Growth and profitability : optimizing the finance function by Michael C. Donegan

By Michael C. Donegan

Compliment for progress and Profitability
"Finally, a booklet that matches me and my enterprise! development and Profitability did what a military of experts couldn't do. . . . demystify the finance and accounting point of my enterprise. this can be a must-read for an individual with a small company or for a person making plans to begin one."
-- Mandana Sheybani
CEO and Founder
undying Carpets Co.
"This isn't the ordinary lengthy at the research and brief at the useful software treatise on finance and accounting. aimed at the amateur enterprise proprietor and people already skilled and proficient, progress and Profitability is provocative, vigorous, and informative. After studying how a personalised finance procedure advantages the association, company proprietors and finance pros can be ready to make key price judgments relating to finance constitution sincerely and with precision."
-- George Maso Jones, PhD
Director, overseas Press info Agency
former WTO schedule consultant and international financial institution consultant
"Michael Donegan offers an insightful examine the strategic function of the finance functionality, from a two-person start-up corporation via a multimillion-dollar company. He has mapped out a simple approach to construct a world-class, IT-enabled strategic finance organization."
-- Tom Shea
UpStream Software
"Laying an exceptional beginning in accordance with pertinent details is necessary for achievement in modern day dynamic industry. reaching luck calls for businesses to be nimble, harnessing facts that's necessary to decision-making. Michael Donegan presents a blueprint to development the monetary infrastructure had to force progress and profitability in a measured and sustainable fashion."
-- Alex J. Abreu
coping with Director
Sr. shopper supervisor, monetary recommendations Group
financial institution of the US

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Finance is separate from the rest of the organization. Rules of accounting are cut and dried. Accounting is for taxes last. TRADITIONAL PERCEPTION OF THE FINANCE FUNCTION 33 Accounting and Finance People Should Be Effective, Detail-Oriented Number Crunchers Accounting and finance people must step up to their role as communicators who are accessible for all aspects of decision making in the organization. Whether decisions are related to acquisitions, product expansion, or market penetration, the finance organization has an obligation to interpret historical data as well as forecast and budget data and to articulate the practical aspect of any proposed business initiative.

S. District Court for the District of Columbia, 2000. 6. , Exchange Act Release No. 30532, March 31, 1992. 7. Tim Reason, “Jailhouse Shock,” CFO, September 2000, p. 113. 8. Eric Krell, “Finance Managers on the Wrong Track,” Business Finance, July 2000, p. 10. 9. gov/advo. 2 FINANCE FUNCTION DEFINED KEY TAKEAWAYS ■ ■ ■ ■ ■ ■ ■ Understanding the basic tasks of the finance function. Understanding the definition and purpose of the finance function. Distinguishing between two major components of the finance function: concrete components and soft components.

Outsourcing may have tangible, measurable benefits in the short term, but in the mid- to long term the company forfeits valuable learning curves that would be afforded to members of its own organization. Outsourcing arrangements compel a business to surrender esoteric and highly specialized knowledge of customers and the business environment. Application Service Providers Outsourcing in its pure technological form is embodied in ASPs. ASPs are thirdparty vendors that rent software and information system capability.

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