Inventory Management and ControlFinancial Management

Introduction

This intensive course is tailored for staff members in the manufacturing and retail sectors that keep inventory in the normal course of business. It highlights the importance of managing and controlling the inventory system.

Key Takeaways

Upon completion of this workshop, participants will be able to;

• Know the Accounting Equation
• Understand the Double-Entry System
• Relate inventory to the Income Statement and Balance Sheet
• Deal with stock obsolescence
• See how inventory values can substantially affect the Income Statement and Balance Sheet
• Identify the different types of  inventories
• Distinguish between the Periodic Inventory and Perpetual Inventory systems 
• Apply different inventory valuation methods – FIFO, LIFO, Weighted Average, Specific Identification
• Understand the accounting concept of  “Lower of Cost or Net Realisable Inventory Valuation”
• Identify inventory holding and ordering costs
• Apply key inventory control concepts like order lead time, safety stock.
• Apply the Economic Order Quantity Model
• Identify which inventory items are more critical

Who Should Attend

Any non-finance professionals in management, marketing, sales, production, engineering, design, human resources, technology, legal, administration and planning who need an overview and a basic understanding of how to account for and manage inventories. 

Programme Outline

• Introduction
• The Accounting Equation
• Double-Entry System
• Relate inventory to the Income Statement and Balance Sheet
• Stock obsolescence
• See how inventory values can substantially affect the Income Statement and Balance Sheet
• Identify the different types of  inventories
• Distinguish between the Periodic Inventory and Perpetual Inventory systems
• Apply different inventory valuation methods
• Accounting concept of  “Lower of Cost or Net Realisable Inventory Valuation"
• Inventory holding and ordering costs
• Economic Order Quantity
• Identifying which inventory items are critical
• Questions and answers

Methodologies

     Powerpoint presentation, practical worksheet exercises, discussions.

Programme Trainer

Raymond Ang holds a Bachelor of Business Administration degree from the University of Singapore, as well as a Master of Applied Finance degree from Macquarie University, Sydney.  He has more than 35 years of working and training experience in the areas of accounting and finance.  He will share his past direct experience in the areas of credit and accounts receivable management at a factoring company and financial institutions.

Furthermore, he has conducted numerous training and seminars for training institutions, universities, corporate clients and the public. To make the training interesting, he uses simple daily analogies to explain complex concepts for easy understanding.