From accounts payable and cash management to budgeting and financial statements, we will show you best practices in tools and techniques that will make your job easier and help you deliver more value. The course will also cover behavioral concepts related to day-to-day accounting and finance operations.
* Important note: Course registration in Istanbul for 3 people or more, we guarantee 1-day site-visit to one public or private prestigious hospital
Course Objectives for Advanced Dynamics for Hospital Accountants
Identify the main elements of a vision for finance and accounting
Evaluate and improve accounts payable process
List the key best practices in receivables, inventory and cash management
Apply MS Excel reporting and analysis techniques for a faster accounting and finance operations
Develop an enhanced understanding of the behavioral concepts related to the day-to-day finance and accounting operations
Evaluate the budgeting process in their organizations and recommend improvements
Create budget templates and models for their departments or organizations
Apply several forecasting techniques to better manage uncertainties in budgeting
Evaluate capital budgeting decisions using several methods and recommend proper action
Utilize Microsoft Excel functions and tools in the budgeting process including breakeven analysis and optimization
The environment of financial reporting
The environment of financial reporting in hospitals
The balance sheet
Statement of shareholders’ equity
The income statement
The cash flow statement
Cash and receivables
Accounting for cash and cash equivalents
Accounting for accounts receivable
Cash and receivables best practices for hospitals
Inventory life cycle
Accounting for inventory, costing, and measurement
Computation of COGS using inventory costing methods
Inventory valuations
Dynamics of inventory for hospitals
Accounting for purchased assets
Asset capitalization rules
Depreciation methods
Straight line depreciation
Units of production
Double declining
Maintenance and repairs expensing or capitalizing
Accounting for retired, sold, and written-off assets
Depletion of natural resources
Intangible assets
Assets best practices for hospitals
Liabilities
Accounts payable and accruals
Advances and refundable deposits
Warranty obligations and contingencies
Accounting for bonds
Liabilities best practices for hospitals
Strategy development framework
The three horizons of growth model
Strategic budgeting and resource allocation
Growth-share matrix
Nine-box matrix
Budgets and the key financial statements
Budget cycle, process and approaches
The budget cycle
Characteristics of successful budgeting
Making the budget a value-adding activity
Top ten problems with budgeting
Choosing the proper budgeting approach:
Incremental budgeting
Zero-based budgeting
Flexible budgeting
Kaizen budgeting
Activity based budgeting
Rolling (continuous) budgets and forecasts
The master budget and its components
Operating and capital budgets
Best practices in budgeting
Best practices in budgeting for hospitals
Creating a user-friendly budget template
Forecasting models
Qualitative and quantitative methods
Steps in developing forecasting models
Time series and trend analysis
Data conditioning techniques
Exponential smoothing and moving averages
Simple and multiple regression analysis
Dynamics of forecasting techniques for hospitals
Modeling projected financial statements
Micro and macro factors
Forecasting sales
Estimating market demand
Estimating company demand
Developing sales forecast
Forecasting cost of sales
Forecasting operating expenses
Forecasting key assets and liabilities accounts
Modeling the income statement forecast
Modeling the balance sheet forecast
Dynamic of modeling projected financial statements for hospitals
Business risk and cost of capital
Classifying investment projects
Cash flow estimation
Analyzing investment and operating cash flows
The time value of money concept
The required rate of return
Net Present Value (NPV)
Internal Rate of Return (IRR)
Multiple internal rates of return
Modified Internal Rate of Return (MIRR)
Profitability Index (PI)
Payback period and discounted payback period
Capital rationing
Comparing and evaluating techniques
Sensitivity and risk analysis
Breakeven analysis and optimization techniques for hospitals
Cost Volume Profit (CVP) analysis
Using CVP to reach a target income
Single product and multiple products breakeven analysis
Working with budget constraints
Building optimization models
* Important note: Course registration in Istanbul for 3 people or more, we guarantee 1-day site-visit to one public or private prestigious hospital
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