Monthly Archives: January 2021
CFO Journal: Master Data to Sharpen a Competitive Edge
“In some industries, digital technologies have already reshaped certain aspects of how the finance function conducts business—lowering operating costs, effort, and risk while increasing the analytic value and transparency of financial data. The steps companies have taken in the finance function include: Financial planning, Finance operations, and Decision support.” Read More at Wall Street Journal […]
3C Software: Defining the Role of Costing for Manufacturing Leaders: How to Establish a Cost Culture
Finance leaders Brent Williams and John Lutz give insights into their organizations that have embraced a cost culture and highlight their experience building an integrated costing program. “Now we have a way to walk through the costs, verify assumptions, and have a better documented and system-defined method of costing that shows the impacts of any […]
Defining the Role of Costing for Manufacturing Leaders: How to Establish a Cost Culture
Organizational consultants Terry Deal and Allan Kennedy coined the definition of corporate culture as the way we do things around here. Culture drives how organizations define goals, make decisions, and evaluate performance. It establishes what information is important, and by default what is not. Finance teams play a significant role, with 51% of CFOs working […]
SF Magazine: Managing Digital Transformation
“Develop a data-driven decision culture: CFOs and senior finance professionals can promote a data-driven decision culture by challenging finance employees as well as the business on the basis of data and insights rather than opinions. Finance is in an excellent position to fulfill this role, as it has a complete overview of the organization.” Read More […]
CFO Dive: For Spirit Airlines’ CFO, It All Comes Back to Math
“The cost-cutting challenge stems from the mismatch between the short-term nature of the problem and the long-term assets of the carrier. “We had to create different models that no longer considered fully allocated profitability,” he said. “We had to think of the marginal cost of the business, and decide what’s fixed in today’s world.” Read […]
Forbes: No Time To Recline: La-Z-Boy’s CFO On The Demands Facing Finance Leaders In 2021
“I often say the CFO’s (or any finance leader’s) role is to understand the business as well as the CEO, but then also understand everything behind the numbers! Business partnership and decision support are imperative for a strong finance function and a strong company. Expanding that partnership and structured thinking beyond near-term decisions and into longer-term strategy […]
Industry Week: Operations Managers: Rising to the Challenges of 2021
“Operations leaders remain under pressure to deliver outstanding results. It is important to remember that simply driving efficiency and reducing costs are not everything.” “To create a truly resilient organization, it is critical to fully align technology with people and processes.” Read More at Industry Week >
CFO Magazine: The Complexities of a COVID-19 Year-End
“As CFOs face the demands of year-end accounting and financial reporting, they’re pondering which issues need to be front and center and how to frame them.” Here are the 4 issues that CFO’s need to think about: Forecasting and related impairment analyses Going concern analysis Internal controls Stakeholder communications Read More at CFO Magazine >
CFO Journal: Financial Reporting Trends: Forecasting, Communication, Internal Controls
“While there is not a one-size-fits-all approach to addressing current forecasting challenges, the following strategies have proven to be effective for a number of companies: Evaluating recovery and financial forecasts from an outside-in perspective first—specifically, focusing on the factors, issues, and conditions outside of a company’s control that are known and knowable Automating components of […]