{"id":9379,"date":"2021-02-03T14:59:25","date_gmt":"2021-02-03T19:59:25","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/?post_type=avada_portfolio&#038;p=9379"},"modified":"2021-04-12T11:16:51","modified_gmt":"2021-04-12T15:16:51","slug":"finance-for-strategic-procurement-fundamentals","status":"publish","type":"avada_portfolio","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/courses\/finance-for-strategic-procurement-fundamentals\/","title":{"rendered":"Finance for Strategic Procurement (Fundamentals)"},"content":{"rendered":"<p>Today\u2019s CEOs and CFOs expect procurement professionals to know how their work supports corporate goals and how to communicate in the language of finance.\u00a0<em>Finance For Strategic Procurement (Fundamentals)<\/em>\u00a0will help you understand the ways that executives measure business performance and will help you apply this knowledge specifically to your procurement work.<\/p>\n<p>This online course is part of the two-part\u00a0<em>Finance For Strategic Procurement Series.<\/em>\u00a0Part I focuses on understanding financial statements and measuring and communicating a procurement department\u2019s contribution to the organization. Part II focuses on how financial decisions are made and evaluating supplier health. Upon completing this course, you will be able to:<\/p>\n<ul>\n<li>Understand the standards that apply to financial reporting<\/li>\n<li>Create, update, and understand financial statements such as the income statement, balance sheet, and cash flow statement<\/li>\n<li>Apply accounting concepts related to inventory, including the goals sought by senior management and how a procurement department can contribute<\/li>\n<li>Understand how negotiated discounts and freight charges are accounted for<\/li>\n<li>Understand the difference between direct and indirect expenses<\/li>\n<li>Understand how buying or selling on credit terms impact financial statements<\/li>\n<li>Calculate both straight-line and accelerated depreciation<\/li>\n<li>Understand the financial implications of buying and maintaining capital assets<\/li>\n<li>Expertly manage working capital and improve cash flow through smart supply chain management<\/li>\n<li>Select appropriate payment terms, taking various cash cycles into consideration<\/li>\n<li>Measure a procurement department\u2019s contribution to the organization\u2019s financial performance, including calculating cost savings and reconciling it with changes in expenses as reported on financial statements<\/li>\n<li>Apply advanced cost savings reporting concepts, including reporting savings for mid-year deals and contracts where the volume and composition of the agreement changes<\/li>\n<\/ul>\n<hr \/>\n<p>This is a self-paced course with no instructor-led forum and you have 60 days from registration to complete all course elements.\u00a0It should take you approximately 8 hours to review the material and take any quizzes. All readings are provided in the course.<\/p>\n<p>This course has been pre-approved for 8 CEHs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s CEOs and CFOs expect procurement professionals to know how [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1584,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"portfolio_category":[88,74,84,70,72,71],"portfolio_skills":[],"portfolio_tags":[],"class_list":["post-9379","avada_portfolio","type-avada_portfolio","status-publish","format-standard","has-post-thumbnail","hentry","portfolio_category-inventory-management","portfolio_category-leadership-individual-courses","portfolio_category-level-3-cpom","portfolio_category-risk-management","portfolio_category-saving-strategies","portfolio_category-supplier-selection-individual-courses"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v19.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finance for Strategic Procurement (Fundamentals) - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance for Strategic Procurement (Fundamentals)\" \/>\n<meta property=\"og:description\" content=\"Today\u2019s CEOs and CFOs expect procurement professionals to know how [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-12T15:16:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/09\/financePart1-1-e1600875328989.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1107\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/courses\/finance-for-strategic-procurement-fundamentals\/\",\"url\":\"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals\",\"name\":\"Finance for Strategic Procurement (Fundamentals) - Next Level Purchasing Association (NLPA)\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#website\"},\"datePublished\":\"2021-02-03T19:59:25+00:00\",\"dateModified\":\"2021-04-12T15:16:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.certitrek.com\/nlpa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Portfolio\",\"item\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/courses\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Finance for Strategic Procurement (Fundamentals)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#website\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/\",\"name\":\"Next Level Purchasing Association (NLPA)\",\"description\":\"The Next Level Purchasing Association\",\"publisher\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.certitrek.com\/nlpa\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\",\"name\":\"Next Level Purchasing Association (NLPA)\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/08\/NLPA-logo-small-1.png\",\"contentUrl\":\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/08\/NLPA-logo-small-1.png\",\"width\":149,\"height\":50,\"caption\":\"Next Level Purchasing Association (NLPA)\"},\"image\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/company\/next-level-purchasing-association\/\",\"https:\/\/www.youtube.com\/channel\/UCrNZYjcLcaNA4xMKQHEGamw\",\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\",\"https:\/\/twitter.com\/nextlevelpurch\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Finance for Strategic Procurement (Fundamentals) - Next Level Purchasing Association (NLPA)","robots":{"index":"noindex","follow":"nofollow"},"og_locale":"en_US","og_type":"article","og_title":"Finance for Strategic Procurement (Fundamentals)","og_description":"Today\u2019s CEOs and CFOs expect procurement professionals to know how [&hellip;]","og_url":"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals","og_site_name":"Next Level Purchasing Association (NLPA)","article_publisher":"https:\/\/www.facebook.com\/NextLevelPurchasing\/","article_modified_time":"2021-04-12T15:16:51+00:00","og_image":[{"width":1600,"height":1107,"url":"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/09\/financePart1-1-e1600875328989.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@nextlevelpurch","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.certitrek.com\/nlpa\/blog\/courses\/finance-for-strategic-procurement-fundamentals\/","url":"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals","name":"Finance for Strategic Procurement (Fundamentals) - Next Level Purchasing Association (NLPA)","isPartOf":{"@id":"https:\/\/www.certitrek.com\/nlpa\/#website"},"datePublished":"2021-02-03T19:59:25+00:00","dateModified":"2021-04-12T15:16:51+00:00","breadcrumb":{"@id":"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/learning.nextlevelpurchasing.com\/products\/finance-for-strategic-procurement-fundamentals#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.certitrek.com\/nlpa\/"},{"@type":"ListItem","position":2,"name":"Portfolio","item":"https:\/\/www.certitrek.com\/nlpa\/blog\/courses\/"},{"@type":"ListItem","position":3,"name":"Finance for Strategic Procurement (Fundamentals)"}]},{"@type":"WebSite","@id":"https:\/\/www.certitrek.com\/nlpa\/#website","url":"https:\/\/www.certitrek.com\/nlpa\/","name":"Next Level Purchasing Association (NLPA)","description":"The Next Level Purchasing Association","publisher":{"@id":"https:\/\/www.certitrek.com\/nlpa\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.certitrek.com\/nlpa\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.certitrek.com\/nlpa\/#organization","name":"Next Level Purchasing Association (NLPA)","url":"https:\/\/www.certitrek.com\/nlpa\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/logo\/image\/","url":"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/08\/NLPA-logo-small-1.png","contentUrl":"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/08\/NLPA-logo-small-1.png","width":149,"height":50,"caption":"Next Level Purchasing Association (NLPA)"},"image":{"@id":"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/next-level-purchasing-association\/","https:\/\/www.youtube.com\/channel\/UCrNZYjcLcaNA4xMKQHEGamw","https:\/\/www.facebook.com\/NextLevelPurchasing\/","https:\/\/twitter.com\/nextlevelpurch"]}]}},"acf":[],"_links":{"self":[{"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/avada_portfolio\/9379"}],"collection":[{"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/avada_portfolio"}],"about":[{"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/types\/avada_portfolio"}],"author":[{"embeddable":true,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/comments?post=9379"}],"version-history":[{"count":5,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/avada_portfolio\/9379\/revisions"}],"predecessor-version":[{"id":9470,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/avada_portfolio\/9379\/revisions\/9470"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/media\/1584"}],"wp:attachment":[{"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/media?parent=9379"}],"wp:term":[{"taxonomy":"portfolio_category","embeddable":true,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/portfolio_category?post=9379"},{"taxonomy":"portfolio_skills","embeddable":true,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/portfolio_skills?post=9379"},{"taxonomy":"portfolio_tags","embeddable":true,"href":"https:\/\/www.certitrek.com\/nlpa\/wp-json\/wp\/v2\/portfolio_tags?post=9379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}