Winning CFOs

Better practices that today's CFOs can employ to bring value and efficiency to the teams that report to them Helping corporate accountants from the CFOs to the management accountant implement better practices that will make a difference to their finance team's performance, Winning CFOs shows corporate accountants how to create permanent improvements in their organization's processes.* Provides better practice solutions the author has learned from more than 4,000 finance teams worldwide* A to Z guidance on how to be an effective CFO* Includes templates, checklists and implementation programs for process improvement * Abundance of tools to ensure implementation of better practices * Tips on how to develop winning leadership traits Winning CFOs shows corporate accountants how to radically transform their contribution to their organization, enhance their job satisfaction and profile, and leave a legacy of efficiency and effectiveness in every organization for which they work.

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DAVID PARMENTER is an international presenter who is known for his thought-provoking and lively sessions, which have led to substantial change in many organizations. He is a leading expert in the development of winning KPIs, replacing the annual planning process with quarterly rolling planning, management and leadership practices that will get you to the top, and corporate accounting best practice. David has delivered workshops to thousands of attendees in many cities around the world including Sydney, Melbourne, Kuala Lumpur, Singapore, Tehran, Johannesburg, Rome, Dublin, London, Manchester, Edinburgh, and Prague. David has worked for Ernst & Young, BP Oil Ltd, Arthur Andersen, and PricewaterhouseCoopers, and is a fellow of the Institute of Chartered Accountants in England and Wales. He is a regular writer for professional and business journals. He is also the author of Key Performance Indicators: Developing, Implementing, and Using Winning KPIs, Pareto's 80/20 Rule for Corporate Accountants, and The Leading-Edge Manager's Guide to Success: Strategies and Better Practices, all published by Wiley. David Parmenter can be contacted via parmenter@waymark.co.nz or +64 4 499 0007. His website www.davidparmenter.com contains many white papers, articles, and freeware that will be useful to the reader.

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Acknowledgements. Introduction. Part One Areas to Focus on in the Next Six Months. Chapter 1 Accounts Payable in the 21st Century. Move to a Paperless Accounts Payable Function. Invest in an Electronic Ordering System (Procurement System). Introduce a Purchase Card. Cut-Off Accounts Payable on the Last Working Day. Closing Accruals a Day Before the Accounts Payable Ledger. Limit the Accruals. Mount the Last Check Signed in the CEO's Office. Frequent Direct Credit Payment Runs. Improve Budget Holders' Cooperation. Speed Up Budget Holder Turnaround on Approving Invoicing. Send a Welcome Letter to All New Budget Holders and Give Them Training. Introduce "Shame and Name" Lists to Focus The Budget Holders. Reward Good Budget Holder Behavior. Have a Closer Relationship with Your Main Suppliers. Use Self Generated Invoices (Buyer Created Invoices). Chapter 2 Timely Month-end Reporting: By Working Day Three or Less. Rating Scale for Month-End Reporting. Benefits to Management and the Finance Team of Quick Month-End Reporting. Impact of a Quick Month-End on the Finance Team Workload. Major Steps You Can Do Before Your Next Month-End. From 5pm Last Day to 5pm First Working Day. Major Quality Assurance Tasks After Day One. Major Steps You Can Do Within the Next Six Months. History of Quick Month-End Reporting. Research on Quick Month-Ends. Implementing Quick Month-End Reporting. Some Tips on Running a "Post-It" Re-engineering Session. Selling the Need for Quick Month-End Reporting. Key Month-End Activities on a Day Three Month-End. Note. Chapter 3 Make the Monthly Reports Worth Reading. Useful Rules on Reporting. Reporting a Business Unit's Performance. Reporting a Consolidated Profit & Loss Account. The One Page Summary to the CEO. Reporting the Balance Sheet. Reporting a Quarterly Rolling Accrual Forecast. Snapshot of All Projects Currently Started. Reporting Progress of the Top Ten Projects. Cash Flow Forecasting. CAPEX Reporting. The One Page Investment Proposal. Designing Graphs. Notes. Chapter 4 Limit the Time Invested in Board Reporting. Selling Change to the Board. Costing the Preparation of Board Papers. Scoping of the Information Requests. Avoiding Re-Writes of Board Reports. Tabling Board Papers Electronically. More Timely Board Meetings. Board Meeting Less Frequently than Once a Month. Continually Purging the Board Papers. Rating Scale for Timeliness of Board Meetings after Month-End. Reporting Key Result Indicators in a "Dashboard" to the Board. Key Result Indicators for a Board Dashboard Examples. Notes. Chapter 5 Timely Annual Planning Process: Ten Working Days or Less! Sell the Change through Emotional Drivers. Foundation Stones of an Annual Planning Process. Efficient Annual Planning Processes. Chapter 6 Managing the Most Important Resource: The Accounting Team. Hold an Off-Site Meeting for the Accounting Team at Least Twice a Year. Set-Up Monthly One-on-One Progress Meetings with Your Direct Reports. Become Known for Being One Who Gives Recognition Freely. Attracting the Best Staff to the Team. Adopt Better Recruitment Practices. Recognize Staff Performance. Team Balanced Scorecards. Better Practice Training. Outdoor Pursuit Adventure. Team Building Lessons from a World Class Coach. CFO and All Direct Reports Must Find a Mentor Immediately. Become a Serving Leader. Leadership Lessons from Ernest Shackleton. Valuing Results and People. Be a Serving Leader. Three Month Planner. Notes. Chapter 7 Quick Annual Reporting: Within 15 Working Days Post Year-End. Costs of a Slow Year-End. Cost the Annual Accounts Process. A Quick Year-End Is a Good Year-End. Help Get the Auditors Organized. Appoint an Audit Coordinator. Complete the Drafting of the Annual Report Before Year-End! Limit when Changes Can Be Made Negotiate and Plan for a Sign-Off by the Auditors within 15 Working Days! Have a Month 10 or 11 Hard Close. Effective Stock Takes. Estimating "Added Value" in Work in Progress and

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