Webcast description

In these economically troubled times the finance team needs to lead from the front. To do this they need to free up time from the accounting routines so they can be active business partners with management.

Finance teams around the world are spending far too much time on month-end reporting, where the real decision-based reports are those issued daily and weekly. In other words, telling management the horse has bolted after month end is too late. David Parmenter has yet to find an organization that cannot achieve Day Three reporting if they apply his methodology, developed from the better practices of hundreds of fast-reporting organizations.

In this webcast, a follow-on from this earlier webcast Quick Month-End Reporting in Three Days or Less, Part 1, David will explain the structural changes that need to be made to further investigate processing efficiencies such as B2B, procurement cards, abandonment, and closing on the same day each month (4, 4, 5 reporting). Moving to quick reporting will have a profound impact on how finance is perceived in the organization, on morale and job satisfaction within the finance team, and will free the finance team to look into the future instead of being the organization’s historians.

• implement the strategic changes that need to be made to lock in permanent time savings in month-end reporting
• run a "post-it" re-engineering workshop on your month-end processes
• understand the impact of quarterly rolling forecasting on month-end reporting
• put the new report formats into practice

Presentation outline  

• What needs to be done in the next six months to increase efficiency gains 
• Adoption of Peter Drucker’s "abandonment"
• Increase electronic interfaces with major suppliers (B2B)
• Working more efficiently with suppliers
• Implement 21st century AP practices such as the procurement card
• Avoid late time sheets
• Minimize budget holders’ month-end reporting
• Avoid the rewriting stage
• Replace monthly forecast with a quarterly forecast
• Improve budget holders’ co-operation
• Close on the same day each month
• Introduce a friendly front end to the G/L
• Removing Excel from the month-end routines
• How to run a "post-it" re-engineering workshop on your month-end processes
• Report formats that will transform your month-end reporting
• The need to adopt quarterly rolling forecasting

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David Parmenter is a writer, speaker, and facilitator. He helps organizations measure, report, and improve performance. His work on KPIs is now recognized internationally as a breakthrough in the understanding on how to make performance measures work. His book titled Key Performance Indicators: Developing, Implementing, and Using Winning KPIs, published by John Wiley & Sons Inc., is now one of the top 10 performance management books on Amazon. His many articles have been published widely in leading management journals. 

David has presented workshops and master classes on KPIs around the world. His speaking engagements include Ireland, Scotland, England, Czech Republic, Oman, Saudi Arabia, Iran, Malaysia, Singapore, South Africa, Australia, and New Zealand. 

He has also worked for Ernst & Young, BP Oil Ltd, Arthur Andersen, and Price Waterhouse. David is a fellow of the Institute of Chartered Accountants in England and Wales.

 
davidparmenter.com