Today's competitive business environment is rapidly evolving - the digital economy, cloud technology, remote work, cybersecurity. Leadership and expectations of the finance function are also evolving rapidly with an impact on the leadership of the Finance Function. CPAs are now expected to participate actively in process improvement and the use of tools and concepts that help the organization achieve process efficiencies.

LEAN concepts have been in use for decades in the core activities of many organizations, but are not commonly used or applied in the support functions. A clear opportunity exists to use these same LEAN concepts such as process improvement, Six-Sigma, and value chain analysis, in order to help the organization achieve increased efficiencies. ERP and RPA tools are also adding to the complexity of the role of the financial manager.

Topics Include:

• Foundations of the LEAN methodology including:
  • History of LEAN.
  • The Toyota Way and its 14 principles.
  • Value-Chain analysis (using the APQC standard model).
  • Sources of Waste (MUDAS) in traditional functions such as the shop floor and in support functions such as finance.
  • Process management: SIPOC and VSM models.
  • Using Kaizen methodologies and A3 documents.
  • Key performance indicators and linkages to the Balanced Scorecard model of Kaplan & Norton.
  • Linkages and risks to internal control because of the use of LEAN concepts and automation tools such as RPA.
  • Value Stream Mapping.
  • 5S, Poka-Yokes and visual control.
• Nature and challenges facing the Finance Function in the era of rapid digital transformation.
• Customer focus internal and external as a foundation of the use of LEAN concepts.
• The main finance processes financial accounting and management accounting.
• Ideas and examples to improve the efficiency of the main accounting functions (O2C, P2P, PPE, Inventories, Budgets).
• The LEAN attitude and expectations of the Financial Manager.

NOTE: No updates or changes were made to the 2024 version of this course. If you completed the 2023, please be advised the 2024 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants will be able to:

• Increase awareness of how LEAN concepts can be applied in the support functions of the organization, specifically in the finance function.
• Recognize opportunities to help organizations grow while successfully keeping costs of support functions as efficient as possible.
• Explore how RPA is creating significant opportunities to improve many non-value adding functions of the organization.