Finance controlling of Material costs

🎓 Raw Materials and Packaging Cost Controlling in a Manufacturing Environment

Course Headline:

Master the Key Essential Skill for Modern Enterprises 🚀

Course Description:

In the heart of every manufacturing business lies its material intensity. As much as 60-70% of total costs can be attributed to raw materials. This underscores the importance of having a solid command over reporting, analysis, planning, and control of these costs. Financial controllers, analysts, and production economists are the guardians of this financial realm, and they must possess a wide array of skills and competencies to navigate the complexities of accounting systems, understand departmental responsibilities, and grasp the interrelations within a plant.

Key Subject Areas You'll Master:

• Production Site Configuration: Understand how factories are laid out and the impact on material flow and cost control.
• Financial System Architecture: Get familiar with the structure of material modules in financial systems, including storage locations, material types, and movements.
• Standard Costing: Learn about standard prices, their calculation, and how they affect your company's financial results.
• Purchasing Activity Analysis: Dive into PPV (purchase price variance) and other key performance indicators related to procurement.
• Inventory Accounting: Grasp inventory accounting under IFRS (IAS 2), including stock value calculation and revaluation processes.
• Inventory Turnover & Reserves: Analyze inventory turnover rates, calculate necessary reserves, and understand write-off provisions.
• Stock-Taking Methods: Explore the different types of inventory stock-takes and the role of a financial controller in this process.
• Production Efficiency Analysis: Utilize variance analysis to assess usage and recipe (BOM) variances, enhancing operational efficiency.

Experience a Full Business Cycle:

Throughout this course, you'll live through a 4-month business cycle of a confectionery plant. You'll be involved in:

• Purchasing Raw Materials and understanding the cost implications.
• Producing Semi-Finished Products and Finished Goods, managing costs at each stage.
• Performing an Annual Stock-Take, gaining insights into inventory management.
• Managing Slow-Moving Inventories, learning strategies to handle them effectively.
• Analyzing Production Efficiency using financial tools and techniques.
• Preparing & Analyzing Financial Statements related to material costs, with a focus on controlling rather than mere accounting.

Ideal for Professionals in Manufacturing:

This course is designed for:

• Financial Directors, seeking to enhance their oversight of production cost controls.
• Controllers of Production Sites, aiming to improve operational efficiency and financial management.
• Finance Analysts, who wish to deepen their understanding of material cost controlling.
• Production Planners, looking to align planning with financial control mechanisms.
• And anyone else interested in this professional area, including accountants who are keen to expand their expertise beyond traditional accounting tasks.

Embark on a transformative learning journey that will equip you with the skills to excel in material cost controlling within a manufacturing environment. 🌟 Enroll now and take your career to the next level!