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Editor's Pick (1 - 4 )
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Moulding Complete Business Solution through Net Suite Software

Steve Hankins, EVP & CFO/ CIO,

The Changing Face of the Fintech Industry

Trent Brown, Chief Executive Officer,

The Collaboration of IT and Finance

Paul Benedetto, CFO & Co-founder, iTrellis

Keys to Effective Financial Leadership to Drive Revenue Growth

Ken Judd, CFO, Keste

Is Your Firm Ready for Hyper-Contextual Trading?

Andrew F. Bach, Chief Architect for the Financial Services Team,

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Financial Planning Allowing for Calculated Risks

By David J. Rodgers, SVP & CFO, Briggs & Stratton Corp

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Migrating from Analog to Digital

David J. Rodgers, SVP & CFO, Briggs & Stratton Corp

Focus on Understanding Facts for Better Decision Making

We coach our finance team to be focused on two things.
1) Get the actual financial reporting right and
2) Be a trusted business advisor to the business in order to help grow the company and improve financial performance.
In today’s increasing compliance environment, if you don’t get number one right, you don’t have a shot at providing sound business advice. In the past few years, we have changed our organization in order to put more emphasis on partnering with the business. In the past, our business unit controllers and all of their staff would be  accountable for both financial reporting and financial planning and analysis. While the controllers are still responsible for both activities, the finance staff below  has been either focused on keeping the books and financial reporting or financial planning and analysis. This has significantly increased our focus and clarity on  scenario planning, resource planning and understanding the facts in order to make business decisions.

"Having solid financial and operational expectations supporting our investments makes it easy to review the success or shortcomings of projects later on"

Alloting Staff Time for Analysis-Thanks to Cognos

While we use SAP as our global ERM solution, about 5 years ago, we installed Cognos for planning and forecasting. We also use Cognos for business unit reporting. Since that time, we have been able to shift a significant portion of our accountants time from assembling financial reports, to more value added activities  such as financial analysis to identify improvement opportunities for the business. In other cases, we can more quickly identify what is going well in order to make  decisions on placing even more resources into successful projects.

The Ability to Take Risks While Making Solid Plans

The job of our finance people is to present the facts, as well as scenario planning, to enable our business people to make informed decisions quickly that can have a positive impact on creating shareholder value. While allocating resources needs to be vetted with a financial plan, we are careful not to say “no” to valid projects or be  perceived as slowing the process down. I often tell our people to spend company resources as judiciously as they would their own. Having solid financial  and  operational expectations supporting our investments makes it easy to review the success or shortcomings of projects later on. People frequently don’t want to  overpromise and under deliver to their boss or the CFO. I try to get them comfortable with the fact that we need to have solid plans, but that no companies hit a home  run on 100 percent of their product ideas or other investments they make. We just want to focus on consistently improving our batting average.

Contingency Plans Depending on the Result of Project

At the outset of any large scale project, I like to ask the question “what if some of the assumptions are wrong and the results are different from plan?” Our best  managers will think about contingency plans in the event that the project is more or less successful than originally planned.

Check this out: Top Revenue Cycle Management Service Companies

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SAP

Read Also

The Changing Face of the Fintech Industry

The Changing Face of the Fintech Industry

The Collaboration of IT and Finance

The Collaboration of IT and Finance

Keys to Effective Financial Leadership to Drive Revenue Growth

Keys to Effective Financial Leadership to Drive Revenue Growth

Is Your Firm Ready for Hyper-Contextual Trading?

Is Your Firm Ready for Hyper-Contextual Trading?

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