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Winning CFOs: Implementing and Applying Better Practices, with Website

Name: Winning CFOs: Implementing and Applying Better Practices, with Website
Author: David Parmenter
ISBN: 9780470767504

by David Parmenter

April 2011

Intermediate to advanced

384 pages

7h 21m

English

Wiley

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Cover
Halftitle page
Title page
Copyright page
Acknowledgments
Introduction
Part I: Areas to Focus on in the Next Six Months
CHAPTER 1 Accounts Payable in the 21st Century
Removal of Charles Dickens’s ProcessesMove to a Paperless Accounts Payable FunctionInvest in an Electronic Ordering System (Procurement System)Introduce a Purchase CardCut Off Accounts Payable on the Last Working DayClose Accruals a Day before the Accounts Payable LedgerLimit the AccrualsMount the Last Signed Check on the CEO’s WallPerform Frequent Direct Credit Payment RunsImprove Budget Holders’ CooperationSpeed Up Budget Holders’ Correction of OmissionsA Welcome Letter to All New Budget HoldersIntroduce “Shame and Name” ListsReward Good Budget Holder BehaviorHave a Closer Relationship with Your Main SuppliersUse Self-Generated Invoices (Buyer-Created Invoices)
CHAPTER 2 Timely Month-End Reporting: By Working Day 3 or Less
Rating Scale for Month-End ReportingBenefits of Quick Month-End ReportingImpact of a Quick Month-End on the Finance Team WorkloadMajor Steps You Can Do before Your Next Month-EndMajor Steps You Can Do within the Next Six MonthsHistory of Quick Month-End ReportingResearch on Quick Month-EndsImplementing Quick Month-End ReportingSome Tips on Running a Post-it Reengineering SessionSelling the Need for Quick Month-End ReportingKey Month-End Activities on a Day 3 Month-End
CHAPTER 3 Make the Monthly Reports Worth Reading
Foundation Stones on Month-End ReportingReporting a Business Unit’s PerformanceReporting a Consolidated Profit and Loss AccountOne-Page Summary to the CEOReporting the Balance SheetReporting a Quarterly Rolling Accrual ForecastSnapshot of All Projects Currently StartedReporting Progress of the Top 10 ProjectsCash Flow ForecastingCAPEX ReportingThe One-Page Investment ProposalReporting the Strategic Objectives/Risks/Costs PressuresDesigning Graphs and Dashboards

CHAPTER 4 Limit the Time Invested in Board Reporting
Selling Change to the BoardCosting the Preparation of Board PapersScoping of the Information RequestsAvoiding Rewrites of Board ReportsTabling Board Papers ElectronicallyMore Timely Board MeetingsBoard Meeting Less Frequently than Once a MonthContinually Purging the Board PapersTimeliness of Board MeetingsReporting Key Result Indicators in a Dashboard to the BoardExamples of Key Result Indicators for a Board Dashboard
CHAPTER 5 Timely Annual Planning Process: Ten Working Days or Less!
Sell the Change through Emotional DriversFoundation Stones of an Annual Planning ProcessEfficient Annual Planning Processes
CHAPTER 6 Managing the Accounting Team
Hold an Off-Site Meeting for the Accounting Team at Least Twice a YearSet Up Monthly One-on-One Progress Meetings with Your Direct ReportsBecome Known for Giving Recognition FreelyAttract the Best Staff to the TeamAdopt Better Recruitment PracticesRecognize Staff PerformanceTeam Balanced ScorecardsBetter Practice TrainingOutdoor Pursuit AdventureTeam-Building Lessons from a World-Class CoachCFOs and All Direct Reports Must Find a Mentor ImmediatelyBecome a Serving LeaderFive Foundation Stones of a Serving-LeaderAreas of Focus for a Serving-LeaderA Viking with a Mother’s HeartThree-Month Planner
CHAPTER 7 Quick Annual Reporting: Within 15 Working Days Post Year-End
Costs of a Slow Year-EndCost the Annual Accounts ProcessA Quick Year-End Is a Good Year-EndHelp Get the Auditors OrganizedAppoint an Audit CoordinatorComplete the Drafting of the Annual Report before Year-EndLimit when Changes Can Be MadeNegotiate and Plan for a Sign-off by the Auditors within 15 Working DaysHave a Month 10 or 11 Hard CloseEffective Stock TakesEstimating Added Value in Work in Progress and Finished GoodsEffective Fixed Asset VerificationImportance of the Internal AuditorsExtract More Value from the Management LetterDerive More Value from the Interim AuditRun a Workshop to Post-it Reengineer Year-End ReportingRestrict Access to Confidential Information to the Audit PartnerSpeeding Up the Reporting Supply ChainMoving ForwardSome Case Studies
CHAPTER 8 Managing Your Accounts Receivable
Operational Improvements to Accounts ReceivableReporting on Your Accounts ReceivableAvoiding Accounts Receivable Month-End Processing BottlenecksIncreasing the Use of Direct Debiting of Customers’ AccountsDebtors’ Collection before Year-End
CHAPTER 9 Marketing the Accounting Team
Fitting into the Wider Team
CHAPTER 10 Client Management: Improving Relationships with Budget Holders
Perform an In-House Customer Satisfaction Survey
CHAPTER 11 More Emphasis on Daily and Weekly Reporting
Yesterday’s Sales ReportWeekly Key Customers’ SalesWeekly Reporting on Late Projects and Late ReportsDaily and Weekly Reporting of Performance Measures
CHAPTER 12 Working Smarter, Not Harder
Staff Debriefing at the End of the DayBanning Morning Meetings for the Finance TeamImplementing “Action Meetings” MethodsGolden Rules with EmailsContinuous Innovation in the Finance TeamGetting the Induction Process RightCreating a Service Culture in the Finance TeamHaving Fun in the Workplace
CHAPTER 13 Limit the P & L to 50 Account Codes
Project AccountingSubsidiary Chart of Accounts
Part II: Areas to Focus on Once Core Gains Have Been Achieved
CHAPTER 14 Throw Out Annual Planning and the Associated Monthly Budget Cycle
Reporting without a Budget
CHAPTER 15 Quarterly Rolling Planning: An Evolvement from Quarterly Rolling Forecasting
Quarterly Rolling Forecasting Is the Most Important Management Tool of This DecadeTen Foundation Stones of a Rolling Forecasting ProcessBetter Practices in a QRFImplementing a Quarterly Rolling Forecasting and Planning Process
CHAPTER 16 Cost Apportionment: Do Not Do It Monthly!
CHAPTER 17 Ban Excel from Core Monthly Routines
CHAPTER 18 Identifying the Organization’s Critical Success Factors
Benefits of Understanding Your Organization’s Critical Success FactorsAn Airline CSFRelationship among CSFs, Strategy, and KPIsFinding Your Organization’s CSFs
CHAPTER 19 Reporting Your Winning Key Performance Indicators
The 10/80/10 RuleKey Result IndicatorsPerformance and Result IndicatorsKey Performance IndicatorsCharacteristics of a KPIImportance of Daily CEO Follow-upSelling KPIs through the Emotional DriversReporting KPIs 24/7 or Daily to ManagementReporting Weekly KPIs and PIs to ManagementReporting Monthly PIs and RIs to ManagementReporting the Key Result Indicators in a Dashboard to the BoardReporting to Staff: The Team’s ProgressReporting to Staff: The Organization’s Progress12-Step Model for Implementing Performance MeasuresHow KPIs and Financial Reporting Fit Together
CHAPTER 20 Where to Invest in Your Accounting Systems for Maximum Benefit
Avoiding the Hard SellBetter Systems to Invest in
CHAPTER 21 Implementing a New Accounting System
CHAPTER 22 Better Use of the Intranet
Your Intranet Should Be a Spider’s WebThe Intranet as a Business ToolWhat the Finance Team Can Do
Part III: Areas Where Costly Mistakes Can Be Made
CHAPTER 23 Designing Performance Bonus Schemes
Foundation StonesAvoid Having Deferral Provisions
CHAPTER 24 Avoiding a Rotten Takeover or Merger
How Takeover or Merger Goes WrongTakeover or Merger ScorecardAlternatives to a TOM
CHAPTER 25 Hidden Costs of Downsizing
CHAPTER 26 A Reorganization Too Many
Ramifications and Associated CostsAn Addiction to ReorganizationsTypical Reasons for a ReorganizationThere Are Alternatives to a Major ReorganizationBefore You Look at a Reorganization
CHAPTER 27 Listing on the Stock Exchange
Gather Useful ExperiencesSelecting the AdvisorsHave a Well-Oiled Public Relations MachineThe ProspectusDue Diligence CoordinatorPreparing the ForecastGetting the Timing RightSources of Useful Information
CHAPTER 28 Managing the Treasury
An Open and Honest Relationship with Your Banks Will Pay OffDo Not Get into Deals You Do Not UnderstandYou Can Never Guess the Future, So Be Half Right and Half WrongForeign Exchange Trading Can Be a Zero-Sum GameObtaining Credit Lines When You Do Not Need ThemStaggering the Maturity of LoansSources of Useful Information
APPENDIX A Checklist of Areas to Focus on in the Next Six Months
APPENDIX B Month-End Reporting Checklist
APPENDIX C Month-End Bottlenecks and Techniques to Get around Them
APPENDIX D Speeding Up the Annual Audit Process Checklist
APPENDIX E Checklist of Strategic Focus Areas
APPENDIX F How a Quarterly Rolling Forecast Can Be Laid Out in a Planning Tool
APPENDIX G Implementing a Quarterly Rolling Forecast Checklist
APPENDIX H Performing a Quarterly Rolling Forecast Checklist
APPENDIX I Streamlining an Annual Planning Process Checklist
APPENDIX J Useful Letters and Memos
APPENDIX K A Satisfaction Survey for an Accounting Function
Finance Team User Satisfaction Questionnaire
Index

Content preview from Winning CFOs: Implementing and Applying Better Practices, with Website

APPENDIX H Performing a Quarterly Rolling Forecast Checklist

This checklist is designed to ensure you cover all the bases each time you run a forecast.

Perform Pre-Work for Quarterly Run
1. Automate any additional expense categories you can (e.g., where trend analysis is as good as or better than a budget holder’s (BH’s) estimate).	Yes	No
2. Update standard costings for travel, accommodation, transfers, and daily allowances to all common destinations.	Yes	No
3. Introduce continuous improvements based on prior-quarter survey feedback. (Perform a survey on a sample of budget holders (BHs).)	Yes	No
4. Complete payroll details and prepopulate all BHs’ schedules.	Yes	No
5. Issue quarterly rolling forecast ...

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Winning CFOs: Implementing and Applying Better Practices, with Website

by David Parmenter

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.