Published on February 18, 2014
Ten Questions That a CFO Should Ask Their Controller Marc Linden, CFO, Intacct Ken Cucarola, CFO, Teachscape Gregg Leach, CFO, Able Engineering
Meet Your Panelists • Moderator: Marc Linden, CFO, Intacct • Ken Cucarola, CFO, Teachscape • Gregg Leach, CFO, Able Engineering © 2014 Proformative
Areas of Questioning Make my business more efficient Drive performance and growth Process automation Track true financials and operations Oversight and controls Visibility for planning/strategy Accuracy and compliance Flexibility as needs change Better Every Day Controls © 2014 Proformative Efficiency Managing for Long-Term Visibility Leadership
Controls Questions to ask 1. Who has access to what functionality in the accounting system? How is that documented? Who approves changes? 2. How many manual journal entries are we making during the close process? What exceptions are our auditors finding? There should be a single administrator of the system. User rights and changes should be made according a documented approval process. Audit difficulties and exceptions should be used as a guide for areas needing process improvement or automation. How many sales orders or invoices are cancelled and re-billed, and what are the primary causes? How many dollars are involved? 3. Best Practices © 2014 Proformative
Efficiency Questions to ask 4. 5. 6. How long does it take to close the books? Show me everything we are doing in Excel. Why are we using Excel? What is our volume of transactions - how many invoices, vendor payments? How do we measure quality? © 2014 Proformative Best Practices Examine ways to automate manual or growing processes. Accounting staff should grow more slowly than overall revenue or business growth. Timeliness of the close process and accounting staff growth should be used as measures of department efficiency.
Visibility Questions to ask 7. Do we have one integrated system for both our financial information and our operating metrics? 8. Why do we have so many reports? © 2014 Proformative Best Practices A single reporting system removes unproductive reconciliation time. Online self-service reports let you see which ones are most valuable.
Leadership Questions to Ask 9. What are the management judgments we make as we prepare the financial statements? 10.Where should we invest our next dollar in the finance department? © 2014 Proformative Best Practices Determine which financial data are facts and which are opinions. Prioritize the problem areas and focus resources where they are most needed. Cloud helps simplify, centralize, and automate.
How Technology Can Help Make my business more efficient Once you’ve mastered day-to-day complexity … © 2014 Proformative Drive performance and growth … you can think long-term
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