Winning CFOs: Implementing and Applying Better Practices

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Winning CFOs: Implementing and Applying Better Practices

Format:  Hardcover,

352 pages

Publisher: John Wiley & Sons Inc

Publish Date: Apr 2011

ISBN-13: 9780470767504

ISBN-10: 0470767502

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The following content was provided by the publisher.
Better practices that today's CFOs can employ to bring value and efficiency to the teams that report to them

Helping corporate accountants from the CFOs to the management accountant implement better practices that will make a difference to their finance team's performance, Winning CFOs shows corporate accountants how to create permanent improvements in their organization's processes.Provides better practice solutions the author has learned from more than 4,000 finance teams worldwideA to Z guidance on how to be an effective CFOIncludes templates, checklists and implementation programs for process improvement Abundance of tools to ensure implementation of better practices Tips on how to develop winning leadership traits

Winning CFOs shows corporate accountants how to radically transform their contribution to their organization, enhance their job satisfaction and profile, and leave a legacy of efficiency and effectiveness in every organization for which they work.

Specifications

Publisher: John Wiley & Sons Inc
Publish Date: Apr 2011
ISBN-13: 9780470767504
ISBN-10: 0470767502
Format: Hardcover
Number of Pages: 352
Shipping Weight (in pounds): 1.3
Product in Inches (L x W x H): 6.0 x 9.0 x 1.25
Walmart No.: 9780470767504

Chapter outline

Acknowledgements
Introduction
Areas to Focus on in the Next Six Months
Accounts Payable in the 21st Century
Move to a Paperless Accounts Payable Function
Invest in an Electronic Ordering System (Procurement System)
Introduce a Purchase Card
Cut-Off Accounts Payable on the Last Working Day
Closing Accruals a Day Before the Accounts Payable Ledger
Limit the Accruals
Mount the Last Check Signed in the CEO?s Office
Frequent Direct Credit Payment Runs
Improve Budget Holders? Cooperation
Speed Up Budget Holder Turnaround on Approving Invoicing
Send a Welcome Letter to All New Budget Holders and Give Them Training
Introduce "Shame and Name" Lists to Focus The Budget Holders
Reward Good Budget Holder Behavior
Have a Closer Relationship with Your Main Suppliers
Use Self Generated Invoices (Buyer Created Invoices)
Timely Month-end Reporting: By Working Day Three or Less
Rating Scale for Month-End Reporting
Benefits to Management and the Finance Team of Quick Month-End Reporting
Impact of a Quick Month-End on the Finance Team Workload
Major Steps You Can Do Before Your Next Month-End
From 5pm Last Day to 5pm First Working Day
Major Quality Assurance Tasks After Day One
Major Steps You Can Do Within the Next Six Months
History of Quick Month-End Reporting
Research on Quick Month-Ends
Implementing Quick Month-End Reporting
Some Tips on Running a "Post-It" Re-engineering Session
Selling the Need for Quick Month-End Reporting
Key Month-End Activities on a Day Three Month-End
Note
Make the Monthly Reports Worth Reading
Useful Rules on Reporting
Reporting a Business Unit?s Performance
Reporting a Consolidated Profit & Loss Account
The One Page Summary to the CEO
Reporting the Balance Sheet
Reporting a Quarterly Rolling Accrual Forecast
Snapshot of All Projects Currently Started
Reporting Progress of the Top Ten Projects
Cash Flow Forecasting
CAPEX Reporting
The One Page Investment Proposal
Designing Graphs
Notes
Limit the Time Invested in Board Reporting
Selling Change to the Board
Costing the Preparation of Board Papers
Scoping of the Information Requests
Avoiding Re-Writes of Board Reports
Tabling Board Papers Electronically
More Timely Board Meetings
Board Meeting Less Frequently than Once a Month
Continually Purging the Board Papers
Rating Scale for Timeliness of Board Meetings after Month-End
Reporting Key Result Indicators in a "Dashboard" to the Board
Key Result Indicators for a Board Dashboard Examples
Notes
Timely Annual Planning Process: Ten Working Days or Less!
Sell the Change through Emotional Drivers
Foundation Stones of an Annual Planning Process
Efficient Annual Planning Processes
Managing the Most Important Resource: The Accounting Team
Hold an Off-Site Meeting for the Accounting Team at Least Twice a Year
Set-Up Monthly One-on-One Progress Meetings with Your Direct Reports
Become Known for Being One Who Gives Recognition Freely
Attracting the Best Staff to the Team
Adopt Better Recruitment Practices
Recognize Staff Performance
Team Balanced Scorecards
Better Practice Training
Outdoor Pursuit Adventure
Team Building Lessons from a World Class Coach
CFO and All Direct Reports Must Find a Mentor Immediately
Become a Serving Leader
Leadership Lessons from Ernest Shackleton
Valuing Results and People
Be a Serving Leader
Three Month Planner
Notes
Quick Annual Reporting: Within 15 Working Days Post Year-End
Costs of a Slow Year-End
Cost the Annual Accounts Process
A Quick Year-End Is a Good Year-End
Help Get the Auditors Organized
Appoint an Audit Coordinator
Complete the Drafting of the Annual Report Before Year-End!
Limit when Changes Can Be Made
Negotiate and Plan for a Sign-Off by the Auditors within 15 Working Days!
Have a Month 10 or 11 Hard Close
Effective Stock Takes
Estimating "Added Value" in Work in Progress and Finished Goods
Effective Fixed Assets Verification
Importance of the Internal Auditors
Extract More Value from the Management Letter
Derive More Value from the Interim Audit
Run a Workshop to "Post-It" Re-Engineer Year-End Reporting
Restrict Access of Confidential Information to the Audit Partner
Speeding up the Reporting Supply Chain
Moving Forward
Some Case Studies
Note
Managing your Debtors
Operational Improvements to Accounts Receivable
Reporting on Your Accounts Receivable
Avoiding Accounts Receivable Month-End Processing Bottlenecks
Increasing the Use of Direct Debiting of Customers? Accounts
Debtors Collection Before Year-End
Marketing the Accounting Team
Fitting into the Wider Team
Client Management: Improving Relationships with Budget Holders
Perform an In-House Customer Satisfaction Survey
More Emphasis on Daily and Weekly Reporting
Yesterday?s Sales Report
Weekly Key Customer?s Sales
Weekly Reporting on Late Projects and Late Reports
Working Smarter not Harder
Reflecting at the End of the Day
Banning Morning Meetings for the Finance Team
Implementing "Action Meetings" Methods
Handling emails
Continuous Innovation in the Finance Team
Getting the Induction Process Right
Creating a Service Culture in the Finance Team
Having Fun in the Workplace
Areas to Focus on Once Core Gains Have Been Achieved
Limit the P/L to 50 Accounts Codes
Project Accounting
Subsidiary Chart of Accounts
Note
Throw out Annual Planning and the Associated Monthly Budget Cycle
Reporting without a Budget
Note
Quarterly Rolling Planning: An Evolvement from Quarterly Rolling Forecasting
QRF Is the Most Important Management Tool of This Decade
The Ten Foundation Stones of a Rolling Forecasting Process
The Better Practices in a QRF
Barriers to Implementing Quarterly Rolling Forecast and How to Overcome Them
Implementing a Quarterly Rolling Forecasting and Planning Process
Post-It Re-engineering Procedures
Implementation Road Map
Cost Apportionment: Do Not Do It Monthly!
Ban Excel from Core Monthly Routines
Note
Identifying the Organization?s Critical Success Factors
Benefits of Understanding Your Organization?s Critical Success Factors
An Airline CSF
Reporting Your Winning Key Performance Indicators
The 10/80/10 Rule
Performance and Result Indicators
Key Performance Indicators
Characteristics of a KPI
Importance of Daily CEO Follow-Up
Selling KPIs through the "Emotional Drivers
Reporting KPIs 24/7 or Daily to Management
Reporting Weekly KPIs and PIs to Management
Reporting Monthly PIs to Management
Reporting to Staff: The Team?s Progress
Reporting to Staff: The Organization?s Progress
The 12-Step Model for Implementing Performance Measures
How KPIs and Financial Reporting Fit Together
Notes
Where to Invest in Your Accounting Systems for Maximum Benefit
Avoiding the Hard Sell
Better Systems to Invest in
Note
Implementing a New Accounting System
Better Use of the Intranet
Your Intranet Should Be a Spider?s Web
The Intranet as a Business Tool
What the Finance Team Can Do
Becoming a Servant Leader
Five Foundation Stones of a Servant Leader
Areas of Focus For a Serving Leader
Be a CFO That Is a Viking With a Mother?s Heart
Notes
Areas Where Costly Mistakes Can Be Made
Performance Bonuses: The Foundations Stones
The Foundation Stones
Avoid Having "Deferral Provisions
Note
Avoiding a Rotten Take Over or Merger
Lessons Learned From Bad Mergers
Take Over or Merger Scorecard
Other Reasons Why a TOM is a High Risk Activity
Remember There Are Other Options to a TOM
Note
Hidden Costs of Laying Off Staff
A Re-Organization Too Many
Why Do We Appear to Have an Addiction to Reorganizations?
Typical Reasons for a Re-Organization
There Are Some Alternatives to a Major Re-Organization
Before You Look at a Reorganization
Progress Checklist
Note
Listing on the Stock Exchange
Gather Useful Experiences
Selecting the Advisers
Have a Well-Oiled Public Relations Machine
The Prospectus
Due Diligence Coordinator
Preparing the Forecast
Sources of Useful Information
Note
Managing the Treasury
An Open and Honest Relationship with Your Banks Will Pay Off
Do Not Get into Deals, You Do Not Understand
You Can Never Guess the Future, So Be Half Right and Half Wrong
Foreign Exchange Trading Can Be a Zero Sum Game
Obtaining Credit Lines When You Do Not Need It
Staggering the Maturity of Loans
Sources of Useful Information
Areas to Focus on in the Next Six Months Checklist
Implementation Steps to Reduce Month-End Reporting Time Frames Checklist
Month-End Bottlenecks and Techniques to Get Around Them
Speeding-Up the Annual Audit Process Checklist
Areas to Focus on once core gains have been achieved Checklist
How a Quarterly Rolling Forecase can be Laid Out in a Planning Tool
Implementing a Quarterly Rolling Forecast Checklist
Performing a Quarterly Rolling Forecast Checklist
Streamlining an Annual Planning Process Checklist
Useful Letters and Memos
A Satisfaction Survey for an Accounting Team
Finance Team User Satisfaction Questionnaire

Book description

Better practices that today's CFOs can employ to bring value and efficiency to the teams that report to them

Helping corporate accountants from the CFOs to the management accountant implement better practices that will make a difference to their finance team's performance, Winning CFOs shows corporate accountants how to create permanent improvements in their organization's processes.

  • Provides better practice solutions the author has learned from more than 4,000 finance teams worldwide
  • A to Z guidance on how to be an effective CFO
  • Includes templates, checklists and implementation programs for process improvement
  • Abundance of tools to ensure implementation of better practices
  • Tips on how to develop winning leadership traits

Winning CFOs shows corporate accountants how to radically transform their contribution to their organization, enhance their job satisfaction and profile, and leave a legacy of efficiency and effectiveness in every organization for which they work.

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