and innovation initiatives

Target Audience

Professionals in the field of finance and accounting, directors, managers, supervisors,
and finance professionals who desire to understand, apply and implement practical tools
to enable them to structure and run the finance and accounting departments more effectively.

Target Competencies

  • KPI development and use
  • Process analysis
  • Process re-engineering
  • Cost management
  • Innovation
  • Knowledge management
  • Workplace happiness

Course Outline

  • Introducing Key Performance Indicators: financial and non-financial
    • What are Key Performance Indicators (KPIs)
    • The crucial role of KPIs in managing performance
    • Designing a KPI measurement system
    • Defining effective KPIs to address the needs of all key stakeholders
    • Differentiating between types of KPIs and their cause-effect relationships
    • Selecting “mission critical” outcome KPIs
      • Evaluating your existing KPI measurement system for enhancement opportunities
      • Using KPIs in different management areas to target performance plans
      • Defining financial KPIs to measure outcome-based goals
    • Building the team’s capabilities
      • Knowledge sharing, learning and human capital growth
        • Creating a culture of knowledge sharing
        • Knowledge sharing models: codification versus personalization
        • Placing knowledge management incentives
        • Learning frameworks: push versus pull approach
        • Criteria for selecting learning and development projects
        • Diversification of learning solutions
          • On-the-job training methods
          • Off-the-job training methods
        • Talent development programs
        • Succession planning and development implications
        • Building individual development plans for team members
      • Happiness and wellness in the workplace
        • The right physical environment and work atmosphere
        • The appreciation system
        • Happy work protocols for different occasions
          • Birthdays, outings and events
          • Sports and wellness
        • Motivating management styles
        • Happy employee/manager relationship
        • The reward system
      • Accounting and finance process re-engineering
        • Definition, elements and characteristics of a process
        • Process approach to improvement of accounting and finance function
        • Advantages of process mapping
        • The Plan, Do, Check, Act (PDCA) approach
        • Mapping an accounting and finances process
        • Types of mapping tools: simple flow charting, geo graphs, spagh
          etti and workflow diagrams
        • Value stream maps: value added and non-value added analysis
        • Cycle time map: opportunities in terms of reducing cycle time and defects
        • Lean thinking to reduce waste in processes
        • The eight types of waste found in processes
        • 5S: a framework to organize and maintain your workplace
      • Roadmap for innovation in accounting and finance
        • Automation opportunities
        • Utilizing Enterprise Resource Planning Solutions
        • 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 organization
    • Step 4: Motivate stakeholders by articulating vision
    • Step 5: Communicate
    • Step 6: Act
    • Step 7: Consolidate
  • Stakeholders’ satisfaction: internal and external
    • Accounting and finance internal and external stakeholders
      • Customers (A/R), suppliers (A/P), employees (payroll), banks (treasury),
        budgeting, control, financial reporting and analysis
    • Why stakeholders’ satisfaction is important?
    • Using surveys and questionnaires as a tool for improvement
      • Objective of surveys
      • How to write survey questions
      • Sampling methods
      • Administration and analysis of survey results
    • Types of satisfaction surveys: transactional versus image-based satisfaction surveys
    • Who and what to measure?
    • How to ask?
    • The importance of demographics
    • Simulation: building an internal customer satisfaction survey
  • Achieving realistic cost savings
    • Importance of saving costs and improving productivity
      • Advantages and disadvantages of saving costs
    • Analyzing staff and HR costs
      • Work force size
      • Employee benefits: insurance, retirement plans, travel and entertainment
      • Alternatives to decreasing employees
    • Controlling department costs
      • Purchasing and production
      • Sales, shipping, advertising and marketing
      • Accounting and information technology
    • Uncover hidden costs: rent, maintenance, leases, supplies, theft and lawsuits


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