Rapid month end reporting by day three or less

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Rapid month end reporting by day three or less

USD $250.00 USD $200.00

Finance teams are spending far too much time on month-end and year-end reporting. If your month-end takes more than three days, your year-end drags on into the second month or the monthly management reports are too large, and not error free then this is a must access toolkit.

This unique implementation toolkit comprise my latest thinking on the subject matter. The toolkit contains 100 pages designed to help readers implement better practice methods. The  toolkit comes with electronic media, eg: formats, templates, and workshop agendas to assist in swift implementation. I have spent around US$50,000 developing and updating this toolkit. I guarantee, you will save many times the cost of the toolkit.

Please click here to look inside the toolkit.

 

Product Description

Is your team one of the many who are sucked-in by processes that have more in common with the Charles Dicken’s era than the 21st century?  When I was a corporate accountant each period end was a disaster waiting to happen.  Each month-end had a life of its own. You never knew when and where the next problem was going to come from.  Always two or three days away we appeared to have it under control and yet each month we were faxing (email was not on the scene then!!) the result five minutes before the deadline.  Our fingers were crossed as a series of late adjustments had meant that the quality assurance work we had done was invalid and we did not have the luxury of doing it again. Does this sound familiar?

This unique implementation toolkit comprise my latest thinking on the subject matter. The toolkit contains 100 pages designed to help readers implement better practice methods. The  toolkit comes with electronic media, eg: formats, templates, and workshop agendas to assist in swift implementation. I have spent around US$50,000 developing and updating this toolkit. I guarantee, you will save many times the cost of the toolkit.

Please click here to look inside the toolkit.

Why you should buy this toolkit:

  • This will help you to save dates of work each month end
  • Your month end report will be concise, error free and it will be read
  • It will help the team with a fast year end
  • It will make big in-roads into making your finance team into a happier and more rewarding place to work

This toolkit contains following:

  • Fast reporting practices - review case studies on quick month-end and year-end reporting (day one reporting and virtual closing)
  • The lean better practices to get your next month-end completed in three working days or less
  • Best reporting practices (A3 one page, daily and weekly formats, killer presentations, clear graphics)
  • The technology you need to use (accounts payable, consolidation, reporting, disclosure management, drill down applications)
  • Quality assurance processes ( bullet proof numbers, report planning, word structure)
  • Winning agile practices (closing on the same day each month, “post-it” re-engineering, Kanban and scrum)
  • The lean better practices to get your next year-end completed in three weeks
  • Next steps and other areas to tackle

Contents

  1. Introduction. 5

1.1.     Importance of abandonment 5

1.2.     The importance of challenging the status quo. 6

1.3.     Ranking guide. 6

  1. The burning platform.. 7

2.1.     Benefits of quick monthly reporting to management and the Finance team.. 7

2.2.     The impact of quick reporting on the Finance team and the organisation. 8

  1. Lean best practice for your next month-end. 9

3.1.     Get the CEO supporting fast month-end reporting. 9

3.2.     Establish month-end reporting rules within the finance team.. 10

3.3.     Catch all adjustments in an ‘overs and unders’ schedule. 11

3.4.     Avoid a huge wave of AP invoices at month-end. 11

3.5.     Early closing of the accounts payable ledger 12

3.6.     Close accruals before the accounts payable cut-off 12

3.7.     Stop reconciling to suppliers’ statements. 13

3.8.     Avoid inter-company adjustments. 13

3.9.     Early closing-off of accounts receivables. 13

3.10.     Early capital expenditure cut-off 14

3.11.     Early inventory cut-off 14

3.12.     The critical first 24 hours. 14

3.13.     Deliver a flash report at the end of day 1. 15

3.14.     Stop monthly reforecasting of year-end. 16

3.15.     The key month-end activities on a day three month-end. 17

  1. Winning agile practices to improve month-end. 18

4.1.     Adopting Peter Drucker’s abandonment 18

4.2.     Run a workshop to “post-it” re-engineering month-end reporting processes. 18

4.3.     Introducing daily scrums to the month-end process. 24

4.4.     Introducing a Kanban progress board to the month-end process. 25

4.5.     Applying Kaizen to all finance team processes. 26

  1. Major quality assurance tasks after day+1. 28

5.1.     Ban all late changes to the month-end report 28

5.2.     Check numbers for internal consistency. 28

5.3.     The two person read through. 29

5.4.     Text to voice facility. 29

5.5.     The final check for the “two gremlins” 29

  1. Further steps you can implement within six months. 30

6.1.     Move to a paperless accounts payable operation. 30

6.2.     Introduce a purchase card for high volume low value transactions. 33

6.3.     Have a closer relationship with your main suppliers. 35

6.4.     Avoid late time sheets. 36

6.5.     Monthly targets set, a quarter ahead, by a quarterly rolling process. 36

6.6.     Limit your account codes for the P/L to less than 60. 37

6.7.     Minimise budget holders’ month-end reporting. 38

6.8.     Avoid rewriting the board report 39

6.9.     Improve budget holders’ co-operation. 40

6.10.     Close on the same day each month. 41

  1. Technology you need to embrace. 43

7.1.     Banning spreadsheets from core finance routines. 43

7.2.     The technologies you need to understand and evaluate. 45

7.3.     Planning and forecasting tools. 46

7.4.     Upgrade accounts payable systems. 50

7.5.     Using a reporting tool 52

7.6.     Turbo your G/L with a friendly front end. 52

7.7.     Consolidation and intercompany software. 53

7.8.     Collaborative disclosure management 54

7.9.     Paperless board meetings. 55

  1. Lean one-page reporting. 57

8.1.     Minimise budget holders’ month-end reporting. 57

8.2.     A3 page summary report for the CEO.. 57

8.3.     A3 dashboard for the Board. 57

8.4.     The Toyota A3 investment proposal 62

8.5.     Monthly sales report from Stephen Few.. 62

8.6.     More emphasis on daily and weekly reporting. 63

8.7.     Value stream reporting. 68

8.8.     Costing of a product group by rate of flow.. 70

8.9.     One off deal analysis using the lean approach. 71

8.10.     Designing graphs by Stephen Few, an expert based in the USA.. 71

  1. Quick annual reporting – within 15 working days post year end! 74

9.1.     The costs of a slow year-end. 74

9.2.     Cost to the annual accounts process. 74

9.3.     Help get the auditors organised. 75

9.4.     Appoint an audit coordinator 76

9.5.     Complete the drafting of the annual report before year-end! 76

9.6.     Limit when changes can be made. 76

9.7.     Have a month 10 or 11 hard close. 77

9.8.     Effective stock takes. 77

9.9.     Estimating “added value” in WIP and finished goods. 78

9.10.     Effective fixed assets verification. 78

9.11.     Run a workshop to “post-it” re-engineer year-end reporting. 78

9.12.     Checklist for speeding-up the annual accounts process. 78

  1. Selling and leading change. 79

10.1.     Steve Zaffron and Dave Logan. 79

10.2.     Harry Mills. 79

10.3.     John Kotter 80

10.4.     Selling to the senior management team.. 82

10.5.     The elevator speech. 83

10.6.     Deliver a compelling burning platform presentation. 84

10.7.     Pre-selling to an influential member of the decision team.. 85

10.8.     Practise, practise, practise. 85

  1. Immediate Steps. 86
  2. Writer’s biography. 87

Appendix 1 Month-end reporting checklist 88

Appendix 2 Useful letters and memos. 90

Appendix 3 Annual accounts checklist 95

Thank you for your interest in the intellectual property I have developed. I will send you the electronic media you have purchased as soon as I have received confirmation from PayPal.