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Measuring Performance in Difficult Times

With the economy in downturn and many businesses facing challenging times, we should be measuring business performance in a new way.

Our traditional tools and processes for performance measurement are more akin to Charles Dickens than the 21st century, and thus more appropriate for the Victoria and Albert Museum than a fast and flexible organisation. We […]

By |February 7th, 2013|Comments Off on Measuring Performance in Difficult Times

One day workshop to move month-end reporting to 3 working days or less

If your month-end reporting process is not a source of pride, if it is in fact a frustrating time stressing out your accounting team and your budget-holders, help is at hand.  David Parmenter has developed an in-house workshop that guarantees a payback in time savings many times the workshop cost.

This workshop which will save many times […]

By |February 6th, 2013|Comments Off on One day workshop to move month-end reporting to 3 working days or less

Accounts payable are the centre of the accounting team

By David Parmenter

An accounts payable team is the centre of an accounting function for without its smooth operation:

monthly accounts cannot be prepared promptly
number noise is all around and budget holders have no faith in their reports
suppliers are forever on the phone querying payments
expense claims are a nightmare
the management accountants are at sea

I recently was asked […]

By |February 10th, 2011|0 Comments

Have you got the balance right?

Much valuable management and accounting function time is invested across the country in processing and reporting rather than advice.

Do you have an accounting function that is shackled to its office meeting processing and reporting requirements?
The Problem
How to redress the balance when there are system constraints, people constraints, and demands from senior management.

From the waymark solutions […]

By |February 10th, 2011|0 Comments

Is too much time going in to your month end reporting process?

Much valuable management and accounting function time is invested across the country in this exercise. Does the impact of the reporting process in your organisation warrant the investment you make?

The impact of a quick month end is significant. Take two hypothetical organisations with 500 staff and say 20 accounting staff. In the […]

By |February 10th, 2011|0 Comments

Is your board reporting process out of control?

Board papers can reach mammoth proportions, tying up vast amounts of management time in preparation. The result of these excesses, are often late board meetings with the papers often being sent to the directors only a day or two before the meeting. The board meetings themselves can then be side tracked by the […]

By |February 10th, 2011|0 Comments

Ten victories for the Accounting function

In our seven years of running better practice exercises for the Accounting function, we have accumulated a wealth of better practice ideas. Based on participants experience, the following suggestions have been made to assist you in aligning your Accounting function to “better practice”.

Take your accounting team off site once every six months for a […]

By |February 10th, 2011|0 Comments

How to implement month-end reporting in day 3 or less – Part two

In my article “How much time are you wasting on month-end reporting” July 2005 I talked about the irrelevance of late reporting and about some case studies. This article will look the lessons and guidelines for implementing quick month-end reporting(QMR).To anyone who has seen the film “The day after tomorrow” a late month-end has the […]

By |February 10th, 2011|0 Comments

What Should Your Month End Reports Contain?

Many management reports are not a management tool, they are merely memorandums of information. Management reports as a management tool help with the alignment of behaviour in that the reports encourage action to take place, on a timely basis and in the correct direction. In other words, you need to measure and report on those […]

By |February 10th, 2011|0 Comments

Lean finance team processes

How should my finance team be performing?
Imagine your Finance team making history rather than just reporting on it.  Imagine your month-end reporting being completed within 3 working days or less, your annual planning process being replaced by quarterly rolling planning, a year-end when you have the end of audit party within 3 weeks of your year-end, […]

By |February 9th, 2011|0 Comments