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By David Parmenter
There are a number of steps to take:
before you move understand what best practice is in corporate finance. You will be surprised how little you know. Unless you have been one of the lucky ones to have audited three of more excellent finance teams.
work out your own personal baggage and minimise […]
By David Parmenter
These 10 one-page reports that Finance teams need to use have been extracted from One-Page Finance Team Reporting Templates (90 page Whitepaper + electronic templates)
One page executive report using sparklines and bullet graphs
One page flash report of month-end summary numbers to the CEO by 5pm first working day
One page finance report to the […]
By David Parmenter
Eliminate all wasteful month-end processes by using ‘Post-It sticker’ reengineering
Get the CEO’s support
Set rules for the finance team so all members will sing from the same song sheet
Ban spring cleaning and catch adjustments in an “Overs and Unders” Schedule
Avoid a Huge Wave of Accounts Payable Invoices at Month-End so you can close the AP […]
By David Parmenter
Accountants need to be great communicators to fulfil their role successfully. Gone are the days when reports could simply be drafted without consideration of the reader’s needs. Reports should focus on how to best get the message across. What are the salient points? Where can this report add value to the readers understanding? […]
By David Parmenter
1. Get your next month-end reporting to three working days or less
I have a method that has helped hundreds of organizations get to reporting within three days. It really comes down to common sense, which, unfortunately, is not that common. There are a number of practices you should adopt immediately, and these […]
By David Parmenter
David Parmenter explains how you can delight the Chief Executive by completing your month-end reporting process inside three working days.
Eliminate all wasteful month-end processes by using ‘Post-It sticker’ reengineering
Get the CEO’s support
Set rules for the finance team so all members will sing from the same song sheet
Ban spring cleaning and catch adjustments in […]
I have been writing about performance measures for more than 20 years. In all that time, I have only witnessed minimal advances in the way companies go about using them. All too often, the assessment of measures are treated as an afterthought.They are regarded as a box-filling exercise to demonstrate that we have achieved a […]
By David Parmenter
The 20 steps to creating a lean finance team revolve around fixing the major blunders finance teams make, year-in and year-out.
1. Having over 80 account codes for the P/L – use the rule that you only have expense codes where the annual expenditure is over 1% of total annual expenditure
2. Only forecasting to […]
Introduce a purchasing card (P-card)
An extract from 50+ Ways To Improve Accounts Payable – Toolkit (70 page Whitepaper + e-templates)
The large study, already mentioned, states that the average cost of the whole purchase cycle has been estimated at $90 per transaction. This is pretty horrific when you realize that a high portion of your transactions are […]
Two hundred years ago invoices were prepared by a quill pen and sent by the supplier to the customer to be manually entered, by quill pen into the books. As Exhibit 1.1 shows this was improved with the advent of the typewriter, computer, fax machine. Now invoices can arrive automatically from the supplier’s accounting system […]
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