09 Apr, 2019
University College Cork
The importance and role of finance and accounting in the food industry
· Finance ‘The lifeblood of business’
· Accounting ‘The language of business’
The financial statements of food companies and co-ops
· Balance Sheet
· Income Statement
· Cash Flow Statement
Case Study: Building the financial statements of a food business through 10 periods of operation. Identifying how all the day-to-day decisions and activities of the business impact its financial statements. Clear identification of difference between profit and cash.
· Presentation of accounts and accounting terminology
o Accounting concepts and principles
o Depreciation and asset valuation
o Capitalisation of costs
o Impact of accounting standards (IFRS and FRS 102)
· Simplifying the cash flow Statement
· Weaknesses in financial statements
o Deficiencies in accounting measures
o How to identify deficiencies in accounts
· Financial analysis
o Profitability in relation to sales
§ Gross margin, operating margin, net margin
o Profitability in relation to investment
§ Return on Capital Employed, Return on Equity
· Asset Turnover Ratios
o Liquidity and Working Capital Management
§ Current Ratio, Quick Asset Ratio
§ Collection Period, Inventory Period, Payments Period
o Financial Risk Ratios
§ Leverage Ratios
§ Profit Cover for Interest
§ Cash Flow Cover for Debt
Case Study: Analysing and comparing the performance of different food companies and co-ops
Participants will have a clear understanding of the components of the key financial statements of food companies and co-ops and how day-to-day transactions are reflected in the financial statements. They will understand the impact of accounting standards on reported performance and know-how to identify deficiencies in accounts. They will also be able to identify and calculate the ratios essential for the effective management and evaluation of business performance in the food industry and be able to apply these to their own organisations.
Hilary Hough is a financial consultant and experienced trainer and lecturer with a wide range of banking, corporate finance, accounting and general management experience. He worked with Bank of Ireland where he held a number of senior positions including Head of Group Public Affairs and Managing Director of Bank of Ireland Finance.
He has provided consultancy and finance training to senior executives in a range of large and small companies and public sector organisations throughout Europe, Asia, the Middle East and the US and has trained many executives and directors in all of the major Irish food co-ops and PLC’s.
He is Adjunct professor at Trinity College where he lectures on the MBA and a range of Executive Education Programmes.
He is non-executive director of IT Alliance Group, Ireland’s largest provider of outsourced IT services, Chairman of Gateway Korea Ltd a start-up company exporting Irish food and baby products to the Korean market. He chairs the Board of Management of the RDS.
He is a Certified Accountant (FCCA), and a graduate of the Smaller Company Management Program at the Harvard Business School.
If you wish to register please complete the attached registration form.
Food Industry Training Unit, School of Food and Nutritional Sciences
College of Science, Engineering and Food Science
University College Cork