How confident are you in your financial close and the accuracy of your financial statements? Are you tired of wasting time doing reconciliations manually, using spreadsheets? Would you like to increase efficiency, productivity, control and visibility while minimising risks and reducing bottom line costs?
If so, join SAP, BlackLine and global manufacturing/agricultural giant CNH Industrial for a webinar that will show SAP customers (operating in an SAP-only environment or across multiple ERPs) and other ERP users how to optimise key accountancy and finance processes.
Are Your Account Reconciliations in Good Shape?Justin Johnson
This presentation demonstrates how finance, accounting, audit and compliance executives can further ensure the integrity of their balance sheets—and ultimately financial reports—by implementing software to automate the traditionally manual, labor-intensive and spreadsheet-driven account reconciliation process.
How confident are you in your financial close and the accuracy of your financial statements? Are you tired of wasting time doing reconciliations manually, using spreadsheets? Would you like to increase efficiency, productivity, control and visibility while minimising risks and reducing bottom line costs?
If so, join SAP, BlackLine and global manufacturing/agricultural giant CNH Industrial for a webinar that will show SAP customers (operating in an SAP-only environment or across multiple ERPs) and other ERP users how to optimise key accountancy and finance processes.
Are Your Account Reconciliations in Good Shape?Justin Johnson
This presentation demonstrates how finance, accounting, audit and compliance executives can further ensure the integrity of their balance sheets—and ultimately financial reports—by implementing software to automate the traditionally manual, labor-intensive and spreadsheet-driven account reconciliation process.
Automating Account Reconciliations to Mitigate Compliance RiskProformative, Inc.
Today’s CFOs are challenged with meeting tight deadlines, operating with limited resources and serving in more strategic roles. In this session you will discover how leveraging technology and automating traditionally manual accounting processes, like account reconciliations, can help optimize the financial close process and free up some of the critical time needed from accounting and finance teams. You will learn how your organizations can virtually eliminate spreadsheets and the errors and headaches that come with them; increase control and visibility; facilitate timely, accurate and documented communications between all stakeholders; gain exceptional ROI in a very short time; improve the accuracy and timeliness of compliance reporting; define responsibility and process ownership; and manage compliance while serving multiple locations.
Speaker: Michael Gilmartin, Solution Consultant Manager, BlackLine Systems
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Change Anticipation & Readiness | Session: 2
Automating Account Reconciliation to Mitigate Compliance RiskProformative, Inc.
Video/Presentation: http://www.proformative.com/events/automating-account-reconciliation-mitigate-compliance-risk
The role of Accounting and Finance Professionals is ever evolving. Demands are increasing; regulations are even more stringent; and areas of focus are expanding. All of these make it more challenging for companies to efficiently close their books while ensuring they have balance sheet integrity. The account reconciliation process is an under-appreciated, yet critical, control which helps ensure financial integrity. By leveraging technology, a company can automate its reconciliations and link accounts across different standards to minimize the amount of manual labor required and ultimately the risk of errors. This session is designed to inform finance and accounting leaders of how account reconciliation process optimization can create a foundation for streamlining the overall financial close process and more importantly, ensuring appropriate controls are in place for greater accuracy in the numbers.
Speakers:
Susan Parcells, CPA, Director, Finance Transformation, Blackline Systems
Wendy Shapiro, CPA, Senior Director, Corporate Accounting, Atlas Air Worldwide
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
Take a look at the 2014 brochure for MainManager. Cloud based, securely hosted award winning CAFM software. Solutions available for large or small budgets.
Different Scenarios that Require a Calendar Change - Including the Indian Sta...eprentise
Companies using Oracle® E-Business Suite might face a situation where the business may require the accounting calendar setup to be changed as a result of being acquired, or complying with a statutory requirement. For example, companies operating in India received a mandate that their calendar must change from an April to March fiscal year to January to December. This change may take place as early as 2018. Companies who have been acquired may find that they need to match their new parent company’s calendar for their financial reporting. In another scenario, a company that is going from public to private would need to have a short calendar year so that their financials reflect the change in ownership mid-year.
Requirements would include changing the calendar structure from a monthly calendar to a 4-4-5 calendar or vice versa; changing the year from a calendar year (Jan-Dec) to the company’s fiscal year (Apr-Mar, Jul-Jun, Oct-Sep, etc.) or from a fiscal year to a calendar year; closing the year as of acquisition date and starting the operations under the acquirer company as of a certain period/date; changing the calendar period’s start or end dates or period names; or possibly adding new adjustment periods that were not defined earlier. This webinar with Raj Malekop from eprentise will explore different change scenarios and provide recommendations on how to handle these requirements.
Learning Objectives: After completion of this program you will be able to:
Objective 1: Recognize and assess different business needs that may affect your Oracle EBS Accounting Calendar setup.
Objective 2: Understand the types of structural changes required for the Accounting Calendar already in use in Oracle EBS.
Objective 3: Explore the impact of an accounting calendar change in different EBS modules.
BlackLine Systems and global chemical giant Albemarle Corporation discuss the common challenges shared service centers face around the financial close and how technology can help companies ensure integrity of the balance sheet and financial reports.
Data Migration – The Independent ConsultantPono Pitsoe
On the migration projects where an independent consultant fulfills a role of an overseer and is involved on the project from the on-set, there is an improved likelihood of a successful migration and a greater assurance to management
A Call to Action CPAs - Confronting the Lease Accounting Changes - iLease Man...jmeedzan
iLease Management LLC has been providing insightful research and recommended approaches into the proposed lease accounting changes for over two years. This presentation dives into not only how the proposed FASB and IASB lease accounting changes will impact organizations but shows how, at the functional level, what questions need to be considered in order to comply with these upcoming standard changes. We outline the functional areas like Corporate, Finance, Treasury, Human Resource and Technology. And given the resource limitations within most organizations, we show how the lease accounting changes will present “Opportunities for Assistance” for Certified Public Accountants (“CPAs”) that are looking for ways to add value to their client relationships.
This presentation explains how CPAs can position themselves to be proactive and provide technology and services that are of critical importance to their clients.
Business Continuity Plan TemplateCIO Maria Sosa has asked you to p.docxfelicidaddinwoodie
Business Continuity Plan Template
CIO Maria Sosa has asked you to provide her and the other executives with a business continuity plan for your organization.
Final Business Continuity Plan (five- to seven-page report using this template). The plan should include the following components:
· Title Page
· Include:
· for whom you are preparing the document, the title, the date prepared, and your name as the preparer of the document
· Overview
· Include:
· justifications demonstrating the value of a BCP for the organization
· description of the scope of the BCP (one to two-page narrative, from Step 2)
· Business Impact Analysis and Key Resources and Stakeholders (Steps 3 & 4 using Template in discussion area, plus one-page summary of findings)
· Include:
· BIA Template table
· Discussion of the information in the table (Methodology, key factors, priorities, etc)
· Preventative Controls (one to two pages, from Step 6)
· Provide a list of controls that your organization has put into place in support of the BCP
· These controls should be specifically focused on the BCP
· Contingency Plan (from Step 11)
· Include:
· implementation and maintenance procedures
· testing procedures
· Recovery Strategies (two to three pages, from Step 8)
Mission/Business Process
Description
Stake Holder
Key Resources
MTD
(Hours)
RTO (Hours)
WRT (Hours)
RPO (Hours)
Financial System
Processes invoices and Payables
CFO
Network, Servers, Wkstns
72
48
24
12
Maximum Tolerable Downtime (MTD). The MTD represents the total amount of time leaders/managers are willing to accept for a mission/business process outage or disruption and includes all impact considerations. Determining MTD is important because it could leave continuity planners with imprecise direction on (1) selection of an appropriate recovery method, and (2) the depth of detail which will be required when developing recovery procedures, including their scope and content.
Recovery Time Objective (RTO). The time available to recover disrupted systems and resources. It is typically one segment of the MTD. For example, if a critical business process has a three-day MTD, the RTO might be one day (Day 1). This is the time you will have to get systems back up and running. The remaining two days will be used for work recovery (see Work Recovery Time).
Work Recovery Time (WRT)
The second segment that comprises the maximum tolerable downtime (MTD). If your MTD is three days, Day 1 might be your RTO and Days 2 to 3 might be your WRT. It takes time to get critical business functions back up and running once the systems (hardware, software, and configuration) are restored. This is an area that some planners overlook, especially from IT. If the systems are back up and running, they're all set from an IT perspective. From a business function perspective, there are additional steps that must be undertaken before it's back to business. These are critical steps and that time must be built into the MTD.
Modernizing Your Finance Team With TechnologyWorkiva
This slideshow explores what modern finance is and what it takes to get your team there. To find out more, visit workiva.com/solutions/financial-reporting
Transforming Finance and Accounting to Optimize Financial CloseCognizant
Many firms are working to accelerate and improve the daily financial close, but are far from ready. By formalizing the F&A value chain, modernizing and strengthening their F&A platform, assessing and optimizing existing service models and heightening overall F&A governance, companies can achieve this goal, supported by a set of success factors for measuring progress and aligning transformation activities.
Business Case Templatewww.ProjectManagementDocs.comBusines.docxhumphrieskalyn
Business Case Template
www.ProjectManagementDocs.com
Business Case Template
This Business Case Template is free for you to copy and use on your project and within your organization. We hope that you find this template useful and welcome your comments. Public distribution of this document is only permitted from the Project Management Docs official website at:
www.ProjectManagementDocs.com
Business Case
<Project Name>
Company Name
Street Address
City, State Zip Code
Date
Table of Contents
21.Executive Summary
21.1.Issue
21.2.Anticipated Outcomes
31.3.Recommendation
31.4.Justification
42.Business Case Analysis Team
43.Problem Definition
43.1.Problem Statement
53.2.Organizational Impact
53.3.Technology Migration
64.Project Overview
64.1.Project Description
74.2.Goals and Objectives
74.3.Project Performance
84.4.Project Assumptions
84.5.Project Constraints
84.6.Major Project Milestones
95.Strategic Alignment
96.Cost Benefit Analysis
107.Alternatives Analysis
118.Approvals
1. Executive Summary
This section should provide general information on the issues surrounding the business problem and the proposed project or initiative created to address it. Usually, this section is completed last after all other sections of the business case have been written. This is because the executive summary is exactly that, a summary of the detail that is provided in subsequent sections of the document.
This business case outlines how the Web Platform (WP) Project will address current business concerns, the benefits of the project, and recommendations and justification of the project. The business case also discusses detailed project goals, performance measures, assumptions, constraints, and alternative options.
1.1. Issue
This section should briefly describe the business problem that the proposed project will address. This section should not describe how the problem will be addressed, only what the problem is.
Because of an expanding client base, Smith Consulting has moved to a de-centralized business model over the last 2 years. As we continue to support more clients in more locations, the administration of our workforce has become more difficult. Until now, many of our internal requirements such as reporting, payroll activities, and resource management have been done via legacy mainframe systems. As our workforce expands in numbers and area, these legacy mainframe systems have become inadequate to effectively manage these administrative activities. This inadequacy is manifested in higher costs and increased employee turnover which we have seen over the last 12 months. In order to more effectively manage our administration, reduce costs, and improve employee turnover, Smith Consulting must move to a web-based application as outlined in this business case for the WP Project. By doing so, employees will assume a greater role in managing their administrative issues, have access to timesheets securely online, and the company can manage its administrat ...
Automating Account Reconciliations to Mitigate Compliance RiskProformative, Inc.
Today’s CFOs are challenged with meeting tight deadlines, operating with limited resources and serving in more strategic roles. In this session you will discover how leveraging technology and automating traditionally manual accounting processes, like account reconciliations, can help optimize the financial close process and free up some of the critical time needed from accounting and finance teams. You will learn how your organizations can virtually eliminate spreadsheets and the errors and headaches that come with them; increase control and visibility; facilitate timely, accurate and documented communications between all stakeholders; gain exceptional ROI in a very short time; improve the accuracy and timeliness of compliance reporting; define responsibility and process ownership; and manage compliance while serving multiple locations.
Speaker: Michael Gilmartin, Solution Consultant Manager, BlackLine Systems
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Change Anticipation & Readiness | Session: 2
Automating Account Reconciliation to Mitigate Compliance RiskProformative, Inc.
Video/Presentation: http://www.proformative.com/events/automating-account-reconciliation-mitigate-compliance-risk
The role of Accounting and Finance Professionals is ever evolving. Demands are increasing; regulations are even more stringent; and areas of focus are expanding. All of these make it more challenging for companies to efficiently close their books while ensuring they have balance sheet integrity. The account reconciliation process is an under-appreciated, yet critical, control which helps ensure financial integrity. By leveraging technology, a company can automate its reconciliations and link accounts across different standards to minimize the amount of manual labor required and ultimately the risk of errors. This session is designed to inform finance and accounting leaders of how account reconciliation process optimization can create a foundation for streamlining the overall financial close process and more importantly, ensuring appropriate controls are in place for greater accuracy in the numbers.
Speakers:
Susan Parcells, CPA, Director, Finance Transformation, Blackline Systems
Wendy Shapiro, CPA, Senior Director, Corporate Accounting, Atlas Air Worldwide
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
Take a look at the 2014 brochure for MainManager. Cloud based, securely hosted award winning CAFM software. Solutions available for large or small budgets.
Different Scenarios that Require a Calendar Change - Including the Indian Sta...eprentise
Companies using Oracle® E-Business Suite might face a situation where the business may require the accounting calendar setup to be changed as a result of being acquired, or complying with a statutory requirement. For example, companies operating in India received a mandate that their calendar must change from an April to March fiscal year to January to December. This change may take place as early as 2018. Companies who have been acquired may find that they need to match their new parent company’s calendar for their financial reporting. In another scenario, a company that is going from public to private would need to have a short calendar year so that their financials reflect the change in ownership mid-year.
Requirements would include changing the calendar structure from a monthly calendar to a 4-4-5 calendar or vice versa; changing the year from a calendar year (Jan-Dec) to the company’s fiscal year (Apr-Mar, Jul-Jun, Oct-Sep, etc.) or from a fiscal year to a calendar year; closing the year as of acquisition date and starting the operations under the acquirer company as of a certain period/date; changing the calendar period’s start or end dates or period names; or possibly adding new adjustment periods that were not defined earlier. This webinar with Raj Malekop from eprentise will explore different change scenarios and provide recommendations on how to handle these requirements.
Learning Objectives: After completion of this program you will be able to:
Objective 1: Recognize and assess different business needs that may affect your Oracle EBS Accounting Calendar setup.
Objective 2: Understand the types of structural changes required for the Accounting Calendar already in use in Oracle EBS.
Objective 3: Explore the impact of an accounting calendar change in different EBS modules.
BlackLine Systems and global chemical giant Albemarle Corporation discuss the common challenges shared service centers face around the financial close and how technology can help companies ensure integrity of the balance sheet and financial reports.
Data Migration – The Independent ConsultantPono Pitsoe
On the migration projects where an independent consultant fulfills a role of an overseer and is involved on the project from the on-set, there is an improved likelihood of a successful migration and a greater assurance to management
A Call to Action CPAs - Confronting the Lease Accounting Changes - iLease Man...jmeedzan
iLease Management LLC has been providing insightful research and recommended approaches into the proposed lease accounting changes for over two years. This presentation dives into not only how the proposed FASB and IASB lease accounting changes will impact organizations but shows how, at the functional level, what questions need to be considered in order to comply with these upcoming standard changes. We outline the functional areas like Corporate, Finance, Treasury, Human Resource and Technology. And given the resource limitations within most organizations, we show how the lease accounting changes will present “Opportunities for Assistance” for Certified Public Accountants (“CPAs”) that are looking for ways to add value to their client relationships.
This presentation explains how CPAs can position themselves to be proactive and provide technology and services that are of critical importance to their clients.
Business Continuity Plan TemplateCIO Maria Sosa has asked you to p.docxfelicidaddinwoodie
Business Continuity Plan Template
CIO Maria Sosa has asked you to provide her and the other executives with a business continuity plan for your organization.
Final Business Continuity Plan (five- to seven-page report using this template). The plan should include the following components:
· Title Page
· Include:
· for whom you are preparing the document, the title, the date prepared, and your name as the preparer of the document
· Overview
· Include:
· justifications demonstrating the value of a BCP for the organization
· description of the scope of the BCP (one to two-page narrative, from Step 2)
· Business Impact Analysis and Key Resources and Stakeholders (Steps 3 & 4 using Template in discussion area, plus one-page summary of findings)
· Include:
· BIA Template table
· Discussion of the information in the table (Methodology, key factors, priorities, etc)
· Preventative Controls (one to two pages, from Step 6)
· Provide a list of controls that your organization has put into place in support of the BCP
· These controls should be specifically focused on the BCP
· Contingency Plan (from Step 11)
· Include:
· implementation and maintenance procedures
· testing procedures
· Recovery Strategies (two to three pages, from Step 8)
Mission/Business Process
Description
Stake Holder
Key Resources
MTD
(Hours)
RTO (Hours)
WRT (Hours)
RPO (Hours)
Financial System
Processes invoices and Payables
CFO
Network, Servers, Wkstns
72
48
24
12
Maximum Tolerable Downtime (MTD). The MTD represents the total amount of time leaders/managers are willing to accept for a mission/business process outage or disruption and includes all impact considerations. Determining MTD is important because it could leave continuity planners with imprecise direction on (1) selection of an appropriate recovery method, and (2) the depth of detail which will be required when developing recovery procedures, including their scope and content.
Recovery Time Objective (RTO). The time available to recover disrupted systems and resources. It is typically one segment of the MTD. For example, if a critical business process has a three-day MTD, the RTO might be one day (Day 1). This is the time you will have to get systems back up and running. The remaining two days will be used for work recovery (see Work Recovery Time).
Work Recovery Time (WRT)
The second segment that comprises the maximum tolerable downtime (MTD). If your MTD is three days, Day 1 might be your RTO and Days 2 to 3 might be your WRT. It takes time to get critical business functions back up and running once the systems (hardware, software, and configuration) are restored. This is an area that some planners overlook, especially from IT. If the systems are back up and running, they're all set from an IT perspective. From a business function perspective, there are additional steps that must be undertaken before it's back to business. These are critical steps and that time must be built into the MTD.
Modernizing Your Finance Team With TechnologyWorkiva
This slideshow explores what modern finance is and what it takes to get your team there. To find out more, visit workiva.com/solutions/financial-reporting
Transforming Finance and Accounting to Optimize Financial CloseCognizant
Many firms are working to accelerate and improve the daily financial close, but are far from ready. By formalizing the F&A value chain, modernizing and strengthening their F&A platform, assessing and optimizing existing service models and heightening overall F&A governance, companies can achieve this goal, supported by a set of success factors for measuring progress and aligning transformation activities.
Business Case Templatewww.ProjectManagementDocs.comBusines.docxhumphrieskalyn
Business Case Template
www.ProjectManagementDocs.com
Business Case Template
This Business Case Template is free for you to copy and use on your project and within your organization. We hope that you find this template useful and welcome your comments. Public distribution of this document is only permitted from the Project Management Docs official website at:
www.ProjectManagementDocs.com
Business Case
<Project Name>
Company Name
Street Address
City, State Zip Code
Date
Table of Contents
21.Executive Summary
21.1.Issue
21.2.Anticipated Outcomes
31.3.Recommendation
31.4.Justification
42.Business Case Analysis Team
43.Problem Definition
43.1.Problem Statement
53.2.Organizational Impact
53.3.Technology Migration
64.Project Overview
64.1.Project Description
74.2.Goals and Objectives
74.3.Project Performance
84.4.Project Assumptions
84.5.Project Constraints
84.6.Major Project Milestones
95.Strategic Alignment
96.Cost Benefit Analysis
107.Alternatives Analysis
118.Approvals
1. Executive Summary
This section should provide general information on the issues surrounding the business problem and the proposed project or initiative created to address it. Usually, this section is completed last after all other sections of the business case have been written. This is because the executive summary is exactly that, a summary of the detail that is provided in subsequent sections of the document.
This business case outlines how the Web Platform (WP) Project will address current business concerns, the benefits of the project, and recommendations and justification of the project. The business case also discusses detailed project goals, performance measures, assumptions, constraints, and alternative options.
1.1. Issue
This section should briefly describe the business problem that the proposed project will address. This section should not describe how the problem will be addressed, only what the problem is.
Because of an expanding client base, Smith Consulting has moved to a de-centralized business model over the last 2 years. As we continue to support more clients in more locations, the administration of our workforce has become more difficult. Until now, many of our internal requirements such as reporting, payroll activities, and resource management have been done via legacy mainframe systems. As our workforce expands in numbers and area, these legacy mainframe systems have become inadequate to effectively manage these administrative activities. This inadequacy is manifested in higher costs and increased employee turnover which we have seen over the last 12 months. In order to more effectively manage our administration, reduce costs, and improve employee turnover, Smith Consulting must move to a web-based application as outlined in this business case for the WP Project. By doing so, employees will assume a greater role in managing their administrative issues, have access to timesheets securely online, and the company can manage its administrat ...
Business Case Templatewww.ProjectManagementDocs.comBusines.docxRAHUL126667
Business Case Template
www.ProjectManagementDocs.com
Business Case Template
This Business Case Template is free for you to copy and use on your project and within your organization. We hope that you find this template useful and welcome your comments. Public distribution of this document is only permitted from the Project Management Docs official website at:
www.ProjectManagementDocs.com
Business Case
<Project Name>
Company Name
Street Address
City, State Zip Code
Date
Table of Contents
21.Executive Summary
21.1.Issue
21.2.Anticipated Outcomes
31.3.Recommendation
31.4.Justification
42.Business Case Analysis Team
43.Problem Definition
43.1.Problem Statement
53.2.Organizational Impact
53.3.Technology Migration
64.Project Overview
64.1.Project Description
74.2.Goals and Objectives
74.3.Project Performance
84.4.Project Assumptions
84.5.Project Constraints
84.6.Major Project Milestones
95.Strategic Alignment
96.Cost Benefit Analysis
107.Alternatives Analysis
118.Approvals
1. Executive Summary
This section should provide general information on the issues surrounding the business problem and the proposed project or initiative created to address it. Usually, this section is completed last after all other sections of the business case have been written. This is because the executive summary is exactly that, a summary of the detail that is provided in subsequent sections of the document.
This business case outlines how the Web Platform (WP) Project will address current business concerns, the benefits of the project, and recommendations and justification of the project. The business case also discusses detailed project goals, performance measures, assumptions, constraints, and alternative options.
1.1. Issue
This section should briefly describe the business problem that the proposed project will address. This section should not describe how the problem will be addressed, only what the problem is.
Because of an expanding client base, Smith Consulting has moved to a de-centralized business model over the last 2 years. As we continue to support more clients in more locations, the administration of our workforce has become more difficult. Until now, many of our internal requirements such as reporting, payroll activities, and resource management have been done via legacy mainframe systems. As our workforce expands in numbers and area, these legacy mainframe systems have become inadequate to effectively manage these administrative activities. This inadequacy is manifested in higher costs and increased employee turnover which we have seen over the last 12 months. In order to more effectively manage our administration, reduce costs, and improve employee turnover, Smith Consulting must move to a web-based application as outlined in this business case for the WP Project. By doing so, employees will assume a greater role in managing their administrative issues, have access to timesheets securely online, and the company can manage its administrat ...
Government contractors are under more scrutiny by the DCAA to effectively manage their contracts and stay compliant in a very competitive environment. The challenge for government contractors is adhering to the DCAA regulatory environment while maintaining profitability on your contracts. Understanding the regulatory environment is critical to running profitable contracts that comply with the changing landscape of the DCAA, FAR and CAS regulations. Accounting for key details of a project or contract, including measuring the degree of project completion, remains a huge challenge for government contractors. Join the Raffa Technology team for an update on the regulatory landscape and the best practices for keeping your organization DCAA compliant.
Order To Cash - Inefficiencies and redundancies throughout the OTC cycle are an expensive affair for businesses and prevent them from turning receivable into cash.
The time might just be ripe for change in thinking when it comes to putting together an Enterprise Order To Cash paradigm in place ….. a more cohesive & comprehensive approach enabling Businesses to horn there competitive edge, unlock efficiencies, increase speed, significant cost reduction thereby have direct impact on the Top line and bottom line across the Enterprise.
Did you inherit a cluttered org with no documentation? Are you trying to figure out why you have 500 fields on an object? Join this session and collaboratively learn from other customers about the most common traits of a messy implementation, and how you can untangle yours.
Revenue assurance is one of the key challenges of Service industries, beyond the traditional challenges such as customer acquisition, customer retention, cost effective service delivery, talent management & account mining; which usually have high impact on the profitability & sustenance.
I have prepared an overview document basis my experience & observations. Hope you would like it, please share your opinions.
The use of a Business Case design is beneficial to present a business case before beginning any project. Because it assists partners and other stakeholders in understanding the benefits of investing. Not only that, but it also provides a business executive summary for a certain project. For example, what will be accomplished, which technique will be beneficial, and how many resources will be required? Furthermore, this information-based document allows project managers to provide the facts and numbers in terms of the benefits and drawbacks of undertaking a given business project.
Equipment and automotive finance system projects guide 101 Third edition, including a new chapter on back office processes and system outsourcing opportunities.
Equipment Finance Systems Project Guide 101" Second edition. You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one. We hope our tips help you get your project off to a good start and welcome any comments!
Equipment finance systems project guide "101"David Pedreno
Equipment Finance Systems Project Guide 101" Second edition. You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one. We hope our tips help you get your project off to a good start and welcome any comments!
Equipment finance systems project guide 101David Pedreno
Equipment Finance Systems Project Guide 101" Second edition. You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one. We hope our tips help you get your project off to a good start and welcome any comments!
Equipment finance systems project guide "101"David Pedreno
Equipment Finance Systems Project Guide "101" Second edition. You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one. We hope our tips help you get your project off to a good start and welcome any comments!
The case for involving Finance in implementing a new equipment finance Contract Management System (“CMS”) should be readily apparent, but is your Finance team paying enough attention to the migration? Here are our top tips for what to look out for.
The case for involving Finance in implementing a new equipment finance Contract Management System (“CMS”) should be readily apparent, but is your Finance team paying enough attention to the migration? Here are our top tips for what to look out for.
Under pressure to move with speed, for example fast-tracking covid-19 forbearance measures, or migrating data to a new system, the risk of data errors can increase or be seen as the price to pay for progress.
Equipment finance is particularly susceptible to single data errors cascading to linked systems and multiple periods. Addressing such errors calls for a considered approach.
Equipment Finance System Projects Guide 101. You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one. We hope our tips help you get your project off to a good start and welcome any comments!
Equipment Finance System Projects Guide 101. You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one. We hope our tips help you get your project off to a good start and welcome any comments!
Equipment Finance System Projects Guide 101. You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one. We hope our tips help you get your project off to a good start and welcome any comments!
Equipment finance system projects.
You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one.
"Equipment Finance System Projects Guide 101".You are starting, or have already started, an equipment finance and leasing system implementation. What are the typical pain points ahead?
In this “101" guide and tips, Richmond Group looks at the key areas that will need attention if the journey is to be a smooth one.
Asset finance systems projects guide 101David Pedreno
You are starting, or have already started, an asset finance and leasing system implementation what are the typical pain points ahead? In this “101" guide and tips, Richmond Consulting Group looks at the key areas that will need attention if the journey is to be a smooth one.
You have started your asset finance systems implementation. What are the typical pain points ahead? In this third of three articles. Richmond Consulting Group looks at three areas that will need attention if the journey is to be a smooth one!
We welcome comments and would be happy to help you get your project off to a good start.
You have started your asset finance systems implementation. What are the typical pain points ahead? In this third of three articles. Richmond Consulting Group looks at three areas that will need attention if the journey is to be a smooth one!
We welcome comments and would be happy to help you get your project off to a good start.
You have started your asset finance systems implementation. What are the typical pain points ahead? In this third of three articles. Richmond Consulting Group looks at three areas that will need attention if the journey is to be a smooth one!
We welcome comments and would be happy to help you get your project off to a good start.
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1. Your new contract management system has been selected, and the
project is underway to implement it.
Richmond Group takes a look at the key points your Finance team
should be considering, and shows how our LeaseValidator application
can help
richmondgrp.com
Equipment finance system migrations
Why the Finance team will be crucial to its success
Richmond Group
2. richmondgrp.com
PREPARATION DRESS REHEARSALS & CUTOVER POST-IMPLEMENTATION
Setup, configuration or customisation changes
Consider and document whether:
◼ Any posting rules will be amended and whether re-posting or GL mappings
will be necessary as a result
◼ Income recognition values will change as a result of the migration, whether
these will require accounting adjustments and whether internal &/or
external auditors should be engaged to review
◼ New control account reconciliation processes will need to be adopted and
how this will be handled at cutover
◼ Any change in process &/or process ownership should be adopted and how
to transition this
Finance reconciliation clean-up
Prior to cutover a concerted effort will be needed to resolve and clear any
existing GL to CMS reconciliation items, or consider whether more recent
items fall within the scope of cutover handling.
Resolving reconciliation items after go-live will be considerably more difficult
than doing so beforehand
Cutover validation work
Finance will need to be able to set up validation routines
(reconciliations, processes etc) to quickly validate that the
migration and cutover has succeeded.
Documentation: clear documented processes will need to
be in place to handle the reconciliation, matching and
clearance of the items above, and then execute them at
cutover.
In-flight transactions: efforts will need to be made to
minimise the impact of in-flight transactions by either
accelerating normal processing times or deferring items for
post-implementation processing. Examples are:
◼ Contract activations and terminations
◼ Invoices/billing raised in advance
◼ Banking transactions, such as direct debits, initiated in
advance
Confirm “unwinding” of cutover transactions
After go-live a number of items will need
attention including completing the cutover
reconciliations, ensuring that cutover items
have unwound correctly, and making any
accounts adjustments arising as a result of the
migration.
Additional support
Consider engaging software and project
teams to help the business, including Finance,
walk-through daily processes and the first
month-end close.
Introduction
The case for involving Finance in implementing a new Contract Management System (“CMS”) should be readily apparent. However CMS finance functionalities such as the following can be different in the
legacy and new system and so will have a significant impact on migration, cutover, and post-implementation phases:
TEST
Tips:
The impact on Finance of
implementing and migrating data for a
new CMS must not be
underestimated.
Consider seconding Finance staff to
the project or bringing onboard
specialist equipment finance
assistance.
◼ General ledger control account handling
◼ control accounts for items where the CMS is acting as a sub-ledger (e.g. for
arrears)
◼ transit accounts that trap timing differences for in-flight transactions &/or
processing error items,
◼ other accounts where the detail resides in the CMS.
The project time pressures that squeeze Finance teams
The migration design & build is dependent upon finalising the new system set
up & configuration.
Delays in the latter can squeeze the migration part of the project into
delivering the migration to reduced timescales.
Finance will inevitably be asked to help decide whether the
migration has been successful so that the new system can
go live.
Finance will need to have enough information to make this
confirmation and practised that they will have sufficient
time can make this assessment using dress rehearsals.
Key points for Finance teams
Technical balances
Agree how these will be validated and how to deal with
differences esp. income recognition balances (treatment will
usually depend on whether differences are due to a change of
accounting basis or not). See the next slide for guidance on
this
Test GL interfaces
Although strictly part of application testing, GL interface
testing will provide valuable input as to how Finance will deal
with the change from legacy to target processing at cutover.
GL information in the CMS
Some CMS’s allow for GL balances to be captured inside the
CMS itself. If this is to be adopted, consider how to load
“opening” (I.e. cutover date) balances into the CMS and test
this.
Apart from dealing with cutover-related items
and any accounts postings arising from the
migration, the first month-end after migration
is usually when any faults in system set-up,
configuration, migration or cutover will begin
to surface. Some processes are being run for
the first time adding to the pressure to Finance
teams
These can add to project squeeze on Finance:
◼ Migration design & build needs to be completed so that
migration test data can be provided to the application test
teams. Delays here can delay the overall project
◼ Initial attempts at full migration tests + failed application
tests using migration test data often result in the need for
re-build of the migration programs and project delay
◼ Accounts posting rules, date handling, and general ledger interface design
◼ Income recognition bases and handling even if intended to achieve the same result as the legacy system
◼ Period handling and closing
◼ Unapplied cash and suspense accounting
3. richmondgrp.com
Migration dress rehearsals
Migration dress rehearsals provide the opportunity to test finance reconciliations and validations and
also to update the cutover plan with realistic timings. Finance will normally be responsible for validating,
at a minimum:
◼ Arrears values
◼ Future rentals and instalments
◼ Technical balances such as the unearned income and expense balances. There will be differences.
Reconciling the technical balances
Significant finance effort is frequently given to validating the technical income recognition balances (e.g.
unearned interest). These are normally calculated balances rather than migrated values. Here are just
two examples (there are others) of how these can be validated:
1. The forecast values approach
In the months prior to go-live use the fact that future rentals and technical balances are known over a
contract’s life to predict the expected migration date balances, ideally for the legacy and for the new
system. Some of these contracts might terminate early, and so can be ignored. Reconciliation then
becomes an exercise in comparing predicted versus actual values, and this can be automated.
2. Richmond Group’s LeaseValidator application
This achieves the same outcome as (1) by using contract parameters to validate both the legacy and
target system values as well as predict the balances at forward dates
Contract parameters are used as
an input.
The application’s rules engine is
configured with product rules
(legacy and target) and outputs
both legacy and target expected
values which are then cf. actual
values
4. richmondgrp.com
Richmond Group migration services
This has been a necessarily brief, summarised look at the key things Finance teams should consider
when a new equipment finance contract management system is implemented.
Richmond supports equipment finance companies in their migration projects, including assistance
for finance teams using qualified lease finance professionals.
◼ Project and workstream management and staffing support for your team and project
◼ Data cleansing
◼ Finance reconciliation
◼ Migration documentation
◼ Cutover planning and execution
◼ Migration Quality Assurance services
◼ Richmond Groups’ LeaseValidator tool for validating lease schedules and income recognition
values
A selection of our customers
5. Contacts
www.richmondgrp.com
Richmond Group is a leading business transformation practice dedicated
exclusively to the equipment finance and leasing industry since 2000
Equipment finance and
leasing expertise
Deep understanding of
equipment finance
International
Delivering projects in Europe,
the Americas and Asia
Practical and pragmatic
Experienced,
knowledgeable, safe
David Pedreno
T: +44 7802 446137
E: dpedreno@richmondgrp.com
David Harmer
T:+41 78 808 01 99
E: dharmer@richmondgrp.com
Business
transformation
Systems
implementation
Data quality and
reporting
Richmond Consulting Group Ltd
22a St James Square, London SW1Y 4JH, United Kingdom