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© 2014 Consider Solutions All rights reserved.
Solutions for World Class Finance
Confidence in Financial Control with ACL
...
Solutions for World Class Finance
Welcome
Today’s Speakers:
‐
2 © 2014 Consider Solutions All rights reserved
Robin Ashby
...
Solutions for World Class Finance
solutions for world class finance
Business Streams
‐ Financial Control & Compliance
‐ Ri...
Solutions for World Class Finance
Clients
4 © 2014 Consider Solutions All rights reserved
Solutions for World Class Finance
World
Class
Finance
Business Results
Cost of Finance
Cash flow
Risk Management
We are al...
Solutions for World Class Finance
Today’s Discussion
Introductions & Objectives
Visibility over Financial Processes & Cont...
Solutions for World Class Finance
Survey Question - 1
How would you characterize your data analytics
maturity as an organi...
Solutions for World Class Finance
Financial Control, Assurance & Insight . . .
© 2014 Consider Solutions All rights reserv...
Solutions for World Class Finance
What we know, what we think we know and
what we need to know
Analytics provide insight b...
Solutions for World Class Finance
3 Lenses for Visibility
Process & Control
‐ ICFR
‐ SOX
‐ Data Governance
‐ Control Self ...
Solutions for World Class Finance
Survey Question - 2
What is your primary business objective for data
analytics?
1. Impro...
Solutions for World Class Finance
Best Practice in Managing ACL Analytics
Analytic Objectives – the roadmap
Business Proce...
Solutions for World Class Finance
Biggest Wins with Analytics
Data Quality
‐ Duplicate vendors, customers, invoices
‐ Inco...
Solutions for World Class Finance
Example Best Practice Analytics with ACL
Order to Cash
‐ Customer deduction and payments...
Solutions for World Class Finance
Example Best Practices with ACL
Disbursements –
‐ Summary of payments by vendor, duplica...
Solutions for World Class Finance
Starting from scratch: What to expect
Dedicated Analytics team?
Specific knowledge of th...
Solutions for World Class Finance
Example - Manual Journal Entries
BSEG + BKPF – sorted on highest dollar amount
•Combine ...
Solutions for World Class Finance
Example - Current valid users…except
© 2014 Consider Solutions All rights reserved18
Solutions for World Class Finance
…..7 terminated employees
These accounts had write
access to the payroll system,
althoug...
Solutions for World Class Finance
So What?
Are you performing the Top 15 Analytics?
1. Top ten expense categories
2. AP Ex...
Solutions for World Class Finance
Top 15 Analytics (Cont.)
8. Vendors with excessive invoices for the year
9. Duplicate pa...
Solutions for World Class Finance
Survey Question - 3
What is your highest priority/return business process
for data analy...
Solutions for World Class Finance
But its not just about tools . . . .
Education
Governance
Management Process
Stakeholder...
Solutions for World Class Finance
Analytics Roadmap
Identify existing analytics, script and develop
existing data into new...
Solutions for World Class Finance
Hits & Myths
1. Analytics are too complicated
Analytics are built block by block
Start s...
Solutions for World Class Finance
Things to Consider . . .
Where are you in your analytics capability today?
How well are ...
Solutions for World Class Finance
Review
Introductions & Objectives
Visibility over Financial Processes & Controls
Lenses ...
Solutions for World Class Finance
The pessimist complains about the wind. The optimist expects it to change. The
leader ad...
Solutions for World Class Finance
29 © 2014 Consider Solutions All rights reserved
Any Questions?
Enjoy the journey!
dfren...
© 2014 Consider Solutions All rights reserved.
Solutions for World Class Finance
Confidence in Financial Control with ACL
...
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Confidence in Financial Control with ACL

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This webcast was first in a series of events dedicated to Governance, Risk & Compliance (GRC) strategies and tools. Throughout 2014 we will be sharing best practices in financial control, compliance and risk monitoring from the perspective of different platforms such as ACL, INFOR, SAP, Oracle & others.

Watch Robin Ashby, an experienced Financial Control expert and recognized ACL practice leader, as he explores best practices in exploiting ACL for intelligent exception analytics for the finance and assurance functions. Moderated by Dan French, CEO at Consider Solutions, the webinar agenda addresses:
- Visibility over Financial Processes & Controls
- The 3 Lenses of Insight – Control & Compliance, Fraud and other Risk Assurance, Finance Process Optimization
- High Impact Analytics with ACL
- Critical Success Factors – Best Practice
- Entry Points for Deeper Insight
- Q&A

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Transcript of "Confidence in Financial Control with ACL"

  1. 1. © 2014 Consider Solutions All rights reserved. Solutions for World Class Finance Confidence in Financial Control with ACL “Exception Analytics for the CFO” 18th February 2014
  2. 2. Solutions for World Class Finance Welcome Today’s Speakers: ‐ 2 © 2014 Consider Solutions All rights reserved Robin Ashby Practice Leader, Financial Control & Assurance Consider Dan French CEO Consider
  3. 3. Solutions for World Class Finance solutions for world class finance Business Streams ‐ Financial Control & Compliance ‐ Risk Assurance ‐ Finance Process Optimization Technology Enablement ‐ INFOR Approva ‐ SAP ‐ Oracle ‐ ACL 3 © 2014 Consider Solutions All rights reserved
  4. 4. Solutions for World Class Finance Clients 4 © 2014 Consider Solutions All rights reserved
  5. 5. Solutions for World Class Finance World Class Finance Business Results Cost of Finance Cash flow Risk Management We are all on the road to World Class Finance © 2014 Consider Solutions All rights reserved5
  6. 6. Solutions for World Class Finance Today’s Discussion Introductions & Objectives Visibility over Financial Processes & Controls Lenses of Insight High Impact Analytics with ACL Entry Points for Deeper Insight Q&A © 2014 Consider Solutions All rights reserved6
  7. 7. Solutions for World Class Finance Survey Question - 1 How would you characterize your data analytics maturity as an organization? 1. No current capability – Investigating 2. Early efforts – Exploring & Learning 3. Some ad-hoc business wins – Value Proven 4. Developing techniques, best practices & organizational capability 5. Mature & sustained organizational capability 7 © 2014 Consider Solutions All rights reserved
  8. 8. Solutions for World Class Finance Financial Control, Assurance & Insight . . . © 2014 Consider Solutions All rights reserved8
  9. 9. Solutions for World Class Finance What we know, what we think we know and what we need to know Analytics provide insight beyond stratifying, summarizing and reporting data. A tool to leverage change in the business process. A safeguard against misappropriation of assets. Improve the quality of questions asked by management. Isn’t this just Business Intelligence? 9 © 2014 Consider Solutions All rights reserved
  10. 10. Solutions for World Class Finance 3 Lenses for Visibility Process & Control ‐ ICFR ‐ SOX ‐ Data Governance ‐ Control Self Assessment Risk Assurance ‐ Fraud ‐ Error ‐ FCPA Finance Process Optimization ‐ Eliminating Waste ‐ Driving Simplification & Standardization ‐ Optimizing Cash Flow 10 © 2014 Consider Solutions All rights reserved
  11. 11. Solutions for World Class Finance Survey Question - 2 What is your primary business objective for data analytics? 1. Improving Audit process 2. Improving financial control & management 3. Cash recovery – duplicate payments, credits etc. 4. Improving business process insight 5. Business performance improvement 11 © 2014 Consider Solutions All rights reserved
  12. 12. Solutions for World Class Finance Best Practice in Managing ACL Analytics Analytic Objectives – the roadmap Business Process Maturity – what do you really look at today? Start Small – Well built, small analytics convince the skeptic and build credibility Define Success – the signs on your roadmap Sustainable – Incorporating analytics in the business process. Reporting – who, what, when, how, and why 12 © 2014 Consider Solutions All rights reserved
  13. 13. Solutions for World Class Finance Biggest Wins with Analytics Data Quality ‐ Duplicate vendors, customers, invoices ‐ Incomplete data Risk ‐ Access reviews ‐ Expense management ‐ User provisioning Operational efficiency ‐ Revenue recovery ‐ Working capital analysis (cash conversion cycle) ‐ Inventory movement 13 © 2014 Consider Solutions All rights reserved
  14. 14. Solutions for World Class Finance Example Best Practice Analytics with ACL Order to Cash ‐ Customer deduction and payments and A/R subledger analysis. Master Data Review ‐ One time vendors, employee-vendor relationships, VAT ID validity, customers with No Credit Limit, Orders over the Credit Limit, Average time to Pay versus the Customer Terms, Inactive Customers, and Customers with No Address. 14 © 2014 Consider Solutions All rights reserved
  15. 15. Solutions for World Class Finance Example Best Practices with ACL Disbursements – ‐ Summary of payments by vendor, duplicate payments, average days to pay per vendor, payments entered into the system before the invoice document date, payments with no description, and more. User Provisioning ‐ Terminations, new users, changes. FCPA ‐ Vendor, customer, employee data review 15 © 2014 Consider Solutions All rights reserved
  16. 16. Solutions for World Class Finance Starting from scratch: What to expect Dedicated Analytics team? Specific knowledge of the source data? Expertise with analytic software? (Not Excel) Business Process Owner buy in? Report Consumption – who and how often? Process for accepting new requests? Which Analytics to start with? © 2014 Consider Solutions All rights reserved16
  17. 17. Solutions for World Class Finance Example - Manual Journal Entries BSEG + BKPF – sorted on highest dollar amount •Combine Header and Detail Record •Exclude auto postings •Verify local authorization and review process © 2014 Consider Solutions All rights reserved17
  18. 18. Solutions for World Class Finance Example - Current valid users…except © 2014 Consider Solutions All rights reserved18
  19. 19. Solutions for World Class Finance …..7 terminated employees These accounts had write access to the payroll system, although AD accounts had been disabled, substantial risk remained © 2014 Consider Solutions All rights reserved19
  20. 20. Solutions for World Class Finance So What? Are you performing the Top 15 Analytics? 1. Top ten expense categories 2. AP Expenses multiples of $10, $100 3. Inactive vendors (within 18 months) 4. Duplicate Vendors (match on address, tax ID, name, vendor #) 5. Employees as Vendors 6. Vendor Payment method – non electronic 7. Banned Vendors from OFAC list © 2014 Consider Solutions All rights reserved20
  21. 21. Solutions for World Class Finance Top 15 Analytics (Cont.) 8. Vendors with excessive invoices for the year 9. Duplicate payments – same vendor, amount, invoice #, different date 8. Journal Entries by unusual or generic user names 9. Stratify Inventory movement types 10. Benford analysis of PO amounts 11. User Access – terminated vs. current system users 12. CIP with credit balances 13. Employees paid beyond termination date © 2014 Consider Solutions All rights reserved21
  22. 22. Solutions for World Class Finance Survey Question - 3 What is your highest priority/return business process for data analytics? 1. Expense Cycle – Purchase to Pay 2. Revenue Cycle – Order to Cash 3. Record to Report – GL & General Accounting 4. Anti-Bribery & Corruption 5. Other 22 © 2014 Consider Solutions All rights reserved
  23. 23. Solutions for World Class Finance But its not just about tools . . . . Education Governance Management Process Stakeholder buy-in Ensuring Commitment Roadmap for Analytics 23 © 2014 Consider Solutions All rights reserved
  24. 24. Solutions for World Class Finance Analytics Roadmap Identify existing analytics, script and develop existing data into new data expectations. Include focused process analytics to key business drivers – PTP, OTC, FCPA, Revenue Recovery, etc. Knowledge and skill transfer/training, augmentation. Establish an analytics roadmap with base, or next level analytics required by process, group, region, or enterprise. Implement a best practices scalable framework to provide flexible and repeatable data analytics. © 2014 Consider Solutions All rights reserved24
  25. 25. Solutions for World Class Finance Hits & Myths 1. Analytics are too complicated Analytics are built block by block Start small, understand the discrete processes Share results 2. We can do this internally with our current team It requires time, knowledge and perspective Day jobs trump analytics until they are real Driving acceptance 3. What is the business case for analytics? Process maturity Show me the results Sustainability and cost © 2014 Consider Solutions All rights reserved25
  26. 26. Solutions for World Class Finance Things to Consider . . . Where are you in your analytics capability today? How well are you doing against your peers? How strong is your business case? What should your next steps be? These are not rhetorical questions ! 26 © 2014 Consider Solutions All rights reserved
  27. 27. Solutions for World Class Finance Review Introductions & Objectives Visibility over Financial Processes & Controls Lenses of Insight High Impact Analytics with ACL Entry Points for Deeper Insight Q&A © 2014 Consider Solutions All rights reserved27
  28. 28. Solutions for World Class Finance The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.”28
  29. 29. Solutions for World Class Finance 29 © 2014 Consider Solutions All rights reserved Any Questions? Enjoy the journey! dfrench@consider.biz Blogerati can visit . . . www.consider.biz/thinking/ @consider_ations #worldclassfinance
  30. 30. © 2014 Consider Solutions All rights reserved. Solutions for World Class Finance Confidence in Financial Control with ACL “Exception Analytics for the CFO” 18th February 2014
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