This document discusses optimizing the accounting close and financial reporting process. It recommends taking a holistic approach that considers people, processes, and systems together. The methodology discussed is lean six sigma, which focuses on end users, improving processes incrementally using a team-based, fact-driven approach. Best practices include viewing the close as a supply chain and setting goals for both efficiency and effectiveness. An optimized technology solution should provide workflow, visibility into status and metrics, and bridge multiple systems used in the close. Overall success requires senior management commitment, a strategic plan, focused resources, and continuous improvement.
Fast Close: The Why and How of a faster month end close. Making the business case for a faster month end close, and linking it to finance transformation. Use process optimisation techniques and six sigma to help finance become more influential. Delivered at CPA Australia Management Accounting Conference 2015
Close your books faster, Error Free with Extensive Analytics - 1KEY Financial...Dhiren Gala
Technology can also be a barrier to close books faster. Companies that use desktop spreadsheets to manage their accounting, closing takes about 25% longer to get it done. If your company is still busy closing its books, it can and should do better. A faster close needn’t cost anything and the time invested in making improvements will pay off handsomely.
1KEY Financial Consolidation is a complete data warehouse model with standard statutory reporting requirements for publishing financial statements and with extensive analytical reports. It provides financial managers the ability to rapidly close and report financial results, meet global regulatory requirements, reduce compliance costs and provide confidence in the numbers.
1KEY FCM reduces finance team work from few weeks to days and most important error free with audit trail. Our implementation team will ensure right extraction of data from your SAP, CBS, Back Office or any other ERP data sources and import it in DW model of 1KEY FCM. Then map chart of accounts and automatically all reports for statutory publishing will be available with internal analytical MIS for group reporting scenarios.
Best Practices for Improving an Accounting System SilverRoad Solutions TSONDE
Best Practices for Improving an Accounting System
Facts You Should Know
Problems often can be traced back to four key areas:
1. How the system was set up
2. How well the processes were married to the technology
3. The type of training people received
4. How well “Best Practices” were applied to the end-to-end processes
Free Whitepapers - www.silverroad.net/finance
• Unlock the Hidden Value in your Accounting System
• Improving Inefficient Accounting Systems
Top-performing midsized company finance teams spend an average of 300 hours less per year on the accounting close than their peers.
CEB Finance provides powerful benchmarking data and
best practice solutions to help CFOs and their teams to identify inefficiencies in their accounting close processes and to prioritize improvement efforts.
Learn the 5 best practices leading CFOs use to shorten the accounting close process.
Contact us to receive detailed Accounting Close Process Benchmarks and Best Practices that will help guide your process improvement efforts.
CEB Finance
Finance package is designed from SMEs perspectives.
Focus on how to make your finance work for you.
Aware the ignorance of undermind the finance needs
Grow with us!
TRU Snacks Webinar Series- Restructuring a Financially Distressed CompanyCitrin Cooperman
Sign up for our weekly TRU Snacks webinars here: https://www.citrincooperman.com/infocus/tru-snacks-webinar-series
Our TRU Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information from Citrin Cooperman’s Transition Response Unit (TRU) live every Thursday at noon.
Implementing effective technology ecosystems can provide owners with insight into their business to support necessary business decisions. In this TRU Snacks session, Director Smija Simon shows you how to make better systems decisions that drive analytics and insight for your business.
The winning blueprint for an efficient and effective finance & accounting...Personiv
The backbone of any business is its accounting team. It guides today’s business leaders to make their most crucial decisions. But running an efficient accounting team can be tough when faced with out-of-date systems, transactional processes, and scarce talent. Find out how to turn your F&A function into a competitive differentiator with our white paper.
Fast Close: The Why and How of a faster month end close. Making the business case for a faster month end close, and linking it to finance transformation. Use process optimisation techniques and six sigma to help finance become more influential. Delivered at CPA Australia Management Accounting Conference 2015
Close your books faster, Error Free with Extensive Analytics - 1KEY Financial...Dhiren Gala
Technology can also be a barrier to close books faster. Companies that use desktop spreadsheets to manage their accounting, closing takes about 25% longer to get it done. If your company is still busy closing its books, it can and should do better. A faster close needn’t cost anything and the time invested in making improvements will pay off handsomely.
1KEY Financial Consolidation is a complete data warehouse model with standard statutory reporting requirements for publishing financial statements and with extensive analytical reports. It provides financial managers the ability to rapidly close and report financial results, meet global regulatory requirements, reduce compliance costs and provide confidence in the numbers.
1KEY FCM reduces finance team work from few weeks to days and most important error free with audit trail. Our implementation team will ensure right extraction of data from your SAP, CBS, Back Office or any other ERP data sources and import it in DW model of 1KEY FCM. Then map chart of accounts and automatically all reports for statutory publishing will be available with internal analytical MIS for group reporting scenarios.
Best Practices for Improving an Accounting System SilverRoad Solutions TSONDE
Best Practices for Improving an Accounting System
Facts You Should Know
Problems often can be traced back to four key areas:
1. How the system was set up
2. How well the processes were married to the technology
3. The type of training people received
4. How well “Best Practices” were applied to the end-to-end processes
Free Whitepapers - www.silverroad.net/finance
• Unlock the Hidden Value in your Accounting System
• Improving Inefficient Accounting Systems
Top-performing midsized company finance teams spend an average of 300 hours less per year on the accounting close than their peers.
CEB Finance provides powerful benchmarking data and
best practice solutions to help CFOs and their teams to identify inefficiencies in their accounting close processes and to prioritize improvement efforts.
Learn the 5 best practices leading CFOs use to shorten the accounting close process.
Contact us to receive detailed Accounting Close Process Benchmarks and Best Practices that will help guide your process improvement efforts.
CEB Finance
Finance package is designed from SMEs perspectives.
Focus on how to make your finance work for you.
Aware the ignorance of undermind the finance needs
Grow with us!
TRU Snacks Webinar Series- Restructuring a Financially Distressed CompanyCitrin Cooperman
Sign up for our weekly TRU Snacks webinars here: https://www.citrincooperman.com/infocus/tru-snacks-webinar-series
Our TRU Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information from Citrin Cooperman’s Transition Response Unit (TRU) live every Thursday at noon.
Implementing effective technology ecosystems can provide owners with insight into their business to support necessary business decisions. In this TRU Snacks session, Director Smija Simon shows you how to make better systems decisions that drive analytics and insight for your business.
The winning blueprint for an efficient and effective finance & accounting...Personiv
The backbone of any business is its accounting team. It guides today’s business leaders to make their most crucial decisions. But running an efficient accounting team can be tough when faced with out-of-date systems, transactional processes, and scarce talent. Find out how to turn your F&A function into a competitive differentiator with our white paper.
Confidence in Financial Control with ACLDan French
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
Best in Class Finance Transformation - Best Practices for the Finance FunctionProformative, Inc.
The evolution of the CFO role from controlling and reporting to strategy and support for the exec team now includes responsibility to deliver value for key stakeholders, such as investors. Top finance organizations are capable in multiple components of enterprise performance management (EPM), including strategic planning, execution, cost visibility, driver behavior, forecasting, planning, predictive analytics, ERM, and process productivity improverment (lean and Six Sigma). This workshop covers effective EPM frameworks, optimal organizational structure, talent management, leveraging technology to improve processes, and best practices for process change.
Speaker:
Birgit Starmanns, Senior Director, Solution Marketing, SAP
Presentation delivered at CFO Dimensions 2013
Workshop
When your organization needs more than just ITIL® and COBIT®
In today’s IT landscape, there are continuous demands for CIOs to show business value and to cut waste and cost from the IT Service Management delivery processes. This is where Lean IT can help extract the value and remove the waste.
We’re moving away from an era where adding manpower was the way to increase quality of service or to reduce time to market of IT change. We now live in a time where processes themselves not only need be effective, but cost effective as well. Is what we do really necessary? What can be minimalized? Applying lean principles will not only “cut the fat”, but strikes a balance for continuous service improvement.
Inforum 2013: Get Tighter Controls with EfficiencyDan French
April 22nd, 2013 - Inforum Conference in Orlando
This presentation comes at a time when both companies and public sector organizations face increased scrutiny from regulators, auditors, shareholders, and trading partners to assure the integrity of their business processes and safeguard sensitive information. This makes it ever more important for organisations to keep track of the advances in continuous monitoring of business processes
The discussion explores best practice approaches, case studies and business benefits of continuous monitoring. Recent experiences shared in it showcase how effective monitoring of risk and control can drive substantial business value and operational cost reduction.The main focus is placed on ways of ensuring business process optimisation and on key examples from areas such as P2P, O2C, T&E and R2R.
Building the Tax Team of the Future to Navigate the Storm of Regulatory Change Sovos
As tax moves from a back-office function to an integrated and strategic position, tax professionals must have a data-driven, business, and security mindset.
Watch onDemand by using this link: https://goo.gl/8trFsv
Creating Value Through Digital Enterprise Transformation
Originally presented to XPX, CT Chapter. We look at what it takes to create value and reduce risk using digital enterprise transformation to improve your business processes, technology, and talent foundations.
Topics covered include building a roadmap, process improvement, systems improvement including ERP, CRM, BI/Analytics, and eCommerce, how to build a global organization, and how to build a professional management team.
At SAP for Utilities 2014, Venkateshwarlu Putcha, TCS, and Mike Kelly, PSEG, showcase their collaborative efforts in transforming PSEG's debt management, improving the efficiency and efficacy of their debt collection process.
Best Practices in Financial Planning and Analysis | 2013 Business Analytics S...Cartegraph
Loras College is proud to present our annual Business Analytics Symposium on March 27, 2014 at the Grand River Center in Dubuque, IA. Industry experts will share their insights about the evolving field of business analytics opportunities. Learn about everything from best practices when analyzing data to the importance and benefits of building a culture of analytics within your organization.
To learn more, secure your seat or to take advantage of group discounts visit www.loras.edu/bigdata.
Effective Financial closing & Management reporting is one of the must have Capabilities of a Finance professional and CFO which is very important for "Optimizing Finance Operation" to lead the Finance head and company to a world Class Finance Performance
Simplifying Financial Performance Management SystemsCFO Group
Presentation by Geoff Noble of the CFO Group - September 2014
1. What is Financial Performance Management?
– Why we think it’s important to you as Chartered Accountants
2. Performing a self-assessment health check
– Effectiveness and efficiency scores
– Solution roadmap and business case
3. Implementing a solution
– Critical success factors
– How-to guide for projects
Simplifying Financial Performance ManagementCFO Group
1. What is Financial Performance Management?
– Relationship to other “hot” topics
– Why we think it’s important to you as CIMA members
2. Performing a self-assessment health check
– Effectiveness and efficiency scores
– Solution roadmap and business case
3. Implementing a solution
– Critical success factors
– How-to guide for projects
Confidence in Financial Control with ACLDan French
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
Best in Class Finance Transformation - Best Practices for the Finance FunctionProformative, Inc.
The evolution of the CFO role from controlling and reporting to strategy and support for the exec team now includes responsibility to deliver value for key stakeholders, such as investors. Top finance organizations are capable in multiple components of enterprise performance management (EPM), including strategic planning, execution, cost visibility, driver behavior, forecasting, planning, predictive analytics, ERM, and process productivity improverment (lean and Six Sigma). This workshop covers effective EPM frameworks, optimal organizational structure, talent management, leveraging technology to improve processes, and best practices for process change.
Speaker:
Birgit Starmanns, Senior Director, Solution Marketing, SAP
Presentation delivered at CFO Dimensions 2013
Workshop
When your organization needs more than just ITIL® and COBIT®
In today’s IT landscape, there are continuous demands for CIOs to show business value and to cut waste and cost from the IT Service Management delivery processes. This is where Lean IT can help extract the value and remove the waste.
We’re moving away from an era where adding manpower was the way to increase quality of service or to reduce time to market of IT change. We now live in a time where processes themselves not only need be effective, but cost effective as well. Is what we do really necessary? What can be minimalized? Applying lean principles will not only “cut the fat”, but strikes a balance for continuous service improvement.
Inforum 2013: Get Tighter Controls with EfficiencyDan French
April 22nd, 2013 - Inforum Conference in Orlando
This presentation comes at a time when both companies and public sector organizations face increased scrutiny from regulators, auditors, shareholders, and trading partners to assure the integrity of their business processes and safeguard sensitive information. This makes it ever more important for organisations to keep track of the advances in continuous monitoring of business processes
The discussion explores best practice approaches, case studies and business benefits of continuous monitoring. Recent experiences shared in it showcase how effective monitoring of risk and control can drive substantial business value and operational cost reduction.The main focus is placed on ways of ensuring business process optimisation and on key examples from areas such as P2P, O2C, T&E and R2R.
Building the Tax Team of the Future to Navigate the Storm of Regulatory Change Sovos
As tax moves from a back-office function to an integrated and strategic position, tax professionals must have a data-driven, business, and security mindset.
Watch onDemand by using this link: https://goo.gl/8trFsv
Creating Value Through Digital Enterprise Transformation
Originally presented to XPX, CT Chapter. We look at what it takes to create value and reduce risk using digital enterprise transformation to improve your business processes, technology, and talent foundations.
Topics covered include building a roadmap, process improvement, systems improvement including ERP, CRM, BI/Analytics, and eCommerce, how to build a global organization, and how to build a professional management team.
At SAP for Utilities 2014, Venkateshwarlu Putcha, TCS, and Mike Kelly, PSEG, showcase their collaborative efforts in transforming PSEG's debt management, improving the efficiency and efficacy of their debt collection process.
Best Practices in Financial Planning and Analysis | 2013 Business Analytics S...Cartegraph
Loras College is proud to present our annual Business Analytics Symposium on March 27, 2014 at the Grand River Center in Dubuque, IA. Industry experts will share their insights about the evolving field of business analytics opportunities. Learn about everything from best practices when analyzing data to the importance and benefits of building a culture of analytics within your organization.
To learn more, secure your seat or to take advantage of group discounts visit www.loras.edu/bigdata.
Effective Financial closing & Management reporting is one of the must have Capabilities of a Finance professional and CFO which is very important for "Optimizing Finance Operation" to lead the Finance head and company to a world Class Finance Performance
Simplifying Financial Performance Management SystemsCFO Group
Presentation by Geoff Noble of the CFO Group - September 2014
1. What is Financial Performance Management?
– Why we think it’s important to you as Chartered Accountants
2. Performing a self-assessment health check
– Effectiveness and efficiency scores
– Solution roadmap and business case
3. Implementing a solution
– Critical success factors
– How-to guide for projects
Simplifying Financial Performance ManagementCFO Group
1. What is Financial Performance Management?
– Relationship to other “hot” topics
– Why we think it’s important to you as CIMA members
2. Performing a self-assessment health check
– Effectiveness and efficiency scores
– Solution roadmap and business case
3. Implementing a solution
– Critical success factors
– How-to guide for projects
5 Steps to Selecting the Right Financial Management Software SolutionProformative, Inc.
Companies that continue to live in an environment of complicated, error-prone spreadsheets, and limited financial and operational visibility find themselves at a competitive disadvantage in an increasingly dynamic business environment. The good news is that there are many modern, cost-effective, financial management systems that can support, and not hinder, your company’s growth. The time to upgrade your financial management system is here, but how do you choose the right solution for your company?
Improve Efficiency, Compliance and Productivity Through Finance Transformatio...Perficient, Inc.
The role of corporate finance in financial services firms has expanded as the demands for balancing growth, regulatory compliance and risk management increase. Firms must be able to improve visibility, insight and control over financial performance, and this can be done through technology-enabled transformation.
In this webinar, our expert discussed the strategic vision and components of finance transformation that will help your enterprise to identify gains in operational efficiency, improve forecasting and reporting, reduce risk, and optimize the strategic functions of the finance organization.
We covered:
-Demand and drivers for finance change
-Key components of the finance operating model
-Prioritization of value creation opportunities
-Approach for improving financial reporting processes
-Solution architecture to deliver meaningful insights to the business
C-Suite Snacks Webinar Series: Best-In-Class Finance and Accounting: Should Y...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
During this C-Suite Snacks webinar session, Jason Slivka, executive vice president of strategic initiatives, and Steve Ronan, principal and leader of our Business Process Outsourcing Practice, discussed how outsourcing your accounting function drives profitability and business value. They covered:
- Cleaning up historical books and records
- Combining in-house staff and outsourced capabilities
to get best-in-class expertise across your accounting
function
- How better forecasting and financial analysis drives
better management decisions
- Best practices for accounting technology
- Trends in middle-market accounting operations
How to Safely Race to an Optimized Financial Accounting Close?Cogneesol
As per one survey by the Institute of Management Accountants, financial closing is one of the most significant challenges. In order to optimize financial close; an organization requires to make coordinated efforts. Here in this document, we have discussed how companies can race to an optimized financial accounting close safely.
Why Effective Cash and Liquidity Management Is Essential When Responding Duri...Workday, Inc.
It’s critical that organizations have full visibility into cash and liquidity. This webinar replay covers Workday Corporate Treasurer Alice Xu’s cash management strategy, navigating a changing landscape, and her vision for managing cash and liquidity.
Watch the recording of this session and learn how to effectively leverage benchmarks to build a roadmap of efficiency opportunities in your Finance & SSC organization through real-world examples.
This is the presentation used for a webinar we co-hosted with The CFO Leadership Council in April 2019. This presentation helps organizations see the value of adding Nearshore Outsourcing to their current operating model.
Similar to A Holistic Approach to Accounting Close and Reporting Effectiveness: It’s so Much More Than Technology (20)
How to Measure and Manage Business Performance in Volatile TimesProformative, Inc.
The performance of every organization ultimately depends on the adequacy of the information available to decision makers at the exact moment that decisions have to be made.
Join Paul Sharman, former IMA CEO and former Controller of Northern Telecom, as he takes you through the 5 reasons why companies of all sizes should consider Corporate Performance Management (CPM) platforms, which help companies track, report on, and understand corporate operating and financial performance. Paul will also discuss the primary concerns that stem from increased volatility as well as the sources of risk deemed most important over the next 3 years.
Driving Market Leadership and Growth with NetSuite Cloud ERPProformative, Inc.
As companies gear up for growth in 2015 and beyond, a lack of visibility across the enterprise can impact the ability of finance leaders to deliver on company growth initiatives and meet key strategic objectives.
Are you giving away value? Help your employees understand and appreciate the ...Proformative, Inc.
Each year companies grant more than $110 billion in equity compensation.* But how much do employees value these awards? In this webinar, Julie Vander Veen, Head of Corporate Services in UBS Equity Plan Advisory Services, and Nina Duraiswami, research analyst for UBS's client insights team, will dive into the UBS Participant Voice survey’s findings on how participants perceive equity, and they will discuss what companies can and are doing to help their employees value these awards.
The webinar will also cover concrete steps companies can take to help. Real life case studies and examples will be used to discuss these best practices.
Innovative Growth Redefined: Monetizing the Internet of Things (IOT)Proformative, Inc.
Delivering growth in today’s world requires innovation. The Internet of Things (IOT) is changing not only how market leaders are delivering products and services are delivered and getting paid for them, but the very nature of the products and services they offer their customers. What is the Internet of Things? How are companies effectively monetizing the Internet of Things to drive competitive advantage?
Supply Chain Management: Costly Mistakes & Success Metrics for CFOsProformative, Inc.
Most companies, even if they are not in manufacturing, have a supply chain. Ineffective Supply Chain Management (SCM) often fails to get its due in the damage it can cause to financial performance. Costly mistakes are often made by companies in many areas including contract negotiation, cost leakage, and in selecting the right supply chain partners.
Selecting The Right Business Technology Solution and Business PartnersProformative, Inc.
Proformative recently launched the FinTech Forum webinar program series, which is designed to offer practical and actionable content in an interactive format to help finance leaders better understand and exploit business technology that can fuel competitive advantage.
5 Steps to Unlocking the Strategic Value of Finance in ManufacturingProformative, Inc.
Most manufacturing companies struggle to achieve the level of integration between financial and operational processes and data to achieve dynamic scenario planning capabilities, the desired level of forecasting accuracy, and the strategic analytics required to deliver sustainable growth. This webinar will discuss the unique challenges facing manufacturing companies in these areas, and how overcoming them delivers competitive advantage and transforms Finance into a value added partner.
Get Ready for 2015: Understanding and Adopting the New Tax Rules and RegulationsProformative, Inc.
The new year is always a time of change - and sales and use tax in 2015 is no exception. Hear sales tax compliance expert Shane Ratigan provide an in-depth overview to help you understand, prepare for, and get ahead of the state and federal tax changes coming your way.
In this webinar, Shane will take a comprehensive look at critical new state and federal tax laws, including the Marketplace Fairness Act, taxation of services, and changes for cloud-based services. Join us and gain insider information to help you better understand how changes to sales tax regulations may affect your company and your bottom line.
Board Reporting: Efficiency, Automation & Getting Beyond the NumbersProformative, Inc.
The quarterly Board book is due in 2 hours, and we just got word from the Controller that a few numbers need to be adjusted. Time to panic, right? Unfortunately, this is quite common, and many finance professionals charged with producing their company’s Board book would panic in this situation. Several Excel sheets would need to be updated, and the CEOs commentary would need revising to accurately explain the numbers. The good news is that there does not need to be a company-wide heartburn the days leading up to the Board book’s production and distribution.
2015 T&E Expense Benchmarking: Are Your Employees Splurging on the Company DimeProformative, Inc.
Travel and entertainment—second only to payroll as the largest business expense—is becoming increasingly more difficult to control as companies expand across borders and grow through acquisitions. Therefore effective budgeting, planning, and management of T&E expenses is critical for companies of all sizes in 2015 and beyond. How does your company’s overall Travel and Entertainment spend, and spend within key categories, compare with other companies? How are companies leveraging automation to better understand and control how employees are spending the company dime? Unfortunately, benchmarks for overall T&E spend and key T&E spend within each categories are all but impossible to find.
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Unlocking the Value of Regulatory Compliance to Advance Financial Planning &...Proformative, Inc.
Call reporting, DFAST, CCAR - the amount of time and energy spent by banks to comply with cumbersome banking regulations is painful at best. You can turn this process into an advantage for your company by leveraging current advances in technology to cost-effectively streamline compliance with regulatory requirements and deliver more advanced planning and analysis that fuels company growth.
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As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
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Acquiring, retaining and motivating the right talent continues to top the list of challenges identified by CFOs and other C-Suite executives at companies of all sizes. Incentive compensation plans that miss the mark can damage any company’s profitability, and even put the future of a company at risk. Yet, despite with the availability of data to better understand the behaviors of customers and those tasked with engaging and managing them, incentive compensation design and management still often fails to get its due.
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Effectively managing resources is challenging for any company, and a lack of visibility into information on operational factors that impact margins and drive demand makes it nearly impossible. Despite the fact that companies dedicate 36 percent of revenues to human capital, many accept having less than 20/20 vision into the return they’re getting from this huge investment. How are companies leveraging technology to enable systems across the enterprise (from HR to Finance) to communicate with each other to deliver the real-time information company leaders need to optimize company investments, and the consumption of company resources.
Join us as Elliott Lester, VP of IT at ReddyIce shares how his company was able to leverage enterprise-wide visibility to break down operational silos, transform processes, improve product margins, and develop actionable metrics to drive the allocation of key company resources to transform from a company on the brink of extinction to a market leader with sustainable competitive advantage.
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Join us to discover how companies are aligning process and technology to combine historical and real-time data into what-if scenarios and risk-adjusted forecasts that improve both financial and operational performance, and even putting intuitive statistical analysis in the hands of every company manager and stakeholder to sharpen decision-making across the enterprise.
PwC Presents: VC Investing – Major trends of the first half of 2014 and predi...Proformative, Inc.
As we predicted in our last Proformative VC update, 2014 is turning into an exciting year for venture capital, with increased investing activity and headline-grabbing exits. Please join representatives from PwC’s Emerging Company Services Group as they provide an overview of recent venture capital investment trends, interpreting findings from the PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, based on data from Thomson Reuters.
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Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
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A Holistic Approach to Accounting Close and Reporting Effectiveness: It’s so Much More Than Technology
1. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals
A Holistic Approach to Accounting
Close and Reporting Effectiveness:
It’s So Much More Than Technology
2. Welcome to Proformative
Proformative is the largest and fastest growing online
resource for senior level corporate finance, treasury, and
accounting professionals.
A resource where corporate finance and related
professionals excel in their careers through:
• Uniquely valuable, online Peer Network
• Direct subject-matter-expert advice
• Valuable Features and Resources
All of it completely noise-free
Check it out at www.proformative.com
3. Learning Objectives
After participating in this event you will be able to
understand:
•
Understand the 5 key challenges to improving your company’s
accounting close and financial reporting.
•
Define an Optimized Close for your company.
•
Understand how to better align process and technology for your
company’s financial close and reporting environment.
4. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals
A Holistic Approach to Accounting
Close and Reporting Effectiveness:
It’s So Much More Than Technology
5. A Holistic Approach to Accounting Close
and Reporting Effectiveness
Agenda / Goals
◦ Introduce the Financial Effectiveness Framework
◦ Dynamics of Accounting Close and Financial Reporting. Discussing the
Whys – Overview
◦ Complete Solution Approach to Optimization
Methodology
Best Practices
Technology
Focused Resources and Strategies
6. Overview
Accounting Close and Financial Reporting
Automation Question
How long has Accounting Close and Financial Reporting
been a challenge?
a)
b)
c)
d)
e)
f)
Since ERP was introduced
Longer than I have been in accounting
Forever
Since Sarbanes-Oxley
All of the above
None of the above
Why does this challenge persist?
7. Business Environment Challenges
Existing Environment Challenges
•
•
•
•
•
•
Difficult economic & business risk environment
Changing Regulations & SOX/MAR compliance
Auditors under PCAOB pressure
Boards / Audit Committee increased accountability
Fraud - Few significant bad apples in the news
Whistleblower and FCPA concerns
Future Environment Challenges
• Enormous technology driven paradigm changes
• Increasing global competition
8. What is the Speed of Changes?
How Fast is the Business Environment Changing?
1900
10mph
Baseline
1933
30 mph
+20
mph
1966
65 mph
+35
mph
2000
120 mph
+55
mph
2033
?? mph
+??
mph
What does the future bring?
Faster
Same
Slower
9. A Finance Seat at the Table
―Today’s CFOs and finance organizations need to execute
on a much broader range of responsibilities than existed in
their traditional role as corporate accountant – including
those related to finance function effectiveness, information
quality and consistency, finance talent
management, internal controls and corporate
governance, business performance management and
others.‖
―Today, the CFO must be increasingly responsible not just
for releasing information about the business to external
users of information, but also for delivering
timely, practical information about the underlying drivers
of business unit performance to internal audiences.
What’s more, the CFO’s team must deliver risk analyses
and performance analytics to anticipate some of the
challenges the business could face. A common obstacle is
that the finance team sets the wrong priorities.‖
10. A Finance Seat at the Table
“In many organizations, the CFO is seen as the number
cruncher, sitting in an office applying procedure and
saying „no‟ to budget requests…The challenge for the CFO
and for their company is to create an environment where
the Finance team and CFO are encouraged to expand
their responsibilities and take an active interest in every
area of the business.”
-Steve O‟Neill, CFO EMEA North, EMC Executives Report From
The Road
11. A Finance Seat at the Table
―Today, organizations are squeezing their finance and
accounting functions like never before. Expectations are at
an all-time high, yet resources are increasingly scarce. They
must maintain controls and compliance and keep up with
complex accounting rules—all this while meeting business
demands for faster turnaround and lower costs‖
―The finance function must undergo a fundamental
change and realignment in order to transform it from the
transactional operational management role of the past,
into a center of cost-efficient and effective strategic valueadd for the future.‖
Its not just us saying this…
12. Expectation Gap
Automated
Number Crunchers
Bean Counters
Historic focused
Always too busy
Internal Controls
&
Internal Consultants
Value added
Business Advisors
Expanding Role
“Seat at the Table”
Transition
And
Requires
Transformation
Past
&
Future
22. Overview
Accounting Close & Financial Reporting
Definition Question
What is the Accounting Close and Financial Reporting?
a)
b)
c)
d)
e)
f)
An event
A process
An important financial process
A rite of passage
A fun time
All of the above
None of the above
Why does it seem as such a unique process?
23. Overview
Accounting Close & Financial Reporting
Uniqueness Questions
• Why is the close different from other processes?
– Changes frequently
– Catcher of the miscellaneous
– Generally has not been an actively managed or highly visible
process
– 100% ONLY based Grading Scale
– “Last mile” of the Financial close process
• On Day 3 of a 6-day close, if the CFO asks,
“Where are we in the close?” – What do you say? Why?
24. Overview
Accounting Close & Financial Reporting
Manageability Questions
How is the Close process managed?
Should the accounting close rely on Excel as a process
management tool? Why?
What technologies are used to manage other complex
financial processes? Why?
25. Sophistication
Progress over time
Analysis
Financial Systems
Process
Control
Systems Feature
Functionality
ERP
WHY ?
Spreadsheets/
Simple systems
X
Checklist
Excel
Paper /
Manual
G/L
A/R
Rev
Payroll
Time
Accounting Close
Financial Reporting
26. Overview
Accounting Close and Financial Reporting
Timing Questions
Q.) Do you have the time to improve the close?
A.) You do not have the time NOT to improve the close.
Improving saves time.
Q.) When should you start?
A.) Start it now, before its mandated by someone else!
Goal of over 50% of audit committees
27. Overview
Accounting Close and Financial Reporting
Visualize the Close
• Q. Why is the Close often referred to as the
“Last Mile”?
• Q. How and Why is the Close so unique?
• A. Pictorial analysis of the problem.
31. Overview: Accounting Close
and Financial Reporting
IOMA survey “Improving the Financial Close- 2010 ”
CFOs & Managers asked to describe top priorities:
5. Assign responsibility for resolving discrepancies
4. Establish clear accountability for closing tasks in a
closing schedule and enforce deadlines
3. Establish clear and regular close communication
2. Develop and monitor close performance metrics
1. Continuously improve closing processes
32. Establish clear accountability for
closing tasks in a closing
schedule and enforce deadlines
Survey Needs Analysis
of Complete Solution
Approach
Develop and monitor
close performance
metrics
Focused
Resources
and Strategy
Assign responsibility for
resolving discrepancies
Establish clear &
regular close
communication
Best Practices
Technology
Methodology
Continuously improve*
closing processes
33. Methodology Lean Six-Sigma
Four Basic Principles of Lean Six Sigma
1. End-User Focused
2. Improve Process
3. Teamwork Focused
4. Facts Based
Reference: What Is Lean Six Sigma by Mike George, Dave Rowlands, and Bill Kastle
34. Methodology Lean Six-Sigma
1) End-User Focused
Who are customers of the financial close process?
What do they value? What do YOU value?
QUALITY
USER
◦ Accuracy / Completeness
◦ Visibility / Manageability
◦ Compliance / No surprises
PREPARER
Easier
Better
Less Stressful
Optimized process yields “good” Speed
35. Methodology Lean Six-Sigma
2) Improve Process
If I ask, “Why do we do things this way during the close?”
“That’s the way we have always done it” which is based
on historical constraints, not on efficiency.
Make incremental process improvements, measure
effectiveness [get data], continue iterations towards
improvement objective.
Continually improve by repeating optimization process to
achieve increased sigma levels of quality
37. Methodology Lean Six-Sigma
3) Teamwork Focused
• Teamwork evolution:
Individual
Contributor
Groups
Teams
Optimized Teams
• Requirements for effective teamwork
– See:
– Decide:
– Do:
•
Visibility to identify need
Communication to process, determine & disseminate
Manageability for effective execution
Use teamwork to set goals, assign accountability, handle
conflict, hold effective meetings, enable continuous
learning, collaborate with other groups
38. Methodology Lean Six-Sigma
4) Facts Based
Find “Relevant Measures” to set goals, measure
progress and track effect of improvements
Visible, useful, quantifications of discrete actionable results
What is measured today?
No measure will be perfect
No one measure is a magic bullet
The story is told by many measures considered together
Customized, so must be based on your measures on your unique
systems, processes, and people
42. Best Practice: Fast Close to the MAX –
Reporting Supply Chain View
Gary Simon describes the “Reporting Supply Chain” as
“all the events around the entire group reporting process
especially the extremities of the process.”
including
“Fast Close to the MAX” by Gary Simon, 2007
43. Scenario 1:
Find: Day 2 Effect: Minimal
Error : Day 2
Analysis 2: the Close Find: Day 8
of
Scenario
Effect: Larger
Day 2/3 review
Number of Tasks
Tasks
Review
Analytic
Best
Review
Review ??
-3
0 ME
3
6
Close day
9
44. Best Practice: Customer Facing
What are the optimization goals for efficiency and effectiveness?
= Speed
No1
Accuracy
+ Predictability
+ Manageability
+ Visibility
+ Accountability
+ Compliance
+ Increased analysis
& Reduced cost
Can you do them all?
Yes!
You MUST DO THEM ALL!
Fast close is not necessarily
efficient, but an efficient
close is faster!
47. Technology
1) What Solution Do We Need?
Continuous Improvement Enablers
• Workflow and collaboration
• Document management
• Automated metrics measurement
• Visibility
• Compliance evidence
• Bridging multiple systems
• Easy to deploy during Close period
• Configurable to your Close process
48. Electronic Working Papers
Alerts
Due date
Security
Desktop
procedures
File Share
Workflow
Accounting notes
Manager notes
Linked Activities
Prior period
binders
56. Silicon Valley Accountants
White Paper 2011
Preparing for an optimization project
• Senior management commits to find a comprehensive solution
with continuous improvement
•
Strategic plan and project management: consider deadlines, project approach
(pilot, division, enterprise, etc.)
•
Prioritize change management
•
Deploy focused resources
•
Identify and adapt current and best practices
•
Evaluate existing technology
• Adopt a culture of continuous improvement
Reference: “Optimizing Financial Reporting in an increasingly Dynamic
World” by Silicon Valley Accountants
57. Focused Strategy and Resources
Planning
Discovery
Technology Selection
Workflow and Measurement
Training
Configuration and Testing
Month One Close
Optimization
Lessons Learned
.
58. Focused Strategy and Resources
Planning
Timing (Schedule)
Between Closes
Incremental Continual Monthly Improvement Steps
Goal: Do not disrupt the ongoing close
People
Unless internal resources available, outside help needed
Goal- Positive implementation
Manage expectations
No initial reengineering
Never slow the close
59. Sample Pilot Program Timeline
Implementation/CRP
Training
Go-live
Month 1
• August (3 days X 2 weeks)
• Detailed discovery, training and conference room pilot
• September (75% support during close period)
• Assistance during close activities
• October
• Preparation & close activity; (75% support during close)
Month 2 optimization
• November
• Analyze data, lessons learned, training (50% X 3 days)
Month 3 optimization
• December
• Analyze data, process improvement, optimization ( 2 days)
Month 4 optimization
• January
• Process improvement and optimization (25% X 2 days)
61. Focused Strategy and Resources
Planning
Discovery
Technology Selection
Workflow and Measurement
Training
Configuration and Testing
Month One Close
Optimization
Lessons Learned
.
62. Focused Strategy and Resources
Lessons Learned
Planning determines success
• Over-plan – expect delay, distractions, and diversions
• Build an adaptable plan
• Never slow the close!
Plan for much more than promised and extra training
63. Focused Strategy and Resources
Lessons Learned
Scope selection is key
• Smaller faster wins = build momentum
• Don’t start with hardest
• Link the benefits
Scope will creep, plan on it
64. Focused Strategy and Resources
Lessons Learned
Change management
• Under-promise & Over-communicate
• Nothing is easy
This is a significant change to an established critical
practice
65. Focused Strategy and Resources
Lessons Learned
Continuous improvement
Adopt a mentality of continuous improvement
Tesco Property actively and explicitly pursues improvements
in its close.
“We have monthly management meetings where we think
about how we can do it better. Not just to get to a four-day
close, but…how to make our information better.”
“Accelerating the Financial Close” – CFO Research Services
68. Please join us at www.proformative.com to ask any
additional questions you may have and to continue this
conversation with your peers and the experts you heard
from today.
If you have questions about CPE Credit, please send
an email to cpe@proformative.com
Editor's Notes
I – surrounding the challenges of optimizing the Financial closeII-required to effectively optimize the close.III – Q & A - You can submit questions as we go along and we will address them after each section
It really is a process performed by a team of people to meet a deadline – and then finish things off and complete documentation after the deadline.In what ways is it unique?
First, consider the cost of producing and filing SEC Form 10-Q. The fastest companies—those that prepare and file their quarterly statements in 10 or fewer days—reside in the top quartile and spend relatively less money to perform financial reporting per $1,000 in revenue (Figure 4). Obviously, the slowest organizations—those that take more than 25 days to complete the quartertly cycle and comprise the bottom quartile—are at a disadvantage.A 10-Q is a comprehensive report of a company's performance that must be submitted quarterly by all public companies to the Securities and Exchange Commission. Its annual counterpart is SEC Form 10-K.The top quartile is the performance level above which 25% of all responses occur. The bottom quartile is the performance level above which 75% of all responses occur. The median is the middle value in a set of values that are arranged in ascending or descending order.First, consider the cost of producing and filing SEC Form 10-Q. The fastest companies—those that prepare and file their quarterly statements in 10 or fewer days—reside in the top quartile and spend relatively less money to perform financial reporting per $1,000 in revenue (Figure 4). Obviously, the slowest organizations—those that take more than 25 days to complete the quartertly cycle and comprise the bottom quartile—are at a disadvantage.A 10-Q is a comprehensive report of a company's performance that must be submitted quarterly by all public companies to the Securities and Exchange Commission. Its annual counterpart is SEC Form 10-K.The top quartile is the performance level above which 25% of all responses occur. The bottom quartile is the performance level above which 75% of all responses occur. The median is the middle value in a set of values that are arranged in ascending or descending order.
It really is a process performed by a team of people to meet a deadline – and then finish things off and complete documentation after the deadline.In what ways is it unique?
Changes frequently - So many moving parts, inputs to estimates, late transactions, varying adjustmentsCatcher of miscellaneous - Data comes from all over the company and geographic locations in so many forms - A diner has a better process management system than accounting departments have over the close – G/L accountants are the “short-order cooks” of the company – rapidly pulling together all the pieces to serve up a full menu of items to a eager, demanding lunch crowd.Not actively managed – Multiple inputs with many dependencies that usually is not controlled by just one person. Last mile – All the data comes together for final analysis, estimates, adjustments, application of accounting standards.Not a highly visible process, but the result is.Day 3 – “We’re doing okay, everybody’s busy, looks like we are on schedule.” But do you really know?
Most companies are using spreadsheets, or Sharepoint, or something put together in Access, to manage the most complex accounting process.What technology do they use?What about timing of getting close processes improved? Next slide
Jeff’s response to timing. Not January… not February… not March… not April (Q1)…late May and late June okay maybe…not July (Q2)… maybe late August or middle of September… not October (Q3), not November (budgeting)…not December – get ready for year end and budgeting.You do not have the time to NOT address this!
Last Mile: Coined in communications industry; refers to the last mile of line going to and into the house – when laying cable TV and phone lines can put down the infrastructure, but the most complex and unique segments are those going into and throughout the house, takes the longest to get this done.Close is the “Last Mile” of the reporting process, because every company’s close and process are also unique. No one size fits all here. Let’s look at why.
Gabe Z. Indeed everything should be made as simple as possible, iPod simple, but the close process is typically not simple, it has to manage an entire accounting environment!
Gabe Z. Indeed everything should be made as simple as possible, iPod simple, but the close process is typically not simple, it has to manage an entire accounting environment!
SuccessFactors
What are accounting executives and managers most concerned about in this complex accounting environment? Here are their top five priorities for improving the financial close.5. Who owns detecting and correcting mistakes?4. Are all closing activities defined and assigned?3. How do we talk, making sure that we collaborate, team together to address common issues, and coordinate all the related activities?How do we measure what we do – how do we get the data? Not just work from the gut or feelings.1. Are we able to continuously improve closing processes? How can we?
Four principles we can apply to optimizing the close.
What do you believe the greatest value of an optimized close is. Accuracy and completeness and speed?Is being able to see where the close is at any given time period to be able to actively manage it also important?What’s the difference between good speed and speed? No errors, no surprises, getting it right. That requires continual optimization.
How can we not just improve but optimize the process?Making small, effective changes, then measuring and monitoring helps us move the process in the right, positive direction.Build a mindset and culture of continually improving first moves to an optimized state and then keeps it optimized over time.
Lean Six Sigma relies on moving along the teamwork continuum scale. When individuals in groups progress to not just teams, but optimized teams, then improvement can increase with the collaborative culture.When the team can see what issues exist and where improvement can happen, and then can collaborate to reach a better direction, then they can work together to ensure positive change occurs. The team can better actively manage the process while in progress.A number of benefits result from this focus, even extending to better collaboration with other related functions.
What is the data that will give feedback on progress? For example, could include total completion time of a task (efficiency) or number of post-close adjustments (effectiveness).What tells the story and considers your unique environment? What measures will give meaningful insight, allow you to track progress, and illuminate potential improvements?
Good performance overall, with the exception of several activities that were being done after the close (4/19+)
Excellent performance to dateHow do we continue to load balance?
Gary Simon talks about viewing the entire reporting cycle as the “Reporting Supply Chain.” From an improvement perspective it’s important to understand how activities at various stages can impact other close activities. Let’s look at some key practices to consider.
Increase the confidence in the numbers and the process.Important to keep all in the mix. All are expected by your customers of the close.
Our experience shows that here are the key enablers to getting to a highly efficient and effective continuous optimization process. Each of these brings gains.
We are not questioning the use of Excel to help with analysis in the close process, but rather the use of Excel to manage the close process.
We are not questioning the use of Excel to help with analysis in the close process, but rather the use of Excel to manage the close process.
This is good typical project management – but with consideration of characteristics of the closeUnderstand and set expectations for management, explaining the constraints so appropriate time and resources are approved.Suggest a pilot program and phased roll-out in larger organizations. Get the model right and reduce stress on the accounting teams.
Be nice if a company could pull experienced accountants off the team to be dedicated to do the implementation. But how many companies really have that many people in the close to do that? So timing and alignment with the accounting calendar is critical.We recommend a series of incremental improvement steps built upon an ongoing culture of continuous improvement.Who should be on the team?
Have a plan. Plan for changes. Things will happen. You must have prime objectives: Never slow close, initially do what is done today, plan for unexpected
T – Drawing
This is important. Don’t under-estimate. Seek help if you need it.The whole nature of optimization is a constantly moving end target. Be flexible but focused.
IOMA says Number 1Game changer to take this approach. Less stress, less risk, adaptable, target keeps changing.Works with time you have, fits you better.