《汽车公司财务信息系统介绍英文版课件》由会员分享，可在线阅读，更多相关《汽车公司财务信息系统介绍英文版课件（106页珍藏版）》请在金锄头文库上搜索。
1、ROB PHEBUSCFO, FORD LIO HO26+ YEARS EXPERIENCE WITH FORD1The mission of Ford Finance is to contribute to the success of Ford Motor Company by being the most dynamic, efficient, and highquality organization of its kind.Ford Finance people strive for excellence and continuous improvement in the qualit
2、y, effectiveness, and efficiency of the services they provide to internal and external customers.FINANCE MISSION & KEY RESPONSIBILITIES2Professional Intelligence, Creativity, Judgment and Communication SkillsPersonal Integrity, Initiative, Interpersonal Skills and TeamworkFinance Personnel Character
3、istics 3Develop and operate highquality financial reporting and control systemsDevelop optimal business practices and processesProvide highquality analysis to support decisionsMake recommendations as Business AdvisorsFinance Roles4FINANCE FUNCTIONS5Financial Reporting Financial Statements, Tax Accou
4、ntingOperations Accounting Cost Accounting, Transaction ProcessingInternal and Systems AuditingDealer AuditingSupplier Auditing Accounting & Auditing6Capital Structure and Dividend PlanningCash and Debt ManagementForeign Exchange ManagementPensions, Insurance, and Employee Payroll & SavingsTreasury7
5、BUSINESS CONTROLBUSINESS CONTROLTHE CFO PERSPECTIVETHE CFO PERSPECTIVEON GOVERNANCEON GOVERNANCE8WHAT IS BUSINESS CONTROL?Accounting VerificationsSecurity and LocksInternal and External AuditChecklistsSignaturesAny action taken by management to enhance the likelihood that company objectives and goal
6、s will be achieved on a sustained basis9ELEMENTS OF BUSINESS CONTROLRisk ManagementRisk ManagementCorporate CultureCorporate CultureProcesses and Processes and SystemsSystemsMonitoringMonitoring10DRIVING FLAWLESS EXECUTIONBusiness control drives achievement of goals!CORPORATE CULTURERISK MANAGEMENTP
7、ROCESSES & SYSTEMSMONITORINGManagementACHIEVEMENT OF COMPANYGOALS & OBJECTIVESEmployees11WHERE DO YOU FOCUS?Tax ComplianceDisasterRecoveryAccounts PayableAccountsReceivableAR CollectionsSalesRecognitionFacilities SecurityContractManagementEnvironmentalComplianceSafetyEngineeringHealth &SafetyFixed A
8、ssetsCredit FinancingInventoryPurchasingVariable MarketingFixed MarketingWarrantyCustomsPayroll & TimekeepingSupplierManagementTreasuryCash ManagementJournal EntriesReconciliationProductDevelopmentInsuranceVehicle RemarketingSystem SecurityDistribution & Logistics12CFO TOP SIXvGovernance and Ethicsv
9、Cash and TreasuryvAsset IntegrityvRevenuevPurchasing and PayablesvAccounting13GOVERNANCE AND ETHICSEstablishing a decision framework for doing the right thingCONTROLSAudit CommitteeClear Organizational StructureFormal Delegations of AuthorityPolicy LettersInvolvement of OGCProcedures for Reporting U
10、nusual EventsPOTENTIAL RISKSGOVERNANCEBusiness MismanagementConfusion & InefficiencyETHICSLoss of ReputationLitigation IssuesAsset Loss14GUIDELINES FOR AUDIT COMMITTEESPurposeProvide Assistance To The Board Of Directors On Its Fiduciary ResponsibilitiesEnsure Reliability Of Accounting And Controls,
11、Reporting Practices, And Quality And Integrity Of Financial Reports15GUIDELINES FOR AUDIT COMMITTEESMembershipTwo Or More Financially Adept DirectorsEach Should be NonExecutive Members Of The BoardCompany CFO And External Auditors Should Attend Meetings But Are Not Committee MembersMeetings Held At
12、Each Board MeetingIndividual Meetings Between Committee And Company CFO And External Auditors At Least Annually16GUIDELINES FOR AUDIT COMMITTEESDuties And ResponsibilitiesAssure Reliability Of Accounting PracticesAssure Adequate Internal Control ProcessesAssure Compliance With Legal Requirements And
13、 Company PolicyAssure Adherence To A Company Code Of ConductAssure Appropriate Risk Management Processes EstablishedReview Appointment And Performance Of External AuditorReport To The Board On Matters Of The Committee17CASH AND TREASURYProtection and maximum utilization of cash and investment assets
14、CONTROLSAppropriate Cash Handling Delegations of AuthorityAccount ReconciliationHedging & Risk Transfer Tools Use of Treasury & Risk Management ExpertisePOTENTIAL RISKSPOOR CASH MANAGEMENTTheft or Loss of CashLoss of Interest IncomePOOR RISK MANAGEMENTCurrency, Interest Rate, & Commodity ExposureLiq
15、uidity RiskProperty & Casualty HazardsDefault Risk18ASSET INTEGRITYProtection and usability of Company physical and information assetsCONTROLSPhysical SecurityTagging & Cycle CountsReceiving/Shipping ProcessesApplication Control ReviewDisaster Recovery PlanPasswordsUser Access ReviewPOTENTIAL RISKSP
16、HYSICAL ASSETSLoss, Theft, or DamageWaste & UnderutilizationINFORMATION ASSETSLoss, Theft, or DamageSystem / Business Failure19REVENUETimely recognition of sales revenue and collection of receivablesCONTROLSSeparation of Revenue Recognition & Cash HandlingProcedures for Revenue RecognitionAging Foll
17、owupBad Debt Allowance AnalysisAccount ReconciliationPOTENTIAL RISKSRevenue Over/UnderstatedOverdue ReceivablesIneffective Collection Process Bad Debt Exposure20PURCHASING AND PAYABLESPurchasing high quality goods and services and paying the right amount at the right timeCONTROLSUse Purchasing Exper
18、tiseBudget ManagementSupplier Database / Preferred Supplier ListingLow Value Purchase ReviewStandard Terms & ConditionsReceipt VerificationPrePayment ReviewAccount ReconciliationPOTENTIAL RISKSPURCHASINGUnnecessary PurchasePrice too HighQuality Not to SpecificationContracts that Dont Support GoalsPA
19、YABLESPay Wrong AmountPay for Goods not Received21ACCOUNTINGEnsuring that accounting records are accurate and managed properlyCONTROLSAccount ReconciliationReconciling Item FollowupJournal Entry Review & ApprovalUptoDate Chart of AccountsClosing ProceduresBudgeting & AnalysisPOTENTIAL RISKSACCOUNTS
20、MISSTATEDImproper Entry MadeLegal Exposure to Shareholders / RegulatoryDATA NOT USEFULPoor CategorizationNonTimelyDATA NOT USED22EXERCISE:SPECIAL METAL STAMPERS, INC.Method: Individual ExerciseObjective: Use the CFO Top Six to sift through information and find critical control concernsTime: Complete
21、 Before ClassInstructions: You are Robin James, and today you are taking over from John Smith as Controller at Special Metal Stampers, Inc. a wholly owned subsidiary of We Build Cars. As you sit down at your desk, you notice a full inbasket requiring your attention. Review the narrative provided (a
22、summarization of several introductory interviews) and the contents of your inbox. Which three concerns would you tackle first, and why? 23BUSINESS CONTROL TOOLSvInternal Control CoordinatorsvModular Control Review Programsv6-SigmavThe GAONow that you know where to focus, what tools can you use to fi
23、nd and address concerns?vCorporate Policies and StandardsvApplication Control Review (ACR)vTraining24BUSINESS CONTROLBUSINESS CONTROLHow to Build Control into How to Build Control into Business ProcessesBusiness Processes25Risk ManagementRisk ManagementCorporate CultureCorporate CultureProcesses and
24、 Processes and SystemsSystemsMonitoringMonitoringRisk ManagementRisk ManagementCorporate CultureCorporate CultureProcesses and Processes and SystemsSystemsMonitoringMonitoringELEMENTS OF BUSINESS CONTROL26WHY INPROCESS CONTROLS?PLANGOALPLANGOALHit the target every time with Business Process ControlR
25、epeatability SustainabilityWithout ControlWith Control27CREATE A CONTROLLED PROCESS1.Understand the Components2.Outline the Existing Process3.Determine Areas of Risk4.Assess the Existing Controls5.Redefine the Process281. UNDERSTAND THE COMPONENTSGOALWHERE DO YOU WANT TO GET?INPUTINPUTINPUTINPUTWHAT
26、 DATA FEEDS YOUR PROCESS?Remember can be external or internalWHAT PROCESSES ARE USED? What resources (people and systems) are used to transform the input?OUTPUTOUTPUTOUTPUTOUTPUTWHAT IS THE RESULT OF YOUR PROCESS?Think enterprisewide are your outputs someone elses inputs?292. OUTLINE THE PROCESSvSta
27、te the Goal - Is it Measurable & Specific?vDetail the Process - How do Inputs Outputs?Identify Process Steps (Sequence / Dependency)When are Decisions Required?Watch for “Dead Ends” End Should Equal OutputLook across Organizations Understand HandoffsDraw a FlowchartINPUTINPUTINPUTINPUTOUTPUTOUTPUTOU
28、TPUTOUTPUTGOAL303. DETERMINE AREAS OF RISKvAssess Goal AlignmentHas the goal changed?Does the output support the goalvDoes Failure (of any process step) Impact Achievement of Goals?What is the consequence of failure?What are the odds it could fail?vLook for Red Flags313. DETERMINE AREAS OF RISKvSome
29、 Possible Red FlagsHolding Areas (e.g. overdue payments, unmatched receipts, incomplete orders)Key Communication Points Transitions (handoffs, transitions, etc.) Key Decision PointsManual / Paper ProcessesAnything That Cant Be ExplainedLong Delays in Retrieving InformationReliance on Detective vs. P
30、reventative Controls324. ASSESS EXISTING CONTROLSvIDENTIFY EXISTING CONTROLSPreventive Reduces likelihood of consequenceDetective Identifies and (if possible) corrects undesired resultsDirecting Encourages a desirable behavior to occurvASSESS CONTROL vs. RISKWhich risks require additional mitigation
31、?Is there a Company standard / guideline?What type of controls make sense?ProcessRisksControls335. REDEFINE THE PROCESSvBuild New Controls into ProcessvMatch Resources to Risk LevelvEnsure Agreement with StakeholdersINPUTINPUTINPUTINPUTOUTPUTOUTPUTOUTPUTOUTPUTNEWPROCESSDocument and CLEARLY Communica
32、te Process AND Roles and Responsibilities34Risk ManagementRisk ManagementCorporate CultureCorporate CultureProcesses and Processes and SystemsSystemsMonitoringMonitoringRisk ManagementRisk ManagementCorporate CultureCorporate CultureProcesses and Processes and SystemsSystemsMonitoringMonitoringELEME
33、NTS OF BUSINESS CONTROL35WHY MONITOR YOUR PROCESS?vProcess sets up a sequence of steps things can get stuckvMonitoring is a red flagDeal with exceptionsAddress root cause in the upstream processABFCDEPLANGOAL36HOW DO YOU MONITOR?vIdentify Key Control Points in the Process vDetermine Metrics for thos
34、e Points & OutputsvEstablish Targets, Triggers, and Variance GuidesvReview Metrics Frequently in and across DepartmentsCBG / GECBusiness Process Control Health ChartTarget1 2 3 4Although consistent, steady improvement was evidenced in months 2 and 3, a decline in control was identified in month 4.In
35、vestigation of causal factors identified a change in personnel training for new employee has been prioritized.Transactions 90 daysCost / Transaction1/012/013/014/015/016/017/018/01Cost has not stabilized, and is consistently above budget.37WHAT HAPPENS WITHOUT CONTROL?No robust termination process T
36、ermination feesnot paid Cash $1.3 millionThe absence of a robust termination process impacted the Companys ability to recover payments owed.The Model E program was launched to provide employees with access to the Electronic Age by offering a computer and internet access for $5 per month. Employees a
37、gree to pay a termination fee if they left the Company prior to the 36-month contract end. 160,000 employees participated.3839Profit Analysis and Business Planning Forecasts and Budgets, Business Planning Process, Joint Ventures and AcquisitionsOperations Analysis Product Development, Manufacturing
38、Cost AnalysisMarketRelated AnalysisShareholder Value PlanningFinancial Analysis40Shareholder Value Added (SVA) is a measure of how much value a company is creating for its shareholders41. Cost to use investors money to buy Assets. The return shareholders require from their investment 42434445Michael
39、 Porters Five Forces Model is a great way to see the big picture in any industry.According to Porter, the state of competition in any industry depends on five basic forces: the rivalry among industry competitors the threat of potential entrants the power of suppliers the pressure from substitute pro
40、ducts the power of customers4647While seeing the big picture is important, it is also necessary to understand local conditions if you want to act strategically.Understanding local conditions means understanding your costs, competition, customers, distribution channels, products, prices, and promotio
41、nal activities.Seeing the big picture and understanding local conditions gives us the background for our most important strategic task positioning ourselves optimally within our environment.484950Act Strategically:Fords Vision and Strategy PyramidSuperiorShareholderReturnsWorlds LeadingConsumer Comp
42、any thatProvides AutomotiveProducts and ServicesTransformation andGrowthStrong globalBrandsCONSUMER FOCUSSuperiorConsumerSatisfaction &LoyaltyBest Total ValueTo CustomersNimbleOrganizationWith leadersAt all levelsCorporateCitizenship51To act strategically you need to see the big picture understand l
43、ocal conditions position ourselves optimallyFords Vision and Strategy Pyramid is an example of a large step toward the goal of coordinated strategic action and optimal strategic positioning.However, to turn Strategic Vision into a Strategic Reality, all actions must support and improve the overall s
44、trategic position of the company.52Increase Net Income5354The Customer Value Equation5556Decreasing costs lets you make more money off of each product that is produced.Decreasing costs through improved processes can also lead to improved quality and less waste.Decreasing costs helps toIncrease Retur
45、n on Sales57Increasing Customer Satisfaction makes more people want to buy your products.Increasing Customer Satisfaction also gives customers options that they are willing to pay for.Increasing CustomerSatisfaction helps to increaseReturn on Sales5859Follow The Money ConceptsCreate Business Units o
46、f OneEstablish Profit Centers for Different Business ChannelsDivide Business into Smaller Manageable SubsetsMake Every Salesperson Responsible for a Direct Business60Follow The Money ConceptsKnow the Profit of Everything You SellKnow the Variable Profit of Every Product and Service You SellKnow the
47、Variable Profit by Major Series and Options within a Product LineKnow the Profit of Every Region, Zone, and Distribution ChannelFocus Resources on Improving Profit61Follow The Money ConceptsLeverage Production ProgrammingKnow the Profitability of Product PortfolioProgram Aggressively on HighMargin P
48、roducts and Conservatively on LowMargin ProductsWork with PD and Manufacturing to Grow High Margin BusinessManage Product Allocation to Minimize Marketing And Maximize Profits62Follow The Money ConceptsGrow Non-Traditional Business ChannelsRun the Channel as a Profit CenterMaximize Total Profit for
49、Every Definable SubsegmentPursue WinWin Opportunities with These Customers on HighMargin Products and ServicesWork on Unique Product OpportunitiesFocus on Service and Make Yourself IndispensableManage Residual Values63Follow The Money ConceptsBusiness Regional Sales StaffEstablish Businesses for Eac
50、h Zone ManagerMake Sure They Know the Profit of Every Product and Service They SellDevelop Regional Profit Improvement Plans that Exploit Growth Opportunities on Profitable BusinessFocus on Dealer “Turns” to Improve Wholesale VolumesLeverage Regional Resources on HighMargin Production with Open Capa
51、city64Follow The Money ConceptsLeverage Retail MarketingKnow the Profit of Every Product for Every Type of FinancingEstablish Process to Prioritize Marketing on HighMargin ProductionFocus on Filling Open Capacity on HighMargin ProductsDrive Synergies with Supporting Adjacent BusinessesBalance Out Ol
52、d Products EarlyTarget Marketing by Region and CustomerProtect Residual Values65Follow The Money ConceptsPrice Strategically to Improve MarginsKnow the Profit of All Products, Options, and PackagesUse Pricing as a Tool to Increase Value on HighProfit Products (or Options)Price Aggressively to Improv
53、e Margins on LowMargin ProductsReduce Complexity and Simplify Product Offerings (Validate with Market Research)Price Often to Minimize Market Effect of Increases66Follow The Money ConceptsEliminate Waste Focus on CashEstablish Disciplined Process to Eliminate ObsolescenceEliminate ReceivablesReduce
54、Company InventoryCreate Tax Efficient ProcessesManage Currency Risk6768Customers also must be delighted in the services that you offer.No matter which brand people buy, you must make sure that their ownership experiences are worryfree.Service brands that delightcustomers6970Plays a critical role in
55、the ongoing development of business competencies, one of which is brand marketing.Communications with the media, especially on new brands, help to shape the brand image.Price the product right for the target customer and find ways to reduce cost without negatively impacting the brand.As the primary
56、interface with the vast array of suppliers, Purchasing must ensure that suppliers product proposals are in line with the brand.The guardian of quality and workmanship must understand the brand to ensure that cost reductions and process changes do not harm the brands essence.Assists the company in de
57、veloping robust processes, so that we may provide a consistent brand message over time.71Decrease Net OperatingAssets72737475767778Why are asset turns important?“In the past, Ford might have thought that certain parts of the business were doing well because they showed positive earnings. SVA, howeve
58、r, suggests that such a simple view does not go far enough”.“Its possible that those parts of the business actually destroyed shareholder valuewith profits not high enough to cover the net operating assets and meet shareholder demands. SVA underscores the importance of creating profits while improvi
59、ng asset turns.”79At first glance, Product B appears to be better for the company because it produces more net income than Product A.Product B however is comparatively more asset intensive.Despite its relatively high net income, Product B actually destroys shareholder value.Example of Asset Turns80I
60、nventories generally represent a significant part of net operating assets.The best way to comprehensively reduce inventories is to adopt a Kanban (or “pull”) philosophy.Kanban thinking focuses on maximizing the valueadded flow and the efficiency of the overall system rather than an individual proces
61、s step.Reduce Inventories81Is it in the best interest of the Company?When evaluating actions to increase SVA, remember to consider the complete business impact of your decision. Some actions MAY APPEAR to increase SVA but are either superficial financial engineering or not in the LONG-TERM best inte
62、rest of the company.ExamplesSome cost reductions can make SVA higher in the short term, but lead to lower quality, decreased customer satisfaction and lower SVA over the long term.Leasing assets can decrease net operating assets but may not always increase SVA. The associated leasing costs may be gr
63、eater than the benefit of lower net operating assets.82Business Advisor Planning CycleStrategic ReviewBusiness PlanObjective Setting and Management Reporting83STRATEGIC PLANNING PROCESS (1) A customer focus, (2) A clear Vision and Mission, (3) Affordable Business Structures and (4) Goals, strategies
64、 and tactics which support customer needs as well as the company Vision and Mission.Provides the backdrop for sound decisionmaking and business planning. Key elements of the strategic planning process include:84STRATEGIC PLANNINGPROCESS ELEMENTSVision: What the organization wants to be in the long r
65、un.Mission: What the organization does or needs to do to achieve its Vision.Strategic Plan: The goals that must be achieved and the broad general strategies inherent in those goals for the Mission.Business Plan: Each operation develops specific strategies and general tactics in the form of a busines
66、s plan that is specifically timebound to achieve the Strategic Plan.Budget: The current year operating actions in the Business Plan85PRODUCT PLANS ARE AT THE HEART OF THE BUSINESSAffordable Business Structure: Affordability is defined by the market equation and a competitive profit return.Company Fi
67、nancial Requirements: Each major operation is expected to generate sufficient net cash flow to fund its growth and to generate positive SVA.External Market Factors: The external market factors determine the parameters within which you establish the variables for the affordable business structure86FO
68、RDS ANNUAL PLANNING PROCESS AS AN EXAMPLEExternal Factors Study: Establishes the key competitive, economic and governmental scenarios that can affect the business.Cycle Plan: Provides a 10year outlook for vehicle product programs.Financial Planning Volumes (FPVs): Represent trend automotive industry
69、 and segment volumes used for longterm financial planning.87FORDS ANNUAL PLANNING PROCESS AS AN EXAMPLEBusiness Plan: Provides the financial quantification of the Operating Plans and Commitments and include key financial targets.Cash and Spending Plan: Summarizes the cash needs of the Operations fin
70、ancial plans included in the Operations Business Plans.Financing Plans: Are developed by each major legalentity based on its projections of cash to identify funding needs for the present year and for the business plan period.88FORDS ANNUAL PLANNING PROCESS AS AN EXAMPLEBudgets: Reflect the current y
71、ear commitment on the part of operating management to achieve identified key measureables.Profit Forecast: Provides monthly financial information for Corporate and operating management to measure their progress towards budget commitments.89OPERATING CYCLEIPV/FPVBusiness PlanningBudgeting90Balanced S
72、corecard Process Is A Business Planning ToolThat Translates Organization Priorities Into Aligned Objectives And Performance MeasuresThat Establishes A Clear “Line Of Sight” Between Corporate Goals And Employee Contributions91Balanced Scorecard ProcessBasic Elements Of The Process IncludeDeploymentAc
73、tion PlanningIndividual Objective Setting92The Balanced Scorecard IncludesKey Focus AreasPriorities To Achieve The Desired Business ResultsSuccess DriversPerformance Measures Lead/Support Responsibilities9394Policy DeploymentCommunicates HighLevel PrioritiesEnsures Organizational And Individual Obje
74、ctives Are Aligned To The Priorities95Are Clear And Specific Objectives That Are Aligned To Deliver The Business PrioritiesSMART Objectives96SMART Objectives97SMART Objectives98SMART Objectives99SMART Objectives100SMART Objectives101OPERATING CYCLEIPV/FPVBusiness PlanningBudgeting102MANAGEMENT CYCLE
75、PlanningExecutionEvaluation103MONTHLY MANAGEMENT REVIEW AND REPORTING PROCESS104BUSINESS ADVISOR PLANNING CYCLEIn All Facets Of The Process, FinanceDevelops Data To Support The ReviewsActs As Advisor To Support Responsive DecisionMakingThe Process is Dynamic And Continuous105Now Can You Make Money?106
