Tips

When Lee Iacocca began the now famous turnaround at Chrysler, the first person he hired was CFO Gerald Greenwald.  Iacocca knew that even if he were to surround himself with the most innovative engineers, the most brilliant manufacturing minds and the most ingenious marketing staff, long-term profitability was impossible without first acquiring expert financial management.

Guiding principles
A few simple guiding principles have been proven to help sharpen the focus of the finance function strategy:

  •  Get the basic accounting and control environment right first
  •  Performance measurement is an integral part of the control environment
  •  Effective corporate governance is internally driven not imposed externally
  •  Finance objectives, roles and responsibilities have to be clearly defined
  •  Make use of technology to enhance reporting and performance management
  •  Instil a business performance management mentality in the finance function

Clarity
All highly successful businesses have one factor in common; they require timely, accurate, and useful information.  Are your internal Financial Statements error-free?  Do you receive your Financials in a timely manner?  Are you confident that you do not have employee theft of cash, time, inventory, etc?  You can achieve the clarity you need by focusing on the following four "C's:"

 Count  Control  Captial  Corporate
       
  • Preparation of financial statements
  • Development of management systems
  • Management reporting
  • Account reconciliation
  • Customer/vendor reporting
  • Annual budgeting function
  • Strategic financial planning/forecasting
  • Monitoring of financial variances
  • Supply chain management
  • Systems evaluations and implementations

 

 

  • Cash flow management
  • Negotiate and maintain bank agreements
  • Company Formation
  • Risk Assessment
  • Evaulation and monitoring of insurance needs
  • Develop & implement personnel policies
  • Salary and Commission structure and administration
  • Benefits administration

 

 


 
 
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