Monthly Archives: December 2021
Accounting Today: 3 Steps to Improving Your Accounting Data Analytics Results
“Descriptive and diagnostic analytics ranging from inventory availability to variance analysis have been performed since Luca Pacioli created double-entry accounting. Long before user-friendly dashboards existed, we used Excel spreadsheets and charts. And before Excel? We did it by hand. Thankfully modern accountants can leverage advanced technologies to perform analysis at scale and speed, dramatically increasing […]
Harvard Business Review: The CEO’s Playbook for a Successful Digital Transformation
“The point of a digital transformation isn’t to become digital; it’s to generate value for the business.” Read More at Harvard Business Review >
Forbes: 2022 Will Be The “Year Of The Management Accountant”
“In fact there is room for optimism given the new emphasis business leaders are placing on agility for the short-term and anticipatory thinking for the long-term. This represents a pivot in thought and action, perhaps one that was long overdue. At IMA, we have been championing the need for finance and accounting professionals to move […]
FP&A Trends: Caution: Forecast Accuracy is Seasonal Too!
“The benefits of measuring seasonality of accuracy are that users can plan high/low scenarios for each prediction based on the season-specific range of possibilities. Departments can adjust how much capacity, safety stock, or cash reserves are needed based on their own worst case. And it’s easier to determine missing factors for model improvement when you focus on […]
CFO Journal: Financial Reporting Considerations: Supply Chain and Labor Disruptions
“For many companies, such disruption is significantly increasing the costs associated with moving goods through the supply chain. If the higher costs are included in inventory, companies should consider whether these costs drive up the cost of the inventory in such a way that adjustments based on the expected net realizable value of the inventory […]
FP&A Trends: Best Practices in Implementing the Rolling Forecast
“The main criticism of the traditional budget is that it does not react to what is actually happening in the business during the year. But a Rolling Forecast solves that problem, helping companies to continuously plan (forecast) over a set time horizon.” Read More at FP&A Trends >
CFO Journal: Financial Reporting Considerations: Forecasts and Inflation
“Inflation, as well as supply chain disruptions and labor shortages, are affecting an increasing number of companies in different industries to varying degrees. And if a company’s business model and operations are affected, it’s likely that its accounting and financial reporting will be as well.” Read More at The Wall Street Journal >
CFO Journal: Check it Twice: A Checklist for Rethinking Capital Allocation
CFO Journal came up with a checklist for re-evaluating your allocations strategy – and here are some of the items on that list: “Data. Do you have the data and insights you need to make informed decisions? Work with your stakeholders to determine what those are, where they need to come from, and how you […]
SF Magazine: Advancing Digital Transformation
“Accounting and financial professionals have relied on spreadsheets for decades, so it should come as no surprise that there’s a reluctance to adopt other analytics tools. As Pamela Schmidt, Kimberly Swanson Church, and Jennifer Riley wrote in “Breaking the Excel Routine” (Strategic Finance, March 2020), “a bias toward the status quo use of Excel has hampered widespread […]