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1、Introduction.,General accounting. Tax. Accounts receivable. Accounts payable. Payroll. Employee Expenses. Inventory. Fixed assets. Project / job tracking Internal cost distribution.,Financial forecasting. Cash management. Foreign exchange. Insurance / risk management. Investment / borrowing.,Achievi
2、ng “excellence” will entail new practices across all finance functional areas.,Functional Areas,“Common Practice”,“Good Practice”,“Finance Excellence”,Setting targets based on accounting measures: EPS/ROE/ROI,Performing basic capital/portfolio analysis Performing initial M&A appraisals,Managing risk
3、 against rigid rules Conducting treasury operations Building tax plan Developing funding plan,Compiling business plans Independently approving or developing capital and operational budgets,Processing transactions Completing basic accounting/general ledger functions,Monitoring past financial performa
4、nce against budgets,Reporting financial information against a schedule,Identifying financial impact of business strategy Understanding drivers of value creation,Analysing background and source data for: Drivers and trends Accuracy Certainty Developing alternatives for capital/portfolio structure,Dev
5、eloping options and recommendations around funding, tax and treasury Evaluating financial and business risks in context of business objectives,Standardising and streamlining budget process Using activity-based metrics to identify budget priorities,Automating transaction processing Developing best-in
6、-class operations against: Cost Speed Quality,Managing improvements of operational processes Establishing value based measures Integrating measures to ensure alignment and consistency,Developing streamlined reporting Producing real-time data Adapting output to needs Responding to investor queries,Co
7、ntributing to development of business vision Identifying and modelling likely scenarios Planning and leading long-term value creation,Proactively identifying external and internal capital allocation options Evaluating strategic alliances and opportunities,Empowering operational staff to control risk
8、s Managing risk against business principles Positively managing risks as potential opportunities,Developing budgeting process that: Is rapid and reacts to opportunities Includes contingency plans Facilitating budget as the process which matches planned activities against the strategy,Outsourcing of
9、non-core activities,Combining a balanced set of financial and non-financial measures Aligning measures with business strategy and tactical goals throughout organisation Communicating strategy through choice of measures,Introducing predictive perspective to reports Managing investor relationships and
10、 expectations,Performance Management,Communication,Financial Operations,Cost Planning and Budgeting,Funding, Tax and Treasury,Investment Management,Financial Strategy,Finance as a powerful tool to run a corporation.,Frequent comparisons of Corporate reporting activities with statutory regulations Mi
11、nimal number of Corporate accounts with cost justification of increases Limited number of reporting entities Unit accounting operates within Corporate policies and procedures but maintain a separate ledger(s) with a flexible chart of accounts Common Chart of Accounts Automated consolidation upload f
12、rom units Originator responsible for quality (zero-error tolerance) Automatic interface between General Ledger and subsystems Transactions are coded with sufficient information for multiple reporting requirements General Ledger contains only summary data of subsystem activity,Automated account recon
13、ciliation Standard general ledger packages Multi-currency and multi-lingual accounting packages Financial database for analysis & reporting Automatic inter-company posting, reconciliations and eliminations Inter-company charges consolidated and funded at one time each month Real-time integrated fina
14、ncial system with continuous close (Event-Based Accounting) Automation of controls / clerical functions Integrated financial / operational database Support for: Activity Based Management Responsibility Reporting,Index.,Finance transformation since the 1990s. Finance control over global operations. C
15、ase studies.,Index.,Finance transformation since the 1990s. Finance control over global operations. Case studies.,The agenda is shifting. . .,Recent agenda Finance process redesign Improve the control framework Improve operational efficiency Implement ERP applications Redesign the role and organizat
16、ion of finance,Impact of eBusiness Increased pressure for productivity and “value” added Finance Speed and transparency Advances in technology Changes in the the way business is done Distribution of skills across the organization Globalisation,Changing expectations Value added finance Accessible and visible business intelligence & performance measures Greater speed, flexibility, responsiveness and cost efficiency Self service / better service Collaboration and connected communities Multi-s
