By David Parmenter
Better practices that cutting-edge CFOs can hire to deliver worth and potency to the groups that report back to them
Helping company accountants from the CFOs to the administration accountant enforce higher practices that might make a distinction to their finance team's functionality, successful CFOs exhibits company accountants the right way to create everlasting advancements of their organization's processes.
- Provides greater perform strategies the writer has realized from greater than 4,000 finance groups worldwide
- A to Z suggestions on easy methods to be a good CFO
- Includes templates, checklists and implementation courses for approach improvement
- Abundance of instruments to make sure implementation of higher practices
- Tips on the best way to increase successful management traits
Winning CFOs indicates company accountants how one can substantially remodel their contribution to their association, increase their task delight and profile, and depart a legacy of potency and effectiveness in each association for which they work.
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Winning CFOs: Implementing and Applying Better Practices
Greater practices that modern CFOs can hire to convey worth and potency to the groups that report back to them assisting company accountants from the CFOs to the administration accountant enforce higher practices that may make a distinction to their finance team's functionality, successful CFOs exhibits company accountants find out how to create everlasting advancements of their organization's techniques.
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Extra info for Winning CFOs: Implementing and Applying Better Practices
Using “Post-it” reengineering (see section later in the chapter). Allowing sectors to have their own accounting systems. Looking for hundreds of small (1 percent) improvements. 4 percent of annual revenue to about 1 percent (a reported savings of greater than $10 million per year). Motorola found that its ﬁnal reports were virtually error free. In other words, by being quicker, the company also successfully tackled the error rate. The monthends were drama free, with less anxiety and higher morale in the accounting team.
8 Implementation Plan for an Organization with over 600 Full-Time Employees 18 Ascertain system requirements Ascertain what system upgrades are required to avoid duplication of data entry and to provide online realtime information to budget holders. 19 Scope planning tool for reporting and forecasting purposes. Aim for automatic generation of user-friendly management reports requiring only limited analysis and 20 insightful comments. Reducing month-end time frames 15 Month-end reports by day 4.
Remember, we are after a true and fair view and we are sculptors rather than scientists (see Chapter 1). Early Accruals Close-off Cutting off accruals before accounts payable, say day −2, is both possible and desirable (see Chapter 1). Early Close-off of Accounts Receivable Close off accounts receivable immediately on the last working day, or better still, at noon on the last working day, with transactions in the afternoon being carried forward to the ﬁrst day of the new month. Remember that training will be required in dispatch and accounts receivable to ensure cut-off is clean each month-end.