Finance for Procurement staff - Course Outline VWF5001
This 1 day course is aimed at Procurement officers and commissioning officers or any service head or manager without a finance background who needs to have an understanding of how public sector bodies produce financial information and how this info can be used to make better business decisions. It is particularly relevant to people who need information to assess the financial viability of suppliers or who need information to help them to deliver good value for money back office or front line services including for a high level assessment of a supplier’s financial position.
It focuses on the need to manage all resources on an accruals basis and the need to understand information produced within an operating cost statement (or equivalent) and balance sheet (or equivalent). It then gets delegates to consider how best to use this information.
By the end of the training, delegates will understand:-
· What an operating cost statement (or equivalent) and balance sheet (or equivalent) are and what the components of each are
· How an operating cost statement (or equivalent) and balance sheet (or equivalent) interrelate and what the information in each is actually telling you
· Understand some of the ratios and information which can be used to make a high level assessment of a supplier’s financial viability
· The difference between Capital Expenditure and Resource Costs and how this ties into budgets
· The concept of depreciation and why it is important
· How to use this improved understanding to plan the financial implications of delivering services in a more meaningful way and to make better business decisions
This course is an interactive, highly practical course focusing on current best practice and public sector accounting and budgeting requirements. There will be a mixture of presentation, discussion and a case study used to illustrate the financial impact of transactions that are typical within Welsh public sector organisations.
The course can be tailored very easily to a specific Central Government, Local Government or NHS body. This course can also be adapted to a half day course if necessary.