Finance Process Improvement

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Process Improvement Developed Using Risk Management Principals

Process Improvement Developed Using Risk Management Principals

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  • 1. Finance & Planning Process Improvement Becky Collins, MBA Consultant Finance Management
  • 2. Project Objective Positively impact the value of FP&A services with measurable results.
  • 3. Project Methodology
    • Define Goals and Deliverables
    • Analyze Current Situation
    • Assess Targets for Change
    • Create Procedural Manual
    • Implement New Process
    • Measure Using Six Sigma Concepts
    • Train End Users on Process
    • Transition Process to Users
  • 4. Define Goals and Deliverables
    • Goals:
    • Efficiency =
    • Accuracy =
    • Effectiveness =
    • Higher Skills =
    • Accountancy =
    • Communication =
    • Deliverables:
    • New Process
    • Controls
    • Service
    • Training
    • SOP Manual
    • Documentation
  • 5. Analyze Current Situation
    • Study and/or Document Present Process
    • Define Deadlines
    • Analyze Relative Financial Reports
    • Review Employee Feedback
    • Review Customer Feedback
    • Create a Baseline for Six Sigma
  • 6. Assess Targets for Change
    • Technical Resources
    • Technical Support
    • Human Resources
    • Accounting Skill Levels
    • Technical Skill Levels
    • Department Policies
    • Specify Areas for Change
  • 7. Create Procedural Manual
    • Begin an Instruction File/Folder
    • Document Procedure Step-by-Step
    • Determine Efficiency of New Procedure
    • Check for Accuracy
    • Modify Procedure
    • Format Instruction for Entry into Manual
    • Insert Instruction Pages
  • 8. Implement New Process
    • Strictly Adhere to Instruction
    • Red Line Errors and Imprecise Instruction
    • Revise Ineffective Procedures
    • Red Line Revisions
    • Edit New Instruction
    • Update Manual with New Instruction
  • 9. Measure: Six Sigma Concept
    • Define Data Measurements (Absolute Values)
    • Identify Time Cycle
    • Chart Baseline
    • Create Relevant Graphs
    • Chart New Data
    • Evaluate Charts & Graphs for Trends
    • Document Six Sigma Instruction
  • 10. Train End User of Process
    • Strictly Adhere to Manual
    • Assure User Friendly Instruction
    • Evaluate User Skills
    • Insert Necessary Enhancements for User
    • Coach User on Red Line Editing
    • Teach Six Sigma Process
  • 11. Transition Process to Users
    • Provide Support Services
    • Meet with Direct Supervisor and Users
    • Solicit Detailed Feedback
    • Document Every Concern
    • Take Action to Resolve Concerns
    • Document Actions Taken
    • Relinquish Responsibility