Finance For Strategic Procurement, Part I

Learn the procurement finance principles necessary for success

Do you understand precisely how your procurement work impacts your organization’s financial performance?

Is a lack of this understanding keeping you from earning the respect you deserve? After all, today’s CEO’s and CFO’s expect procurement professionals to know how their work supports corporate goals and how to communicate in the language of finance.

You can quickly learn the financial principles you need to know for success in procurement today. Our highly personal and interactive online course “Finance For Strategic Procurement, Part I”  will help you understand the ways that executives measure business performance and will help you apply this knowledge specifically to your procurement work. Your results will be believed by management and your contributions will be valued like never before!

This online course is part of the two-class “Finance For Strategic Procurement” Series.  Part I focuses on understanding financial statements and measuring and communicating a procurement department’s contribution to the organization. Part II focuses on how financial decisions are made and evaluating supplier health. You must complete Part I to be eligible to enroll in Part II.


A buyer learns the basics of finance procurement.

SPSM-BOK® Level: 3
Competency: Basic Finance
CEHs: 8

See Ratings & Reviews

A buyer learns the basics of finance procurement.Finance For Strategic Procurement, Part I

Learn the procurement finance principles necessary for success

Do you understand precisely how your procurement work impacts your organization’s financial performance?

Is a lack of this understanding keeping you from earning the respect you deserve? After all, today’s CEO’s and CFO’s expect procurement professionals to know how their work supports corporate goals and how to communicate in the language of finance.

You can quickly learn the financial principles you need to know for success in procurement today. Our highly personal and interactive online course “Finance For Strategic Procurement, Part I”  will help you understand the ways that executives measure business performance and will help you apply this knowledge specifically to your procurement work. Your results will be believed by management and your contributions will be valued like never before!

This online course is part of the two-class “Finance For Strategic Procurement” Series.  Part I focuses on understanding financial statements and measuring and communicating a procurement department’s contribution to the organization. Part II focuses on how financial decisions are made and evaluating supplier health. You must complete Part I to be eligible to enroll in Part II.

You will learn:

  • Definitions that are vital to understanding finance
  • The standards that apply to financial reporting
  • How to create, update, and understand financial statements such as the income statement, balance sheet, and cash flow statement
  • Accounting concepts related to inventory, including the goals sought by senior management and how a procurement department can contribute
  • How negotiated discounts and freight charges are accounted for
  • The difference between direct and indirect expenses
  • How buying or selling on credit terms impact financial statements
  • Why some purchases involve depreciation and how to calculate both straight-line and accelerated depreciation
  • The financial implications of buying and maintaining capital assets
  • How to expertly manage working capital and improve cash flow through smart supply chain management
  • How to select appropriate payment terms, taking various cash cycles into consideration
  • How to measure a procurement department’s contribution to the organization’s financial performance, including calculating cost savings and reconciling it with changes in expenses as reported on financial statements
  • Tips for reporting financial impact when purchasing volatile commodities
  • How to apply advanced cost savings reporting concepts, including reporting savings for mid-year deals and contracts where the volume and composition of the agreement changes

 

How This Online Course Works

  • Start this on-demand course any time after you enroll; there’s no pre-scheduled start date!
  • This course has 8 lessons; it will take you between 30-60 minutes to complete each lesson.
  • Progress through the course at your own pace, accessing easy-to-understand reading material, exciting exercises, optional multimedia, quizzes, and even a fun mid-term game!
  • What if you have questions on the material? Ask a friendly, expert instructor any questions you may have!
  • Learn best practices and processes designed so that you can apply your new skills in the real world!

To learn more about how full-length online procurement courses from the Next Level Purchasing Association work, watch this short video.

What are others saying about this course?

"If you are having challenges effectively communicating information bi-laterally with your Accounting Department this course will fine tune the understanding between Accounting and Purchasing. It is no secret that Purchasing and Accounting have their own thoughts on how business should be and actually do run. The Next Level Purchasing Association brings the two departments to the table and explains the verbiage that Accounting speaks and brings clear and concise information into the Purchasing world to better understand what Accounting is really saying and what they mean. Our departments now effectively communicate what the process is and how it applies to the company. We now understand the encrypted language that Accounting is speaking!"

Finance for Strategic Procurement, Part I ReviewStephen Davis, SPSM, SPSM2
Sourcing Manager
Atlanta, Georgia, USA

Option 1:

Enroll in Part I Only

If you are:

  • A procurement professional who aspires to interface strategically with management
  • Looking to get started learning the basics of how finance and procurement interrelate

Then “Finance For Strategic Procurement, Part I” would be a great course for you.

Bonuses for enrolling now:

  • FREE printer-friendly, PDF version of the course material
  • FREE Lifetime Purchasing Skills Retention Package

Number of Courses: 1

Length of Training: 6-8 hours

Duration of Access: 60 days

Start Date: Access begins as soon as you enroll

Cost: $229 US

Enroll Now

Option 2:

Enroll in the Two-Part Series

Learn virtually everything a procurement professional will need to know about finance!

Do you realize the importance of being a true finance expert? Then, now is the time to enroll in both courses of the Finance For Strategic Procurement Series!  These two courses will give you the comprehensive finance education you need to speak intelligently with CFO’s and finance executives.  You will never again lack the confidence to discuss financial topics with management!

Bonuses for enrolling now:

Number of Courses: 2

Length of Training: 12-16 hours

Duration of Access: 2 months

Start Date: Access begins as soon as you enroll

Cost: $399 US

Enroll Now


 

Interested, but have a few questions?

For immediate assistance, call our office at +1 (412) 294-1990 and speak with a member of the NLPA Team, Monday through Friday from 8AM to 5PM Eastern US Time.

Click on the button below to submit your questions electronically and a member of the NLPA team will contact you within one business day.