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Finance Operations Executive Advisory Program

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Presentation on theme: "Finance Operations Executive Advisory Program"— Presentation transcript:

1 Finance Operations Executive Advisory Program
Q4, 2006

2 Finance Operations Executive Advisory Program
Was designed to help clients stay connected with the latest best practices, research, client networking - learning, and unmetered Hackett advisory, for the following 5 business process groups: Finance Shared Services Invoice to Cash Purchase to Pay Payroll Account to Report

3 Finance Operations Executive Advisory Program Deliverables
Research and Best Practice Details Enterprise Book of NumbersTM (1 volume, 2 Books per year) 1 Theme based Book of NumbersTM (1 volume, 2 Books per year) Hackett Perspectives ( per year) (75) Seats to Hackett Knowledge Center (Performance Metrics, Best Practices and Quick Wins) Advisor Access (5) Named Individuals for un-metered inquiry. 2 onsite executive briefings with member chosen topics Peer Interaction Member Topical Web casts (1 per program, monthly) Attendance at Annual Member Forums (Atlanta) Attendance at Hackett Best Practices Conference in April (Atlanta) World-class Progress Report Use of online dash board subset metrics from the NASACT benchmark

4 Finance Shared Services
Finance Shared Services Process Advisory Overview “The art & science of high-performance shared services” Program Coverage Core Topics (Partial) Deliverables The management of finance processes typically contained within a shared service environment along with associated operational support processes including: Client relations Governance Transition planning Learning & development People management Optimizing the Talent Base Staff training and development Employee satisfaction Skill/competency models Process Issues Center design Communication plans Compensation design Legal structure Pricing models, charge-backs, etc. Technology Issues Technology and systems Aligning finance process sourcing with business strategy Consolidation strategies Process sourcing; outsourcing, off-shoring, local Site selection Partnering Issues Customer satisfaction KPI models; SLA’s Recent Research “European Companies Are Reaping the Economic Rewards of Finance Shared Services” “Six Sigma: A Powerful Process Improvement Technique, If Used Appropriately” Recent Webcasts “Offshoring for Shared Services”, Agilent Technologies “Process Improvement Methodologies in Shared Services”, Pfizer Recent Inquiry Topics Outsourcing compared to Offshoring –advantages and disadvantages? Can you review my SLA or help get me started? Relocating or consolidating the center – key things to consider? Growing the activities in the center – what are others doing? Finance Shared Services

5 Invoice-to-Cash Process Advisory Overview “ Increasing the speed & amount of receivables conversion to cash” Program Process Scope Core Topics (Partial) Deliverables Credit Authorization Invoice Creation Payment Collection Cash Application Discrepancy Resolution Performance Measurement and Reporting Organization Establishing a Single Process Owner Investigating business process sourcing Processing Standardizing and streamlining the end-to-end accounts receivable process Simplifying and reducing discrepancy resolution Collection effectiveness Establishing Effective Performance Measures Effective use of Technology and Tools Utilizing receivables software to its fullest potential Automating clerical tasks Adding Value Leveraging productivity information for performance improvement Cash Forecasting Recent Research “What’s Keeping Companies from Establishing a Single Owner for the Invoice-to-Cash Process?” Recent Webcasts “Implementing Process Performance Measures in Invoice to Cash”, Agilent Technologies “Benefits and Challenges of Web Invoicing”, Intercontinental Hotels Group Recent Inquiry Topics Training for the invoice to cash process Using web-based accounts receivable products Invoice-to-Cash

6 Purchase-to-Pay Advisory Overview “Bringing processes together to manage as an end-to-end process”
Program Process Scope Core Topics (Partial) Deliverables Purchasing Requisition processing PO Processing Supplier Master File Item Master File Receipt Processing Accounts Payable Supplier set-up Pre-processing Verification / Approval Electronic and paper processing Discrepancy resolution Payments Travel & Expense Travel advances Travel expense processing & filing Policy / Auditing Card Administration Procurement Card Travel Card One Card Organization Globalizing / Regionalizing P2P Optimizing purchase-to-pay as an end-to-end process Outsourcing / Off-shoring Minimizing business complexity Processing Measuring purchase to pay performance Decreasing cycle times Duplicate payment prevention Charge back policies for standard and premium payables services Impact of excessive controls Technology E-procurement Web invoicing Adding Value Payment Forecasting Utilization (Demand management) Recent Research “Effective Performance Measurement in Purchase-to-Pay Possible Only with Single Process Owner and End-to-End Accountability” “Top Performers are Twice as Likely to Use Process Measurement Tools to Uncover Improvement Opportunities, Manage and Reward Employees” Recent Webcasts “Benefits and Challenges of Web Invoicing from an AP Perspective”, IBM “Improvement Methodologies in P2P”, Rockwell Collins Recent Inquiry Topics P-card costs Utilizing balanced scorecards Purchase-to-Pay

7 Payroll Process Advisory Overview “Balancing the cost of payroll & the level of services provided to payees” Program Process Scope Core Topics (Partial) Deliverables Time Reporting Employee Data Maintenance Employee Inquiry and Response Pay Calculation Payment Distribution Reconciliation of Checks and Direct Deposits Deduction Remittances Coordination and Submission of Garnishments Payroll Tax Payments and Filing Payroll Accounting Year End Processing (taxes, incentive reconciliation, adjustments) Understanding the benefits of time reporting systems Outsourcing Payroll processes Adopting electronic pay options Employee Inquiry/Response Pay Calculation Assuring the security of personal employee data Payroll Tax Payments and Filings Payroll Accounting Disability Pay Expatriate Payroll Payroll Services Surveys, Performance Measures and Chargebacks Job Enrichment Pay and Work Schedules Consolidating Payroll from Mergers, Acquisitions, Divestitures Business Backup Recent Research “Automation, Other Best Practices in Time Reporting Offer Significant Savings Opportunities” “Hackett Survey Finds Over Half of Companies Outsource Secondary Payroll Processes, But Only When Economic Benefits Are Certain” Recent Webcasts Meeting the Training Requirement - Payroll by Northrop Grumman Leveraging Employee Self-Service by Kraft Foods Recent Inquiry Topics Best Practices for collecting time and attendance from remote employees Pay cycle analysis Payroll

8 Account-to-Report Process Advisory Overview “Streamlining accounting processing and improving the value of reported financial information” Program Process Scope Core Topics (Partial) Deliverables General accounting and external reporting General Ledger Intercompany accounting Fixed Assets Automated Transaction Feeds Semi-Automated Transactions Manual Journal Entry Process Reconciliation and Analysis Operational Audits Journal entry process Reconciliation and analysis General Ledger Reporting Maintain General Ledger Maintain Accounting Policies Auditing of Financial Results Domestic originating, receiving and reconciliation activities International originating, receiving and reconciliation activities Intercompany Systems Activities Recording and Accounting for Fixed Assets Recording and Accounting for Capital Work-in-Progress Asset Control Activities and Policies Supporting Statutory Requirements Compressing the Close Cycle Leveraging Compliance Initiatives Recent Research “Sarbanes-Oxley and Regulation FD Are Hindering Efforts to Shorten Closing Cycle Times” “Improving the Quality of Reconciliation and Analysis Can Simultaneously Lead to Reductions in Cost” Recent Webcasts “Implementing a Global GL Solution” by NCH “Step Change and Offshoring to Budapest” by Diageo Recent Inquiry Topics “What are the best practices in corporate function allocations?” “How are leading companies automating the reconciliations process?” Account-to-Report

9 Enterprise Book of Numbers™ Research An objective, empirically based portrait of performance metrics and enabling certified-practices used by world-class organizations Detailed analysis defining world-class performance across G&A Provides median and world-class metrics from over 3,500 benchmark studies since 1992 Compendium of certified practices and other characteristics of world-class performers Identification of trends and emerging practices 2 Volumes per year: Enterprise Finance Operations Exclusively available to our Executive Advisory Clients

10 Original Research Regular Hackett Perspectives containing data, insights and advice on key business topics Hackett Perspectives Published semi-monthly to members Core research agenda driven by topical, current business issues Report types based on rigorous research methodology Best Practice Analysis (proven, emerging, observed) Survey Results Case Studies Management Issues Fact-based -- backed by empirical data

11 Knowledge Center - Access to Best Practices and Member Presentations
Value of Benchmarking and Practice Assessment Knowledge Center - Access to Best Practices and Member Presentations

12 Peer Interaction Peer-to-peer contact and executive interaction
Webcasts 5 Monthly (1 per process area) covering relevant issues with topics chosen by members Each is recorded; presentation materials are posted for download Recent webcasts: Implementing a New Planning Process Challenges of Sarbanes-Oxley – What’s been done, what’s next Implementing an Enterprise GL Solution Compressing the Close Cycle Streamlining the General Ledger Chart of Accounts Sourcing Decision Criteria Six Sigma Approach to Shared Service Effectiveness Annual Member Forums 5 per year (1 per process area) exclusively for client members Presentations are generated from within the membership Annual forums are conducted in the spring and fall each year, in Atlanta

13 Overall Finance – Cost as a % of revenue
World-Class Progress Report A continuous, quick health-check of finance operations at your fingertips Description Track performance metrics on a distributed basis (e.g. by business unit or geography) Gain visibility of finance performance, updated quarterly- ported over from Finance benchmark Benefits Monitor progress on organizational initiatives Identify specific areas of opportunity Use consistent definitions of processes Compare your performance to the richest database in the world Progress Report Characteristics Web-based Interactive Dynamically prepared charts and graphs Comparisons to varying Peer Groups Overall Finance – Cost as a % of revenue Finance Sample

14 Finance World-class Progress Report delivers key metrics for each of the process groups, including Costs, FTEs, Productivity, Complexity Overall Finance Costs as a % of revenue FTEs per Billion in revenue Technology cost as a % of revenue Cash Disbursements Cost as a % of revenue Cost per transaction % of transactions automated Transactions per FTE Use of a procurement card for purchases Revenue Cycle % of cash remittances performed electronically Revenue Cycle (cont.) % of customer bills processed electronically Cost per transaction General Accounting & External Reporting Cost as a % of revenue FTEs per Billion in revenue % of journal entries automated Tax Management Planning and Performance Management Treasury Management Cost as a % of revenue FTEs per Billion in revenue Compliance Management Business Analysis Management & Administration Other Costs Other Costs as a % of revenue Finance Sample

15 Advisor Access Services Executive decision-support as an extension of your staff
What you get: Advisors with an average of 15 years industry expertise Unmetered, on-demand phone access 48-hour response Objective advice Data-supported directional trends Knowledge of best practices in use at other leading firms Fact-based opinion and data Sample Inquiry Topics: Service level agreements and charge-back models Governance models and customer councils Process management and quality programs Implementing self-service technology Eliminating paper and use of electronic imaging and workflow

16 Sample Briefing Topics
On-Site Executive Briefing Access and alignment to data and best practices of world-class Member-scheduled, two annual events on-site with a Hackett Business Advisor. Structure and topics to be determined by member. Finance Sample Sample Briefing Topics Facilitation of target metrics for 2006 annual planning process Presented 2006 profile of world-class Finance shared services organizations Interpretation and analysis of 2006 Q2 World- Class Progress Report results

17 Hackett’s Annual Best Practices Conference “Building Harmony in Purpose and Execution”
Past Sample Topics Session Topics (partial agenda) Speakers Leveraging shared services to become the most successful hotel company the world over InterContinental Hotels “Average performance is no longer good enough” Learn how world-class organizations have raised the bar and the best practices they implement Rick Roth, Chief Research Officer, The Hackett Group Impact ROI in Technology through Consolidation and Standardization Alcoa Managing an Asian HR Operation from the US Technitrol Discover how access to the right metrics can assist in attracting and retaining the best people UnitedHealthcare Group Panel discussion around business process sourcing Delta Airlines Marriott Corporation April 26 – 27, 2007 InterContinental Hotel, Atlanta

18 In addition to the Finance Function… Hackett Executive Advisory Programs are offered in the following functions: Procurement Human Resources Information Technology Programs all use the same format, but content is unique to the needs of each function

19 Executive Advisory Program Pricing – State Government
3 year membership - $20,000 each year / function 2 year membership - $25,000 each year / function 1 year membership - $30,000 each year / function NASACT fee: 3% Plus: Expenses Travel related for onsite briefings (not to exceed $3,000 per year) Travel related to Hackett Best Practices conference in Atlanta (budget up to $1,500 per person)

20 For further information please contact
Pat O’Connor NASACT Association Manager Lexington, KY Ph: Jim Anthony Hackett Account Director Chicago, IL Ph. Work: Cell:

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