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The eight reasons why the annual planning process should be replaced

The one sure thing about annual planning is that it will be wrong – its underlying assumptions have been flawed since LucaPacioli invented double entry bookkeeping in 1494.

The eight reasons why the annual planning process should be replaced are because it:

Takes too long – too much detail and too many iterations.
Costs too much
[…]

By |May 30th, 2015|0 Comments

The new thinking on Key Performance Indicators

Very few organizations really monitor their true Key Performance Indicators(KPIs), because very few have explored what a KPI actually is, says performance consultant David Parmenter.

The myths around KPIs
The dark side of KPIs
Switch on your indicator

For more details please click here

 

By |February 7th, 2013|Comments Off on The new thinking on Key Performance Indicators

6 Things to do to Measure 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 6 Things to do to Measure Performance in Difficult Times

The five step 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 The five step workshop to move month-end reporting to 3 working days or less

Five reasons why the Accounts payable team is the centre of the accounting team

By David Parmenter

Five reasons why the Accounts payable team is the centre of the accounting team 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 […]

By |February 10th, 2011|Comments Off on Five reasons why the Accounts payable team is the centre of the accounting team

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|Comments Off on Ten victories for the Accounting function

Rate your finance team month-end processes

Better practice studies and bench marking studies are two ways for organisations to measure their effectiveness and the level of service they are providing to internal and external clients.

Better practice studies are often confused with bench marking studies, an unfortunate mistake that leads many organisations that could gain substantial benefits from participating to overlook them.

In […]

By |February 10th, 2011|Comments Off on Rate your finance team month-end processes

The ten steps to implementing day 3 or less month-end reporting

 

Get the CEO supporting fast month-end reporting
Establish month-end reporting rules within the finance team
Catch all adjustments in an ‘overs and unders’ schedule
Avoid a huge wave of AP invoices at month-end
Close accruals before the accounts payable cut-off
Stop reconciling to suppliers’ statements
Avoid inter-company adjustments
Early closing-off of accounts payables and […]

By |February 10th, 2011|Comments Off on The ten steps to implementing day 3 or less month-end reporting

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, a happy […]

By |February 9th, 2011|0 Comments

Quarterly Rolling Forecasting – the 14 foundation stones

Quarterly Rolling Forecasting is one of the most important management tools of this decade and is a process that will revolutionise any public or private sector organisation.

There are fourteen foundation stones that need to be in place for it to work.

Abandoning processes that do not work
The QRF model should be built by in-house […]

By |November 6th, 2010|Comments Off on Quarterly Rolling Forecasting – the 14 foundation stones