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Focus on Finance - Dare to be Excellent

Focus on Finance - Dare to be Excellent. Our main aims for the two days were: inspire and motivate build a collaborative finance network providing expertise and support create paths to continual improvement advance technical knowledge in specific targeted areas

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Focus on Finance - Dare to be Excellent

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  1. Focus on Finance-Dare to be Excellent

  2. Our main aims for the two days were: • inspire and motivate • build a collaborative finance network providing expertise and support • create paths to continual improvement • advance technical knowledge in specific targeted areas The program covered a broad range of topics including: •        the role of finance professionals now & in the future •         managing money •         innovative reporting methods, both internally & externally •        performance management – making it work •        technical topics like salary packaging

  3. Why the Master Classes??? Why the expert presenters??? David Butt Graeme Head John Petty David Parmenter Ian Hallett John Wilson Ian Hollow

  4. What is Best Practice?

  5. Top performing businesses have top performing finance functions … but few finance functions can be referred to as leading.” - 2006

  6. E & Y DNA of the CFO -- 2010

  7. CFO: they may not be setting the strategy, but they are an integral part of its formulation and delivery!!

  8. January 2002 IFAC FINANCIAL AND MANAGEMENT ACCOUNTING COMMITTEE CFO 2010 The Role of the Chief Financial Officer in 2010 Issued by the International Federation of Accountants

  9. IBM 2008 Global CFO Survey Key Messages > Risk > Performance Measurement / Management > Integrated Finance

  10. Diverse Role of Finance Teams Download from http://www.ifac.org/Store/Details.tmpl?SID=1131738910232719&Cart=1247442897656318

  11. What is a best practice financial team? CEO says to CFO: “You need to take finance from scorekeepers to participants & leaders in management decision making. As management, I take scorekeeping for granted and needs finance to be part of the management team, ….. as my right arm. If you become bogged down in scorekeeping you will be perceived as bureaucratic and circumvented.” Award Winning Finance Team: CPAA CFO of Year

  12. New View of FinanceFunction • Need a vision to move from traditional scorekeeper role to be invaluable part of management: • as business partners • as provider of analysis • as leaders of change • as innovators • as a team delighting our customers • as contributor to the ‘right’ business decision Award Winning Finance Team: CPAA CFO of Year

  13. The Role of the CFO in 2010Themes that emerged: • The CFO and the Role of Information (major issue) • Quantity, SPEED: CFO as interpreter and user of information, - which is POWER • The CFO as Guardian • Compliance Officer • Risk Manager • The CFO and Corporate Governance • Some feel this field will expand substantially • CFO as Chief Strategist • Strategy formulation • CFO is real strategist behind the Board’s plans • The CFO and the CEO - Partners, Rivals or Restraining Influence • Widely divergent views • Restraint on CEO • Pivotal role/CEO marginalised • A team player • CFO as provider of information for CEO to build future plans 2002 2010

  14. Best Practice in Business Reporting

  15. The Next Step: BBBR The Institute of Chartered Accountants in Australia Oct 2008 <www.charteredaccountants.com.au>

  16. Ernst & Young ‘Measures That Matter’ • “In today’s volatile markets, a company’s non-financial performance, namely its ability to identify, demonstrate and communicate, value in its intangibles, future growth platforms and strategic options, is a key differentiator for investors, almost irrespective of short-term cash flows and tangible assets. • And the greater the uncertainty, the greater the significance of non-financials to investors’ decision-making as leading indicators of future financial performance.”

  17. Ernst & Young ‘Measures That Matter’ • The Top Ten MTM: (in order) • Execution of Corporate Strategy • Quality of Corporate Strategy • Market Position • Management Credibility • Innovativeness • Management Experience • Research Leadership • Quality of Major Business Processes • Global Capability • Ability to Attract & Retain Talented People • Where is ‘FINANCIAL’ Result? • THE SHORT LIST • Market Position • Management • Innovation/Research • Process • People

  18. Performance Management techniques • Dashboard Reporting • Relevance of reports to the Board

  19. The New Strategic Accountant: Mantra to Success Not just see cost-cuts, but ensure that every outlay delivers genuine value and results Not to over-analyse or slow down processes, but to keep everyone focused on the key decision areas FOCUS on the key indicators … the “big levers” Design & report on indicators to measure performance & IMPROVEMENT Delivering quick reports of results Report key controllable figures so decision-makers can correct any problems

  20. How does your Finance Team Rate: Yes / No 1. Ensuring business decisions are grounded in sound financial criteria 2. Providing insight & analysis to support CEO & senior managers 3. Leading key initiatives in finance that support overall strategic goals 4. Funding, enabling & executing strategy set by CEO 5. Developing & defining overall strategy for organisation 6. Representing organisation’s progress on strategic goals to external stakeholders

  21. Reinventing the CFO – Jeremy Hope

  22. MUST GET & READ

  23. The Professor Robert Kaplan Journey – Worlds Greatest Business Management Authority

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