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Cashflow Management & Working Capital Optimisation
• This three day course will centre on practical issues of working capital management with a focus on today’s economic environment
• A strong cash flow management theme will ensure that all aspects of working capital, from systems to processes and receivables, payables and inventory management, will steer to cash enhancement
• Assess areas within your organisation where working capital improvements can be translated to the bottom line
• Improve cash flow and liquidity by following a process of working capital assessment
• Develop a rigorous working capital plan to take your organisation forward in the current economic environment
• Interpret cash flow statements and ratios, and identify positive and negative corporate performance
• Appreciate why cash flow analysis is more important than balance sheet and income statement analysis
• Evaluate free cash flow and the ability of companies to meet their financial commitments
• Understand and apply the new concept of supply chain finance
To ensure that the course is highly practical and relevant, the course will be based on a blend of training techniques, including:
• Leading edge, short, formal presentations on the theory and practice of cash flow statements
• Review of topical articles and background information on cash flow analysis and related subjects to illustrate
the practical issues
• Group syndicate work and classroom discussion
• Exercises and case studies using excel
Session 1 - Cash Management
• Cash management and liquidity
• Cash flow and working capital
• Managing cash flow:
o Payments methods
o Collection alternatives
• Financing working capital
• Investing methods
Session 2 - Working Capital
• Fundamentals of working capital
• Why working capital
• Ratios used in working capital
• Applications to different industries:
o Oil and gas
• Case Study
Session 3 - Identifying Cash Flow Problems
• The benefits of up to date forecasting
• Watching the market closely for changes
• Signs that your customers are in difficulty
• How to avoid cash flow problems
Session 4 - Accounts Receivable
• Receivable Management
• Receivable cycle – ratios
• Ageing receivables
• Credit reporting
• Financing sales
• Terms of credit
• Collection processes
• Case Study
Session 5 - Inventory Management
• Managing inventory
• Inventory cycle management
• Economic order quantities (EOQ)
• Financing inventory
• Just-in-time (JIT)
• Inventory systems
• Case Study
Session 6 - Payables Management
• The payables processes management
• Payables management
• Accounts payable department – functions
• Outsourcing payables
• Case Study
Session 7 - Analysing Historic Cash Flow Statements - The Drivers of Cash
• Structure of cash flow statements
• Profitability measures
• Working investment management
• Investment decisions – impact of capital expenditure, acquisitions and disposals
• Funding decisions
• Different drivers in different businesses
• Relating cash flows to loan repayment
• Case Study
Session 8 – How to Construct a Cash Flow Statement from the Income Statement and Balance Sheet
• Income statement, current assets and current liabilities to provide the cash from operating activities
• Non-current assets provides the cash from investing activities
• Debt and equity provides the cash from financing activities
• Working capital movements
• Capital expenditure
• Movement in debt
• Interest and taxation paid
Session 9 - In Depth Analysis Understanding the Priority of Cash Flows
• EBITDA, operating cash flow and free cash flow
• Lumpy and volatile cash flows
• Allocating available cash to appropriate resources
• Debt capacity and structure
• Case Study
Session 10 - Cash Flow Ratios
• Uses and limitations with standard ratios
• Putting EBITDA into perspective
• Defining free cash flow
• Priority outflow cover
• Capital structure
Session 11 - Debt Capacity (short session)
• Establishing debt horizons
• Total debt capacity
• Additional debt capacity
• Capital structure implications
Session 12 – Liquidity
• Operational liquidity:
o Revenue volatility
o Cash conversion cycle
o Cost structures
o Working investment
• Free Cash Flow (FCF) and effect on liquidity:
o Capex in FCF – mandatory versus expansionary
o Capex in airline industry and how to disclose for credit analysis
o Using net debt / FCF ( industry benchmarks)
• Non-operational liquidity
• Measuring total liquidity
• Key issues
• The need for liquidity planning
Session 13 - Analysing Complex Cash Flows
• Looking at cash flows in conglomerate companies
• Understanding different businesses typical cash flows
• Spotting creative accounting situations
• Cash flows in groups (inter-company trading)
• Taxation, including net operating losses\
• Provisions (restructuring, environmental, deferred taxation), effects on income statement and cash flow
• Exercise: Review of the summarised cash flows of a conglomerate to analyse the composition of the corporate cash flows and using Excel to analyse cash flow
Session 14 - Evaluation of Risk in the Operating Cycle
• Business risk - what is the nature and viability of the business assets?
• Financial Risk - how much outside financing is required to complete the operating cycle?
• Performance Risk - how well are expenses controlled?
• Management Risk - management are the key to identifying and minimising all risks in a business - are they capable and experienced?
Session 15 - The Operating Cycle of a Business and how it is Financed
• An overview designed to stimulate participants into thinking how a business cycle works and how it is financed
• Exercise: Looking at the business risks, financial statements and management issues relating to an assigned case study company. Participants will critique these factors and the implications for lending
Session 16 – Variations of Supply Chain Finance
• Accounts Payable;
o Approved payable finance (Reverse factoring)
o Dynamic discounting
• Receivable Finance;
o Receivable purchase
o Invoice discounting
• Other Supply Chain Finance:
o Pre-shipment or purchase order-based finance
o Inventory finance (warehouse finance)
o Documentary trade finance
o Bank payment obligation
o Asset-based lending
o Payments and foreign exchange
• Legal considerations
Session 17 – Success Factors in Supply Chain Finance
• Strategies, goals and financing decisions
• Marketing the structure
• Who do we partner with – the key risks
• Selecting the right structure
• Spend analysis
• Supplier on-boarding
• Legal considerations
• Accounting considerations
Session 18 - Fee Structure for SCF
• Overview of fee structure
• Transfer of title:
o The buyer and supplier
o Type of legal instrument for collateral
o Underlying instrument used for the financing
• Limits and thresholds – decision constraints
• Payments conditions and trigger dates
o Risk is wholly on the supplier with no recourse
o Risk is wholly on the supplier with possible form of recourse
o Risk is wholly on the buyer without recourse to the supplier
o Risk is shared in some agreed proportion between the parties
Session 19 - Buyer Centric Supply Chain Finance solutions
• Corporate payment options
• Corporate systems
• Implementing a buyer-led SCF program
Session 20 - Seller Centric Supply Chain Finance solutions
• Traditional – factoring, distributor finance and non-traditional
• Credit enhancing receivables for SCF
• Exchanges for receivables not credit enhanced
Summary and Close
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
Andre LanserWorking in Venture Capital and Private Equity for 12 years allowed me to gain a vast amount of experience in corporate analysis and valuation. This allows me to design learning programmes with a real focus on the practical realities of business.
BiographyAndre is a consulting trainer as well as a corporate finance practitioner and he has delivered courses around the world in the areas of Credit, Corporate Finance, Valuation and Financial Modelling both for Corporates and Banks. Andre originally qualified as a Chartered Accountant, completing articles with PricewaterhouseCoopers. He started his career with a subsidiary of Commercial Union, involved in the steel manufacturing industry. His experience ranged from systems implementation, credit assessment of the highly risky construction industry customers, heading up the finance functions to successfully turning the business around and then selling the company through a trade sale. He later joined Commercial Union in the investment back-office function, reengineering the investment back office and later headed-up a team who implemented a new investment management system for both the back office and the front office. His commercial experience includes restructuring and turning around a Steel Manufacturing operation, consulting to a Pharmaceutical company involved in medical devices for both Government and Private Hospitals and an in depth knowledge of the citrus industry, consulting to South African Airways and extensive work at Hanover Acceptances property company, Dorrington in London. His career then spanned over 15 years in the Venture Capital and Private Equity arena, where he has gained a vast amount of experience in the corporate analysis and valuation field. He is a specialist in developing and training finance related courses, including corporate credit related topics, credit analysis and cash flow analysis with a special focus on the banking sector, derivatives, and financial modeling courses. His training experience spans a period of more than 15 years. For DCGT Andre has successfully written/delivered courses for clients such as Arrow Pharmaceutical, Shell Oil, IBM, Komercni Banka, Societe Generale, Fortis Bank, Raiffeisen Group, Islamic Development Bank, Banco Santander, Standard Bank, Westpac, Commercial Bank of Qatar, Bank of Cyprus, ING, Bank of Cyprus, Rabobank, Eurohypo, Standard Chartered, Erste Bank and numerous others throughout the globe. Specific work in the Gulf Region: Islamic Development Bank, Saudi Airline and SABIC in Saudi Arabia. Financial reporting and IFRS training to banks in the Emirates, Qatar and Kuwait, which include Noor Islamic Bank, NBK and QNB. He is a trainer for the South African market for Continuing Professional Development (CPD) in IFRS.
The map attached details some of our most frequently used venues
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