Successfully reported this slideshow.

2014-02-25 Enhance Business Productivity Leveraging Your Financial Software

375 views

Published on

  • Be the first to comment

  • Be the first to like this

2014-02-25 Enhance Business Productivity Leveraging Your Financial Software

  1. 1. Accounting Process Improvement Seminar Seth Zarny – Partner Buu-Linh Tran – Manager Jeremy Taro – Business Development Thrive. Grow. Achieve. February 25, 2014
  2. 2. WHAT’S ON TAP  INTRODUCTIONS & AGENDA  CATALYST FOR CHANGE  EVIDENCE THAT PROCESS IMPROVEMENTS ARE NEEDED  DO WE NEED A NEW ACCOUNTING SYSTEM?  WHAT ARE THE PROCESS IMPROVEMENT METHODS?  BEST PRACTICES - PROCESS IMPROVEMENT RECOMMENDATIONS  LEVERAGING YOUR CURRENT SYSTEM (GP & INTACCT) • Financial Reporting • Cost Allocation • Grant Management • Revenue/ Expense Deferral Page 2
  3. 3. INTRODUCTIONS  YOUR ORGANIZATION • Overview • Size – Employees • Current Accounting Solutions • Challenges  RAFFA • Overview • Seth Zarny • Buu-Linh Tran • Jeremy Taro Page 3
  4. 4. CATALYST FOR CHANGE  INTERNAL INITIATIVES  NEW TECHNOLOGIES  NEW SENIOR MANAGEMENT/ CFO  NEW STRATEGIC GOALS  BOARD DIRECTIVES  TIME FOR A CHANGE Page 4
  5. 5. EVIDENCE THAT PROCESS IMPROVEMENTS ARE NEEDED  SIMPLE TASKS TAKE TOO LONG  TOO MUCH TIME VALIDATING DATA  EMPLOYEES COMPLAIN ABOUT SYSTEM INEFFICIENCIES  SUFFICIENT RESOURCES BUT LITTLE OUTPUT  TOO MUCH PAPER  SIGNIFICANT BACKLOGS  SIGNIFICANT DATA ENTRY  DATA EXISTS IN MULTIPLE SYSTEMS (RECONCILIATION NIGHTMARE) Page 5
  6. 6. EVIDENCE THAT PROCESS IMPROVEMENTS ARE NEEDED  INFORMATION IS NOT EASILY ACCESSIBLE  HAVING TO ACCESS INFORMATION IN MULTIPLE PLACES  SENIOR MANAGEMENT INFORMATION REQUESTS RESULT IN CONSTANT FIRE DRILLS  TAKES TOO LONG TO PRODUCE REPORTS  DATA INCONSISTENCY  EXCESS USE OF SPREADSHEETS  SYSTEM WORKAROUNDS  EXCESSIVE MANUAL EFFORT Page 6
  7. 7. DO WE NEED A NEW ACCOUNTING SYSTEM?  REVIEW CURRENT OPERATIONS  IS SOFTWARE VERSION OLD? INCOMPATIBLE WITH EXISTING TECHNOLOGY?  REVIEW AVAILABLE SYSTEM FEATURES  IDENTIFY 3RD PARTY ADD-ONS  NEW ACCOUNTING SYSTEM IMPLEMENTATION Page 7
  8. 8. KEYS TO RESOLVING PROCESS ISSUES  ADDRESS END TO END PROCESSES        Meet with individual process owners (ask why/ don’t assume) Follow the data and/or paper trail Address the processing procedures (include exceptions/ workarounds) Review the processes with internal departments Identify processes that include external sources Identify all the inputs and outputs (manual entry, invoices, etc.) Identify systems that store/ process the data (spreadsheets, databases, etc.) Page 8
  9. 9. KEYS TO RESOLVING PROCESS ISSUES       Identify one-off process / exceptions Identify system automation (identify processes the system does and does not do & what the system should do) Does the current process adhere to policies and procedures? Identify desired requirements/ outcome Should current key processes be documented? Develop future state (document key future steps/ requirements) Presentation Title / Page 9
  10. 10. PROCESS IMPROVEMENT RECOMMENDATIONS  UTILIZE SYSTEM SELF-SERVICE FUNCTIONALITY  LEVERAGE SYSTEM TO AUTOMATE TASKS  CENTRALIZE DATA IN APPROPRIATE SYSTEM/ AVOID DATA IN MULTIPLE SYSTEMS  INTEGRATE SYSTEMS  REPLACE PAPER WITH ELECTRONIC SOLUTIONS  TRAINING THAT INCORPORATES BOTH TECHNOLOGY AND PROCESS  TRAINING SHOULD BE DEVELOPED WITH PROCESS OWNERS  TIMELY ACCESS TO DATA Page 10
  11. 11. PROCESS IMPROVEMENT RECOMMENDATIONS  UNDERSTAND REPORTING REQUIREMENTS  DEVELOP USER MANUAL TO ADDRESS THE ENTIRE PROCESS AND NOT JUST HOW TO USE THE SOFTWARE.  MANUAL DATA SHOULD BE KEYED IN ONCE  ELIMINATE MANUAL FORMS Page 11
  12. 12. MICROSOFT DYNAMICS GP  REPORTING     Smartlist Excel Report Management Report SSRS (self servicing)  COST ALLOCATION  Variable vs Fixed  GRANT MANAGEMENT  Financial vs Nonfinancial data  REVENUE / EXPENSE DEFERRAL Page 12
  13. 13. INTACCT  REPORTING / DASHBOARD  Financial  Custom  Standard  GRANT MANAGEMENT  Financial vs Nonfinancial data  RECURRING BILLING  COST ALLOCATION  Fixed Page 13
  14. 14. QUESTIONS Page 14
  15. 15. THANK YOU! Seth Zarny Direct: 301-279-6500 E-mail: szarny@raffa.com Buu-Linh Tran Direct: 301-279-6511 E-mail: btran@raffa.com Jeremy Taro Direct: 301-279-6504 E-mail: jtaro@raffa.com Page 15

×