This document discusses how benchmarking can provide insight and help drive performance improvement for finance and shared services operations. It provides examples of how three organizations used benchmarking data to optimize their operations. A $1B healthcare organization standardized processes and implemented automation to reduce accounting FTEs. A $600M consumer goods company consolidated decentralized finance teams across countries to reduce FTEs. A $2B manufacturer centralized operations and brought in automation to reduce FTEs while improving performance metrics. In all cases, benchmarking revealed opportunities to better align operations with industry peers.
Cambodia, National Analysis Laboratory (NAL), Ministry of Agriculture Forestr...ExternalEvents
First lab managers’ meeting of the South-East Asia Laboratory NETwork (SEALNET 2.0) - Quality improvement in Asian soil laboratories: towards standardization and harmonization of soil analyses and their interpretation, Bogor, Indonesia, 20 - 24 November 2017.
An updated introduction to the PaRIS project, why it matters, how it works, its timeline, and the key issues it addresses. Contact us at paris_survey@oecd.org to learn more.
Cambodia, National Analysis Laboratory (NAL), Ministry of Agriculture Forestr...ExternalEvents
First lab managers’ meeting of the South-East Asia Laboratory NETwork (SEALNET 2.0) - Quality improvement in Asian soil laboratories: towards standardization and harmonization of soil analyses and their interpretation, Bogor, Indonesia, 20 - 24 November 2017.
An updated introduction to the PaRIS project, why it matters, how it works, its timeline, and the key issues it addresses. Contact us at paris_survey@oecd.org to learn more.
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.
It’s no secret that Accounts Payable is one of the main areas of opportunity for automation and optimization within a finance department.
In this video recap of the webinar held on 2/26/ 2019; Auxis’ RPA Consulting Director Eduardo Diquez together with The CFO Leadership Council, UiPath & Ephesoft discussed a perspective on what it really takes to optimize the end-to-end AP function, its key benefits, key technology solutions in the market, and more.
What was covered:
- What does Modern Finance really mean?
- Digitization as a Key Element of the Modern Finance Organization
- Most Common Tools you should be implementing as part of your Digital Finance journey
- What’s driving RPA’s growth?
- Implementation Strategies & Alternatives
- How Outsourcing can help finance executives self-fund their Digital Finance Strategy and drive faster outcomes
Watch the recording of this session and learn how to structure a winning AP automation strategy from beginning to end. We will show demos of Intelligent Data Capture and RPA in action for invoice processing.
5 Key Metrics that will Empower Your AP Organization
Document
The most vulnerable area of accounting in any company is the outflow of cash resources – the accounts payable function. Learn which KPIs you need to measure and how to improve them.
AP Automation makes them easy to track.
Thrive in the World of Change (Joshua May and Richard Revis, Blackline and EY)Executive Leaders Network
Delivered at ELN's Finance Leaders Event on Thursday 10th November 2022.
"Change is the only constant. No words have rung truer over the past few years.
As the world faces continuing disruption, companies can expect an accelerating pace of change and will need to build greater organisational resilience to better respond and adapt to a changing landscape.
Finance automation solutions are helping accounting and finance teams embrace change to not only improve accuracy, execute tighter controls, and decrease risk, but also focus on complex and judgemental areas to help drive strategic business decisions.
This is what modern accounting looks like: processes are automated, data is connected, and the role of auditor and accountant is elevated. The overall accounting team’s role evolves beyond executing checklists and historical reporting to include proactive analytics and a seat at the decision-making table.
After this session, attendees will be able to:
• Employ best practices, resulting in a better utilised, more efficient organisation that focuses on risk management, compliance, and data analytics
• Transform the way accounting and audit departments work by reducing manual tasks, resulting in better attraction and engagement of top talent
• Understand the power of automation and how it strengthens accounting organisations"
MEASURE WHAT MATTERS TO YOUR FIRM'S BOTTOM LINE WITH FIRM CENTRALTraklight.com
Join us at noon in Salon A3 at the ABA TECHSHOW on March 16th to discuss how to measure what matter to your law firm's bottom line with law practice management software, FIRM CENTRAL. Key Performance Indicators (KPIs) for law firms
Enterprise Financial Management: Solutions for the Office of the CFOCatalyst Investors
Catalyst Investors has a long-standing history investing in businesses at the intersection of SaaS and financial services & technology, with most recent examples including MINDBODY (payments & business management SaaS for health & wellness businesses), Clinicient (revenue cycle management collections, EMR, and practice management SaaS for physical & occupational therapists), and Fusion Risk Management (business continuity SaaS sold to financial institutions and other F1000 enterprises). Lately, Catalyst has spent more time researching the FinTech sector and has published two reports to broadcast the team’s findings:
• FinTech Market Overview – a primer that segments the FinTech ecosystem based on end-market and business model (e.g., enablers vs. replacers)
• Enterprise Financial Management: Solutions for the Office of the CFO – a deeper look into software and tech-enabled services enabling businesses and their finance function to work more efficiently
A Comprehensive Guide to US CMA Syllabus 2022chinuroula
Part 1 and 2 of the US CMA Exam Syllabus 2022 are divided into two sections. The marks weightage assigned by IMA is shown as a percentage alongside the topic. Under each case, an estimate of study time is also offered.
Running head The REA Approach1The REA Approach8The REA Approa.docxtodd521
Running head: The REA Approach 1
The REA Approach 8The REA Approach
Franklin Lee Henderson
American Intercontinental University
Author Note
[Include any grant/funding information and a complete correspondence address.]
Abstract
The Resource-Event-Agent (REA) model is a way to deal with conceptualizing the semantics of Fina Calculated models of undertakings can be utilized for both business procedure demonstrating and the genuine structure of automated data systems. The Resource-Event-Agent (REA) model, an area explicit structure for deciding the data engineering of bookkeeping and endeavor data frameworks, has fundamentally been utilized for plan purposes. In this paper we investigate the utilization of REA for business process modeling. At first, we talk about how REA natives are utilized to portray the esteem included change of assets all through the venture. Next, we break down some troublesome determination issues that identify with business procedure displaying when all is said in done and to REA designing answers for these issues. We finish up the paper with the detail of a three-layer engineering that abridges the REA way to deal with business procedure demonstrating: (I) endeavor level determination, (ii) REA-based procedure depictions, and (iii) task-level or work process specifications. The design demonstrates that work process portrayals can be identified with the detail of the venture esteem chain through the mode of REA data structures’ trades, for example, bookkeeping exchanges. The REA model is an ISO standard.
The REA Approach
In this paper we investigate the utilization of REA for business process modeling. At first, we talk about how REA natives are utilized to portray the esteem included change of assets all through the venture. Next, we break down some troublesome determination issues that identify with business procedure displaying when all is said in done and to REA designing answers for these issues. We finish up the paper with the detail of a three-layer engineering that abridges the REA way to deal with business procedure demonstrating: (I) endeavor level determination, (ii) REA-based procedure depictions, and (iii) task-level or work process specifications. The design demonstrates that work process portrayals can be identified with the detail of the venture esteem chain through the mode of REA data structures’ trades, for example, bookkeeping exchanges. The REA model is an ISO standard.
Tantamount deals are for the 52-week time frame finished January 25, 2019, contrasted with the 52-week duration finished January 26, 2018. For more data in regard to our monetary 2019 budgetary execution, see our yearly report on Form 10-K for financial 2019 recorded with the SEC on March 28, 2019. Certain money related measures talked about above are non-GAAP measures under the SEC's principles. See Annex A for more data about how we figure these monetary measures, why those money related measures give significant data, a.
Which metrics matter to Call Center Managers?Spectrum
A brief article on metrics that managers are asking for on their call center dashboard. The metrics also vary based on the industry, group or department within the contact center. many articles write about the metrics that you must have in your reports. But what is not considered is the managers view point, goals, and objectives.
At the Federal Home Loan Bank (FHLB) of Dallas, regulatory reporting used to take weeks. Now it’s done in minutes. In this deck learn how the bank’s accounting team is using Workday Accounting Center and Workday Prism Analytics to gain insight into data—dramatically improving confidence in the organization’s financial information.
View related videos:
The Future of Finance with Workday https://www.youtube.com/watch?v=r_yiv4C6kk8
#wdaychats: Insights for the Changing World of Finance https://www.youtube.com/watch?v=O7Dl-bRFG1Y
A comprehensive guide to us cma syllabus convertedshindeprahalad
Certified Management Accountant (CMA) is the highest level of certification in management accounting awarded by the Institute of Management Accountants (IMA), USA. The US CMA Course is globally recognized, advanced-level credential appropriate for accountants and financial professionals in the business.
Best Practices for Enterprise Performance ManagementPerficient, Inc.
A special webinar for Finance professionals
Looking forward to budget season? For many managers, the budget process is a painful, manual process driven by disconnected Excel spreadsheets that are error-prone, static, and generally non-collaborative. The result is a budget that becomes irrelevant as soon as the new fiscal year begins.
A more nimble response is needed. Budgeting and planning should be a continuous, flexible exercise based on rolling forecasts, and supported by systems that can adapt as the business climate changes.
Join us as we discuss how applying best practices and using an automated Enterprise Performance Management system can help intelligent enterprises reap the benefits of flexible budgeting, accurate forecasting and dynamic planning. By implementing best practices for budgeting and planning, you can:
- Make the budget process less painful
- Replace spreadsheets with web forms
- Automate the budget roll-up process
- Create budgets based on key business drivers
- Link strategic goals to operational decisions
- Integrate financial “actuals” with budget and forecast data
- Provide easy, real-time variance reporting
- Access a single version of the truth for financial information
Presenter Emil Fernandez is General Manager of Perficient's national Enterprise Performance Management practice.
How Automation is Driving Efficiency Through the Last Mile of ReportingAggregage
https://www.corporatefinancebrief.com/frs/26690636/how-automation-is-driving-efficiency-through-the-last-mile-of-reporting
As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”.
We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on:
• 2024 trends for the Office of the CFO: A review of today’s automation revolution within the finance department as it faces evolving internal and external challenges.
• Leveraging automation for efficiency and accuracy: Learn how automation tools and technologies can streamline repetitive tasks, reduce manual errors, and free up valuable resources for more strategic initiatives.
• Enhancing transparency and stakeholder confidence: See how robust disclosure management practices contribute to increased transparency, fostering trust among stakeholders, including investors, regulators, and internal decision-makers.
• Overcoming challenges and embracing change: Gain practical strategies and best practices for overcoming common barriers to digital transformation within finance departments and learn how to effectively manage change to maximize the benefits of automation.
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.
It’s no secret that Accounts Payable is one of the main areas of opportunity for automation and optimization within a finance department.
In this video recap of the webinar held on 2/26/ 2019; Auxis’ RPA Consulting Director Eduardo Diquez together with The CFO Leadership Council, UiPath & Ephesoft discussed a perspective on what it really takes to optimize the end-to-end AP function, its key benefits, key technology solutions in the market, and more.
What was covered:
- What does Modern Finance really mean?
- Digitization as a Key Element of the Modern Finance Organization
- Most Common Tools you should be implementing as part of your Digital Finance journey
- What’s driving RPA’s growth?
- Implementation Strategies & Alternatives
- How Outsourcing can help finance executives self-fund their Digital Finance Strategy and drive faster outcomes
Watch the recording of this session and learn how to structure a winning AP automation strategy from beginning to end. We will show demos of Intelligent Data Capture and RPA in action for invoice processing.
5 Key Metrics that will Empower Your AP Organization
Document
The most vulnerable area of accounting in any company is the outflow of cash resources – the accounts payable function. Learn which KPIs you need to measure and how to improve them.
AP Automation makes them easy to track.
Thrive in the World of Change (Joshua May and Richard Revis, Blackline and EY)Executive Leaders Network
Delivered at ELN's Finance Leaders Event on Thursday 10th November 2022.
"Change is the only constant. No words have rung truer over the past few years.
As the world faces continuing disruption, companies can expect an accelerating pace of change and will need to build greater organisational resilience to better respond and adapt to a changing landscape.
Finance automation solutions are helping accounting and finance teams embrace change to not only improve accuracy, execute tighter controls, and decrease risk, but also focus on complex and judgemental areas to help drive strategic business decisions.
This is what modern accounting looks like: processes are automated, data is connected, and the role of auditor and accountant is elevated. The overall accounting team’s role evolves beyond executing checklists and historical reporting to include proactive analytics and a seat at the decision-making table.
After this session, attendees will be able to:
• Employ best practices, resulting in a better utilised, more efficient organisation that focuses on risk management, compliance, and data analytics
• Transform the way accounting and audit departments work by reducing manual tasks, resulting in better attraction and engagement of top talent
• Understand the power of automation and how it strengthens accounting organisations"
MEASURE WHAT MATTERS TO YOUR FIRM'S BOTTOM LINE WITH FIRM CENTRALTraklight.com
Join us at noon in Salon A3 at the ABA TECHSHOW on March 16th to discuss how to measure what matter to your law firm's bottom line with law practice management software, FIRM CENTRAL. Key Performance Indicators (KPIs) for law firms
Enterprise Financial Management: Solutions for the Office of the CFOCatalyst Investors
Catalyst Investors has a long-standing history investing in businesses at the intersection of SaaS and financial services & technology, with most recent examples including MINDBODY (payments & business management SaaS for health & wellness businesses), Clinicient (revenue cycle management collections, EMR, and practice management SaaS for physical & occupational therapists), and Fusion Risk Management (business continuity SaaS sold to financial institutions and other F1000 enterprises). Lately, Catalyst has spent more time researching the FinTech sector and has published two reports to broadcast the team’s findings:
• FinTech Market Overview – a primer that segments the FinTech ecosystem based on end-market and business model (e.g., enablers vs. replacers)
• Enterprise Financial Management: Solutions for the Office of the CFO – a deeper look into software and tech-enabled services enabling businesses and their finance function to work more efficiently
A Comprehensive Guide to US CMA Syllabus 2022chinuroula
Part 1 and 2 of the US CMA Exam Syllabus 2022 are divided into two sections. The marks weightage assigned by IMA is shown as a percentage alongside the topic. Under each case, an estimate of study time is also offered.
Running head The REA Approach1The REA Approach8The REA Approa.docxtodd521
Running head: The REA Approach 1
The REA Approach 8The REA Approach
Franklin Lee Henderson
American Intercontinental University
Author Note
[Include any grant/funding information and a complete correspondence address.]
Abstract
The Resource-Event-Agent (REA) model is a way to deal with conceptualizing the semantics of Fina Calculated models of undertakings can be utilized for both business procedure demonstrating and the genuine structure of automated data systems. The Resource-Event-Agent (REA) model, an area explicit structure for deciding the data engineering of bookkeeping and endeavor data frameworks, has fundamentally been utilized for plan purposes. In this paper we investigate the utilization of REA for business process modeling. At first, we talk about how REA natives are utilized to portray the esteem included change of assets all through the venture. Next, we break down some troublesome determination issues that identify with business procedure displaying when all is said in done and to REA designing answers for these issues. We finish up the paper with the detail of a three-layer engineering that abridges the REA way to deal with business procedure demonstrating: (I) endeavor level determination, (ii) REA-based procedure depictions, and (iii) task-level or work process specifications. The design demonstrates that work process portrayals can be identified with the detail of the venture esteem chain through the mode of REA data structures’ trades, for example, bookkeeping exchanges. The REA model is an ISO standard.
The REA Approach
In this paper we investigate the utilization of REA for business process modeling. At first, we talk about how REA natives are utilized to portray the esteem included change of assets all through the venture. Next, we break down some troublesome determination issues that identify with business procedure displaying when all is said in done and to REA designing answers for these issues. We finish up the paper with the detail of a three-layer engineering that abridges the REA way to deal with business procedure demonstrating: (I) endeavor level determination, (ii) REA-based procedure depictions, and (iii) task-level or work process specifications. The design demonstrates that work process portrayals can be identified with the detail of the venture esteem chain through the mode of REA data structures’ trades, for example, bookkeeping exchanges. The REA model is an ISO standard.
Tantamount deals are for the 52-week time frame finished January 25, 2019, contrasted with the 52-week duration finished January 26, 2018. For more data in regard to our monetary 2019 budgetary execution, see our yearly report on Form 10-K for financial 2019 recorded with the SEC on March 28, 2019. Certain money related measures talked about above are non-GAAP measures under the SEC's principles. See Annex A for more data about how we figure these monetary measures, why those money related measures give significant data, a.
Which metrics matter to Call Center Managers?Spectrum
A brief article on metrics that managers are asking for on their call center dashboard. The metrics also vary based on the industry, group or department within the contact center. many articles write about the metrics that you must have in your reports. But what is not considered is the managers view point, goals, and objectives.
At the Federal Home Loan Bank (FHLB) of Dallas, regulatory reporting used to take weeks. Now it’s done in minutes. In this deck learn how the bank’s accounting team is using Workday Accounting Center and Workday Prism Analytics to gain insight into data—dramatically improving confidence in the organization’s financial information.
View related videos:
The Future of Finance with Workday https://www.youtube.com/watch?v=r_yiv4C6kk8
#wdaychats: Insights for the Changing World of Finance https://www.youtube.com/watch?v=O7Dl-bRFG1Y
A comprehensive guide to us cma syllabus convertedshindeprahalad
Certified Management Accountant (CMA) is the highest level of certification in management accounting awarded by the Institute of Management Accountants (IMA), USA. The US CMA Course is globally recognized, advanced-level credential appropriate for accountants and financial professionals in the business.
Best Practices for Enterprise Performance ManagementPerficient, Inc.
A special webinar for Finance professionals
Looking forward to budget season? For many managers, the budget process is a painful, manual process driven by disconnected Excel spreadsheets that are error-prone, static, and generally non-collaborative. The result is a budget that becomes irrelevant as soon as the new fiscal year begins.
A more nimble response is needed. Budgeting and planning should be a continuous, flexible exercise based on rolling forecasts, and supported by systems that can adapt as the business climate changes.
Join us as we discuss how applying best practices and using an automated Enterprise Performance Management system can help intelligent enterprises reap the benefits of flexible budgeting, accurate forecasting and dynamic planning. By implementing best practices for budgeting and planning, you can:
- Make the budget process less painful
- Replace spreadsheets with web forms
- Automate the budget roll-up process
- Create budgets based on key business drivers
- Link strategic goals to operational decisions
- Integrate financial “actuals” with budget and forecast data
- Provide easy, real-time variance reporting
- Access a single version of the truth for financial information
Presenter Emil Fernandez is General Manager of Perficient's national Enterprise Performance Management practice.
How Automation is Driving Efficiency Through the Last Mile of ReportingAggregage
https://www.corporatefinancebrief.com/frs/26690636/how-automation-is-driving-efficiency-through-the-last-mile-of-reporting
As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”.
We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on:
• 2024 trends for the Office of the CFO: A review of today’s automation revolution within the finance department as it faces evolving internal and external challenges.
• Leveraging automation for efficiency and accuracy: Learn how automation tools and technologies can streamline repetitive tasks, reduce manual errors, and free up valuable resources for more strategic initiatives.
• Enhancing transparency and stakeholder confidence: See how robust disclosure management practices contribute to increased transparency, fostering trust among stakeholders, including investors, regulators, and internal decision-makers.
• Overcoming challenges and embracing change: Gain practical strategies and best practices for overcoming common barriers to digital transformation within finance departments and learn how to effectively manage change to maximize the benefits of automation.
Watch our webinar recap to learn what are the key considerations to navigate the Latin America region successfully and grasp the full value of nearshoring for your IT organization in 2023 and beyond.
Running a high-performance Service Desk requires IT organizations to develop multiple capabilities around Knowledge Management, Training, Quality, Reporting & Innovation that they typically lack the scale, focus, or money to build and maintain on their own.
A lot of CIOs that are looking to outsource their help desk initially target the very obvious pain points that outsourcing can solve for them, including the rising IT labor costs and talent shortages in the US. But what about quality and continuous improvement?
Join our panel of experts on April 27th to learn the key hidden benefits of help desk outsourcing and how organizations are leveraging Auxis’ Help Desk Center of Excellence (“COE”) to get the required supporting functions that they cannot afford to ensure steady and reliable levels of service.
The Auxis Family is rapidly growing and we have over 200 open positions between Costa Rica, Colombia, United States and more!
Watching this recap, you will have the opportunity to gain insight into our different departments and career opportunities, and learn more about our core values and what you can expect from Auxis’ unique culture.
With 90% of large organizations already adopting RPA in 2022, chances are you are expanding your UiPath program and not leveraging the advantages of test automation yet.
Traditional manual software testing is a tedious endeavor. It requires multiple tools and an extensive set of activities that force humans to scour application screens, attempt various usage and input combinations, compare results to expected outcomes, and record observations.
Watch this recap to learn how UiPath Test Automation accelerates the quality of every Robotic Process Automation (RPA) or any application before it goes live – enabling teams to launch resilient robots and high-quality software without testing their patience.
As the level of RPA adoption increases across organizations of all sizes, more and more Automation teams are struggling to keep up with the timely delivery of new robots in the pipeline while also providing effective support and maintenance to existing automation.
Unfortunately, defining the right support model is an afterthought for many organizations, and undermining this critical component of the RPA journey is causing them to lose faith and credibility from the business by failing to provide consistent and reliable automation.
Watch our panel of experts to learn practical tips to ensure a successful RPA support model that delivers the expected productivity and value through time.
Watch the recording of our dynamic, open roundtable discussion with a panel of Intelligent Automation experts to get practical insights on how to successfully scale your automation program.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
1. Optimizing your Finance & Shared
Services Operations in 2021
through Real-World
Benchmarking
Eric Liebross
Senior Managing Director of
Business Transformation
WEBINAR February 17, 2021
2. 2
There remains significant uncertainty amongst Finance
Executives when looking forward in 2021…
Sources:
- CNBC Global CFO Council Survey, Q4 2020
- PwC CFO Pulse Survey, January 2021
- Deloitte CFO Signals Survey, December 2020
- Gartner CFO Survey, October 2020
42% of CFOs say their firms will be in hiring
mode next year, but 33% indicated that more
layoffs are coming.
Almost 2/3 of CFO’s do not expect pre-crisis
operating levels until at least the second half
of 2021 and 26% do not expect to get there
until Q1 2022
In the area of corporate spending, only 5% of U.S. CFOs said capital spending will decrease
over the next 12 months, while an equal (47%) of respondents said spending will either increase or
remain the same.
75% of CFO’s plan to allocate
more resources to digital
transformation in 2021
82% of Finance Executives indicated that
advanced data analytics and tools
were a top priority but 78% expected it
to be difficult to successfully
achieve their goals
3. 3
How Can Benchmarking Provide Insight and Help
Drive Performance Improvement?
The introduction of digital
technologies have helped these
organizations further reduce their
operating cost by another 15-20%.
World-class organizations
traditionally have maintained
an operating cost that was
40-45% below their
industry peer groups.
4. 4
How Can Benchmarking Provide Insight and Help
Drive Performance Improvement?
• How can you align benchmark data to your business demographics?
• What is the “right” level of benchmarking performance for your business?
• Which metrics provide good insights into the various F&A functions (General Accounting, Accounts Payable,
Accounts Receivable, etc.)?
• How have other organizations used benchmark data to drive their finance transformation & optimization
programs?
• Which operational strategies (shared services, business process outsourcing, RPA, digital transformation, etc.)
will help drive performance improvement?
Key Questions You Need to Answer:
5. 5
Most benchmarking organizations break down their metrics into some variation of:
Aligning Benchmark Data to Business Demographics
Median
Performer
(50%)
Top
Performer (75
% and Above)
Bottom
Performer (25
% and Below)
Complexity is often driven by the various business characteristics, such as
industry sector, revenue size, public vs. private sector, even geography
Where you are situated
compared to those
benchmarks is based
strictly on quantifiable data,
and doesn’t necessarily
account for additional
complexities within your
operation.
”It’s Just Math”
6. 6
Even Within Industry Sectors,
Business Complexity Can Vary…
• Consider a $1B healthcare organization with an Accounting
department of 33 people, which was staffed 67% higher than
the industry Median Performer benchmark of 19.7 FTE’s
- According to benchmark data, they were categorized as a “Bottom
Performer
- But is this an “apples-to-apples” comparison?
• The company has more than 70 clinic-type locations across
multiple states that generated their revenue, compared to
other healthcare organizations that were comprised of a
few, large hospital facilities
- The more geographically-diverse organization had additional
operational and regulatory complexities, significantly higher
transaction volumes and overlapping staff at the various
locations, driving additional headcount
• Just comparing the data without understanding the underlying
business characteristics would not be an effective form of analysis
7. 7
What is the “Right” Level of Benchmarking Performance?
Top vs. Medium vs. Bottom Performer
Top Medium Bottom
• The characteristics of a “Top Performer”
- Consolidated, centralized and standardized
business processes and systems
- Limited number of transactional variations and
exceptions
- Simplified business rules
- Implemented automation solutions to reduce the
amount of manual work being performed
• Does this sound like your organization?
8. 8
Polling Question 1
At What Benchmarking Level Would You Place Your
F&A Organization Today?
Top Performer 0%
Medium Performer 73%
Bottom Performer 7%
I’m Not Sure, Need More Information 20%
9. 9
A Balanced Set of Key Performance Indicators
Effectiveness vs. Efficiency
EFFECTIVENESS EFFICIENCY
• Total cost includes both the Personnel Cost as well as
the cost of the systems infrastructure needed to run
the function
• Quality can include the accuracy of invoice processing
and payments for AP, or DSO for AR
• It is important to compare organizations based on their
industry and revenue size
• The assumption is that higher revenue companies will
have a larger number of transactions being performed,
necessitating more people to manage them
Metrics that focus on the number of FTE’s (“full time
equivalents”) performing the work and the
productivity levels of those resources
Metrics that focus on the operating cost and quality
for the various functions
10. 10
Best Metrics to Track
General Accounting & Reporting
Key Efficiency Metrics
Number of FTE’s Performing the
Function Per $1B Revenue
Number of GL Accounts Managed
Per FTE
Top
Performer
Median
Performer
Bottom
Performer
5.7
10.9
21.1
Top
Performer
Median
Performer
Bottom
Performer
321
50
8
• Other good Efficiency metrics include the Number of Journal Entries Processed Per FTE or Cycle Time to Close the
Books
• Use the FTE metric to see where you stand overall from an efficiency perspective, and then use a secondary Efficiency
metric to measure where people are spending their time
• If your headcount is high, and there are certain activities where more FTE’s are focused, and the performance levels
are low, you have identified an area of opportunity within the function
12. 12
• There is a significant disparity between Bottom and Top Performers, using these metrics
- This gives you a good idea of the impact of automation on AP invoice processing, as the more “touchless” your invoice processing is,
the more productive your organization will be overall.
• Other good Efficiency metrics can include Number of Invoice Line Items Processed Per FTE or Number of
Disbursements Processed Per FTE
- Some metrics, such as Invoice Processing Cycle Time or Days Payable Outstanding (DPO) may not be truly reflective of AP
performance (only)
Number of FTE’s Performing the Function
Per $1B Revenue
Number of Invoices Processed Per FTE
Top
Performer
Median
Performer
Bottom
Performer
Top
Performer
Median
Performer
Bottom
Performer
3.3
6.8 14.5 9,437
5,000
20,534
Best Metrics to Track
Accounts Payable
Key Efficiency Metrics
13. 13
• Other good Effectiveness metrics can include Percentage of Disbursements that are Processed First Time Error Free,
Percentage of Invoice Line Items Received Electronically, or Cost Per Invoice Processed
Personnel Cost to Perform the Accounts Payable
Process Per $1B Revenue
Percentage of Invoice Line Items Matched to a
Purchase Order
Top
Performer
Median
Performer
Bottom
Performer
Top
Performer
Median
Performer
Bottom
Performer
$250,000
$440,000
$730,000
90% 85% 55%
Best Metrics to Track
Accounts Payable
Key Effectiveness Metrics
14. 14
• As with AP, there is a significant disparity between Bottom and Top Performers, using these metrics
- Automation helps, particularly if you are processing transactions electronically (e.g., EDI), but you are also subject to
the customer’s own limitations and processes in this area
• Other good Efficiency metrics include the Number of Adjustments, Adjustments Processed Per FTE, Number Customer
Accounts Managed Per FTE for Collections, or Days Sales Outstanding (DSO), which may also have external
dependencies (such as a global pandemic!) that you cannot control
Number of FTE’s Performing the Function
Per $1B Revenue
Number of Cash Receipts Processed Per FTE
Top
Performer
Median
Performer
Bottom
Performer
4.5
10.7 19.4
Top
Performer
Median
Performer
Bottom
Performer
20,153
7,696
2,600
Key Efficiency Metrics
Best Metrics to Track
Accounts Receivable
15. 15
• Other good Effectiveness metrics can include Percentage of Customer Receipts that are Processed First Time Error Free,
Percentage of Customer Receipts Received Electronically, or Percentage of Receipts Automatically Matched to Open
Items
- As you can see from all of these metrics, reducing manual activities, streamlining processes and limiting exceptions will have a
significant impact across all of these functions.
Personnel Cost to Perform the Accounts
Receivable Process
Total Cost to Process Accounts Receivable Per
Customer Receipt
Top
Performer
Median
Performer
Bottom
Performer
$430,000
$760,000
$1,250,000
Top
Performer
Median
Performer
Bottom
Performer
$3.93
$11.47
$42.37
Best Metrics to Track
Accounts Receivable
Key Effectiveness Metrics
16. 16
Polling Question 2
After Reviewing These Key Benchmarking Metrics,
Where Would You Now Place Your F&A Organization?
7%
Medium Performer 60%
Bottom Performer 13%
I’m Not Sure, Need More Information 20%
Top Performer
18. 18
$1B Healthcare Organization
A “Vicious Circle” of Transactional Work
• Geographically diverse, with more
than 70 locations in multiple states
• 33 FTE’s in Accounting
• 40-50 GL Accounts per Location
• Total of 3,000 GL Accounts
Reconciled Monthly
• Need to scale and grow the business
• 19.7 FTE in Accounting
• 55.5 GL Accounts Managed Per FTE
• According to the benchmark, they would
need 54 FTE’s to manage this volume
• Accountants were not reconciling every account every month
• Considerable time spent cleaning up issues with unreconciled accounts, generating numerous journal entries
to resolve the variances
• Many errors required re-work and extensive oversight
• The Accounting organization was spending all of its time reconciling, correcting and updating
Business Characteristics Key Median Level Benchmarks
The Reality:
19. 19
$1B Healthcare Organization
Before and After
• Standardize the account structure and
reconciliation process across all locations
• Reduce the number of accounts
reconciled monthly, focusing on the
most material accounts, with other, less
material accounts reconciled quarterly
• Implement an automated account
reconciliation platform (e.g., BlackLine,
Trintech, OneStream, etc.), with the team
focusing on variances and reducing the
number of journal entries to clean up
unreconciled accounts
• Restructure and streamline the
Accounting organization
9.0
3.0
1.0
3.0
3.0
19.0
19.7
Reconciliations
Journal Entries
Fixed Assets
Reporting
Mgmt/QA
Optimized $1B Healthcare…
Median
# of Accounting FTEs
(After Optimization)
• Reduced the number of FTE’s from 33 to 19
(Median Level)
• “Top Performer” benchmark level for GL
Accounts/FTE (321) and Journal
Entries/FTE (688)
Solutions The Results
Restructured
Accounting
Team
20. 20
$600M Consumer Goods Company
Decentralization = Opportunity
• Operating in 7 different
countries
• Each country had its own F&A
team, with each country having
unique regulatory requirements
• 110 FTE’s in F&A (all functions)
• Need to reduce operating cost
• 49.2 FTE in F&A (adjusted for revenue
size)
• More than double the bottom
performer level!
• More than half the team was R2R
(more than 3x the bottom performer
level, 57 FTE compared to 18)
• Typically, you can get from 10-20% synergies just from consolidating geographically diverse
business operations (i.e. Shared Services)
• Implementing various automation tools and technologies can reduce another 20-40% of the staff
needed to perform the tasks
• Is there sufficient ROI to makes these investments?
Business Characteristics Key Bottom Level Benchmark
What Was the Opportunity?
21. 21
$600M Consumer Goods Company
Before and After
• 110 FTE’s currently
• Need to retain in market some F&A
staff to support local regulatory
requirements
- Assume 2 people retained in each
market (14 retained FTE) for local tax
and regulatory support
• The puts 96 FTE’s “in play”
• Assume we can reduce 20% of these
FTE’s (19) through consolidation
• Assume 40% can be reduced through
process optimization and automation
(another 30 FTE’s reduced)
Analysis The Results
10.7
22.6
49.2
47.0
110.0
Top
Median
Bottom
Optimized FTE
Original FTE
• Total reduction of 49 FTE, consolidated team of 47
• While still at “Bottom Performer” level, it makes more
sense given the complexity of the multi-national operation
• Projected annual cost savings of $2.5M (based on fully
loaded cost per FTE of $50k)
22. 22
Polling Question 3
Which Function Within Your F&A Organization Present
the Biggest Operational Challenges? Select All That
Apply
42%
Accounts Payable 58%
Account Receivable 33%
Reporting & Analytics 25%
General Accounting & the Closing Process
23. 23
$2B Global Manufacturing Company
An Opportunity for Global Shared Services…
Business Characteristics Additional Business Characteristics
• 8 locations globally with F&A
teams at each of the
manufacturing plants
• FA teams focused on local
financial operations and
managing the specific
market regulatory
requirements
• Some the locations were in
high cost markets (North
America, Europe, Australia)
and others were in low cost
markets (Latin America,
Africa, Asia)
• The company had non-standard
processes and older, diverse financial
systems across markets
• Was in process of standardizing its ERP
system platform across all markets, but
struggling to get markets to adjust
• Highly tenured teams, with localized
requirements and the systems variances
made process standardization challenging
• Need to standardize processes to support
system implementation, driving scalability
and reduced operating cost
24. 24
$2B Global Manufacturing Company
You Can Be Right Staffed and Still Be Overpaying
128.1
75.1
65.0
46.4
Bottom
Median
Company
Top
Number of F&A FTE's Per Industry/Revenue
Size - All Markets
$8,002,050
$5,078,621
$4,028,300
$2,058,500
Bottom
Company
Median
Top
F&A Personnel Cost Per Industry/Revenue
Size - All Markets
The initial analysis showed us that the company was operating at 14% better than the Median
performer level from a headcount perspective (Efficiency), but ran at a 26% higher personnel cost
structure (Effectiveness) than a Median performing peer
25. 25
$2B Global Manufacturing Company
Bottom Performer in both AP and AR Metrics
311
570
767
1,321
0 500 1,000 1,500
Bottom
Company
Median
Top
Number
of
Invoices
Per
FTE
Number of AP Invoices Per FTE
96
217
641
1,679
- 500 1,000 1,500 2,000
Company
Bottom
Median
Top
Number
of
Receipts
Processed
Per
FTE
Number of AR Receipts Processed
Per FTE
• AP related benchmark data, the company was performing at approximately 25% below the
Median performer
• AR benchmark data, the company was performing at 85% below the Bottom performer
• Organizational restructuring was needed due to tenure and span of control issues
26. 26
$2B Global Manufacturing Company
End Result: 12 FTE Reduction and 30% Better Than the Median
• By standardizing processes (required for the systems implementation), centralizing operations and bringing additional automation
capabilities, we were able to reduce 12 FTE’s across all markets (18%), and the resulting organization would consist of 53
FTE’s (30% better than the Median performer)
• As you can see, there is a significant cost improvement (approx. $650,000 lower than current operating cost, but still
operating above the median performer level from a cost perspective
• By adding an Outsourcing option, creating a hybrid model with locally retained staff and a nearshore outsourcer, we were able
to deliver and additional $700k in annual cost savings, bringing them to above the Median level ($1.35M total savings)
128.1
75.1
65.0
53.0
46.4
Bottom
Median
Current Company
Optimized Company
Top
Number of F&A FTE's Per Industry/ Revenue
$8,002,050
$5,078,621
$4,437,397
$4,028,300
$3,717,685
$2,058,500
Bottom
Current Company
Optimized Company
Median
Optimized with BPO
Top
F&A Personnel Cost Per Industry/Revenue Size
27. 27
Polling Question 4
Which Potential Solutions Do You Think Would Have the
Biggest Impact on Improving Your F&A Operations?
Select All That Apply
69%
Automating Manual Activities (e.g. RPA) 88%
Centralization/More Mature Shared Services Model 50%
Outsourcing Non-Core Functions 6%
Process Standardization & Simplification
28. 28
8.
Guiding Principles
Framework for Benchmarking
1. 2.
5.
Align on Your
Key Drivers for
Success
Determine Key
Performance
Indicators
Measure Current
Performance
Conduct a Gap
Analysis
Develop an
Improvement Plan
Measure Results
and Recalibrate
Execute
3. 4.
6. 7. Repeat!
30. 30
In Conclusion…
• Benchmark data can provide you with good insights into the current state of your
F&A operation, and serve as a roadmap to future efficiencies
• But benchmarking analysis is not a standalone activity; it can serve as a significant
data point, pointing you in the right direction and indicating IF and WHERE potential
opportunities are available
• It can serve as the first step in a broader analysis, and given the post-COVID
requirements for organizations to contain cost, improve productivity, get more
scalable and shift operational focus, is a good exercise for organizations to
undertake to provide the insights needed to take action
• Key operational strategies to consider will include shared services, process
optimization and standardization, digital transformation, business process
outsourcing and/or a hybrid operating model
• Use benchmark data to highlight were the opportunities are, based on the
efficiency and effectiveness of your operation, and determine if a sufficient
business case exists to warrant investment in the initiative
31. 31
Schedule your Complimentary
Finance Optimization Assessment
What you will get from it:
• High-level benchmark comparison against your industry peers
• “Size of the opportunity” ($$$) - savings + efficiencies
• Recommended actions for 2021
• What strategies make sense for you
• Potential business case
• Estimated timeline & implementation roadmap
To download our new guide on “Finance
Benchmarks: Prophecy or Pretense?” please
head to https://www.auxis.com/finance-
benchmarks-prophecy-pretense-whitepaper
32. We’re looking forward to
speaking with you!
Eric Liebross
Senior Managing Director of Business
Transformation
eric.liebross@auxis.com
Editor's Notes
For example, comparing a publicly-traded, Consumer Goods organization to a privately-held Professional Services firm is likely not an effective comparison
Similarly, a $50B Retail organization and a $500M manufacturing company have very different operating characteristics and resources
And here’s a helpful hint: look outside the function for people working on similar activities.
We typically conduct an Activity Survey to categorize where people across the entire Finance & Accounting department are spending their time, and you would be surprised at how fragmented an organization can be; meaning the amount of people that are doing the same work across the department.
Reconciliations and journal entry processing are common activities that are being done inside and outside of the F&A department. If you can reduce the manual work performed on these activities, you can free up resources throughout the organization.
Another way to measure the effectiveness of the Accounting organization is to measure the total cost of the operation, which includes the above personnel cost, plus all other elements of the operation (systems, overhead, administrative costs, etc.) I prefer to use Personnel Cost because it is often difficult to segregate the detailed operational cost of the F&A Department from other departments, and Personnel Cost is something that we can directly address by reducing headcount, for example. You may not be able to reduce the cost of systems or other overhead items.
There are numerous external dependencies with these metrics, such as how long it takes for invoices to be approved for payment by departments, or whether the organization is managing cash and not releasing payments immediately. As always, consider the operating environment and the circumstances within the organization before applying benchmark metrics.
Are they providing detailed remittance advice? Are they taking credits for adjustments due to damaged goods received, pricing variances or penalties for late delivery?
Understand organization that benchmarks are data points, one part of a broader analysis that must be undertaken to clearly identify the reasons why an is structured as it is. However, sometimes those data points are like neon signs, illuminating the areas of opportunity, pointing to where a focused analysis can provide the details needed to solve the problem.
The benchmark pointed us in the right direction, and a further, rather quick analysis highlighted the root causes of the issues. The solutions were readily apparent (and not that complicated)
The situation is made more complex because they operate in seven different countries, and each country had its own F&A organization, creating overlapping roles across the different markets. Further, each country has its own set of tax, regulatory and accounting requirements, so additional complexities were in place.
While this approach is very high level, what it does is provide guidance on the potential opportunity, and the realization that it is realistic, given that the outcome puts them at a level that is certainly attainable from a benchmarking perspective.
We conducted a data-driven assessment of their various market operations, focusing on benchmarking performance to identify areas of opportunity for cost and performance improvement, in order to consider establishing a centralized operation.
This higher cost was surprising given some of the low-cost markets in which the company operated.
The overall opportunity to reduce its cost was significant, approximately $1,000,000 annually, based on the difference between their current level and the Median benchmark. Working the math, we would need to identify opportunities to reduce about 13 FTE’s to achieve the $1M annual cost savings, or 20% of the total staff.
For General Accounting, the company was performing at above the Median performer, so we focused on AR and AP, looking for opportunities for automation and performance improvement to drive efficiencies resulting in lower headcount.
The reality is that in order to achieve the results, the client needed the hybrid model, as the local markets were very resistant to the changes and the system implementation and standardized processes were very challenged. Implementing through a BPO model accelerated the results and provided greater capabilities and control over the process.