CFO STRATEGY MEETING
November 17, 2022 | West
Discussion Topics Include:
Enterprise Resource Planning (ERP) Systems
- Impact on system upgrades, focused on the General ledger
- When is it time to upgrade?
- Is it best to go with an ERP or a patch work of supporting systems?
Planning and Analysis
- What do you use?
- What are the pros and cons of the process/system?
- What are you looking to change?
Finance and the Future of IT
- Change within Finance
- Change within IT
- Funding options
Activity-Based Cost Management (ABC)
- Activity Shift from managerial accounting to ABC
- Can ABC create truly accurate, fact-based measures and visibility to costs?
- Does “predictive accounting” for capacity-sensitive driver-based budgets / rolling financial forecasts, what-if analysis, and outsourcing decisions add value?
Internal Controls in the Arena of Digital Finance
- Avoiding financial reporting risk without overly reducing the speed of implementation and processing
- Ensuring your organization has the right controls around robotic process automation (RPA)
Lease Negotiations in a COVID Reality
- How much space does the company need?
- Default positions
- Positioning the company in light of the anticipated softening of the commercial real estate market
Finance of the Future
- Digital trends
- Reporting on demand
- Utilization of AI
Supplier and Vendor Innovation Can Fuel Growth
- Are your procurement teams on the leading edge?
- Were do you rank in your supplier’s customer base?
- Aligning goals with your suppliers
Faster Fraud Detection
- Creating digital approvals for work flows will help identify problems
- Secure document management tools
Financial Accounting Standards Board Recent Pronouncements
- Accounting Standards Update 2016-02 Accounting for leases, effective 2020 for non-public companies
- Accounting Standards Update 2020-08—Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs, effective 2022 for non-public companies
- Accounting Standards Update 2020-06—Debt—Debt with Conversion and Other Options, effective 2022 for non-public companies
Return to Work in the COVID Environment
- Risk Management
- When and how to bring employees back
- How much office space will you need?
Cash Forecasting, Do I have Enough in the Current Environment?
- 13-week forecast is not sufficient
- Understanding working capital limitations and in advance and adjusting accordingly
- Sourcing additional working capital
Capital Equipment Funding
- Buy or lease analysis
- Sale lease back of current equipment, raising working capital
- Impact of Accounting Standards Update 2016-02 Accounting for leases
- Central services rather than dispersed throughout the organization
- Digital impact and support of shared services
- Buying teams and approaches, including reverse auctions
COSO Framework of Internal Controls
- Three categories of the COSO framework internal control objectives: Operations, reporting and compliance
- Continuous and ongoing process, reliant upon activity, not only written policies and procedures
- Improved reliability for management
The Digital Trend
- Does your team have the correct skill set? Do you have a plan to overcome shortfalls?
- Does your organization have the right systems in place?
- Steps in developing a road map
Is Your Organization Properly Insured?
- Traditional lines of insurance
- Are you covered for the digital age?
- Have you considered going off-shore with a captive insurance company?
Getting Corporate Cost Growth Under Control
- Improving visibility into the breakdown of corporate costs
- Comparison to peer groups
- Reducing “make work” projects that add no real value
- Methods of gathering
- Analyzing and understanding that data
- Forming strategies for capitalizing on the data