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Ten Questions That a CFO Should Ask Their Controller

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In your ever-changing role of CFO, one thing has remained constant – the need to lead and manage an effective finance team. Join us for a panel discussion focused on the top ten questions that a CFO …

In your ever-changing role of CFO, one thing has remained constant – the need to lead and manage an effective finance team. Join us for a panel discussion focused on the top ten questions that a CFO should ask their controller in order to maintain efficient and compliant financial practices.

In this session, CFOs from leading software companies will share how they work with their Controllers and finance teams to establish best practices around:

- Internal controls
- Operational efficiency
- Visibility and reporting
- Financial leadership

Speakers: Marc Linden, CFO, Intacct
en Cucarola, CFO, Teachscape
Gregg Leach, CFO, Able Engineering and Component Services, Inc.

Presentation delivered at ProformaTECH 2014 - www.proformatech.com via www.proformative.com.
Track: Operational Advantage | Session: 3

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  • Many of you, like me, did not become a CFO coming up through a CPA track. To be an effective financial leader, it is critical to work closely with your Controller to understand the ins and outs of the accounting functions at your business, and then to focus on the 2 types of opportunities you have to lead change in your organization.First is making you business more efficient. By automating processes, improving oversight and controls and increasing accuracy and compliance, you can make your business run better. This is the every day, every week, every month stuff. With the right financial system and processes in place, you run more efficiently, while letting each part of the organization use the best tools for their part of the job. We’ll talk about the controls and efficiency measures you need to be asking about to do this.But that’s not enough. Second, you as CFO need to drive performance and growth. Your financial team should be asked to do more than execute a process. You and your team are expected to provide information – valuable information – to run your business better. Its one thing to have a snapshot dashboard of metrics. You really need to dig deeper to understand the true dynamics of your business. ONLY with visibility into both your financial and operating data canyou make better long-term, strategic decisions. We’ll talk about what it takes to get there.Efficiency plus growth. You need both. Here are the ten questions to ask to get on the right path.
  • Coming back to why CFOs like you love your Controllers who love Intacct - we help you drive higher performance and growth… .It’s hard to think big picture if the little stuff is getting in the way.With Intacct, once you’ve mastered the day to day complexity through our automation solutions, you can then plan and act for the long term.We give you the tools to think long-term by not only having key metrics at your fingertips but deeper insight to know what to do about them.

Transcript

  • 1. Ten Questions That a CFO Should Ask Their Controller Marc Linden, CFO, Intacct Ken Cucarola, CFO, Teachscape Gregg Leach, CFO, Able Engineering
  • 2. Meet Your Panelists • Moderator: Marc Linden, CFO, Intacct • Ken Cucarola, CFO, Teachscape • Gregg Leach, CFO, Able Engineering © 2014 Proformative
  • 3. Areas of Questioning Make my business more efficient Drive performance and growth  Process automation  Track true financials and operations  Oversight and controls  Visibility for planning/strategy  Accuracy and compliance  Flexibility as needs change Better Every Day Controls © 2014 Proformative Efficiency Managing for Long-Term Visibility Leadership
  • 4. Controls Questions to ask 1. Who has access to what functionality in the accounting system? How is that documented? Who approves changes? 2. How many manual journal entries are we making during the close process? What exceptions are our auditors finding?  There should be a single administrator of the system. User rights and changes should be made according a documented approval process.  Audit difficulties and exceptions should be used as a guide for areas needing process improvement or automation. How many sales orders or invoices are cancelled and re-billed, and what are the primary causes? How many dollars are involved? 3. Best Practices © 2014 Proformative
  • 5. Efficiency Questions to ask 4. 5. 6. How long does it take to close the books? Show me everything we are doing in Excel. Why are we using Excel? What is our volume of transactions - how many invoices, vendor payments? How do we measure quality? © 2014 Proformative Best Practices  Examine ways to automate manual or growing processes.  Accounting staff should grow more slowly than overall revenue or business growth.  Timeliness of the close process and accounting staff growth should be used as measures of department efficiency.
  • 6. Visibility Questions to ask 7. Do we have one integrated system for both our financial information and our operating metrics? 8. Why do we have so many reports? © 2014 Proformative Best Practices  A single reporting system removes unproductive reconciliation time.  Online self-service reports let you see which ones are most valuable.
  • 7. Leadership Questions to Ask 9. What are the management judgments we make as we prepare the financial statements? 10.Where should we invest our next dollar in the finance department? © 2014 Proformative Best Practices  Determine which financial data are facts and which are opinions.  Prioritize the problem areas and focus resources where they are most needed. Cloud helps simplify, centralize, and automate.
  • 8. How Technology Can Help Make my business more efficient Once you’ve mastered day-to-day complexity … © 2014 Proformative Drive performance and growth … you can think long-term
  • 9. Proformative is the largest and fastest growing online resource and professional network for senior finance, accounting and related professionals. Learn more about us now!