Best Practices for Enterprise Financial Management
Author: Gary Cokins
| CPE Credit: |
2 hours for CPAs |
Management accounting practices have become increasingly progressive since the 1980s. What are the best practices? They include channel and customer profitability reporting, integration with enterprise performance management methods (e.g., strategy maps, balanced scorecard), driver-based rolling financial forecasts, fast accounting period closing of the books, chargebacks from shared services like IT, and applying analytics. Accounting professionals need mastery with these.
Publication Date: February 2019
Designed For
CFOs, Financial officers and controllers, Managerial and cost accountants, Financial and business analysts, Budget managers, Strategic planners, Marketing and sales managers, Supply chain analysts, Risk managers, CIO and information technology staff, and Board of Directors.
Topics Covered
- What is Enterprise Performance Management?
- What is Business Analytics?
- Eight Pressures that have caused interest in EPM
- EPM as a Value Multiplier through Integration
Learning Objectives
- Recognize how these best practices have expanded accountants from "bean counters" to "bean growers"
- Calculate profit and loss statements for customers displaying profit margin layers
- Identify and differentiate strategic KPIs in a balanced scorecard and operational performance indicators (PIs) in dashboards
- Recognize how to perform "predictive accounting" for driver-based budgets / rolling financial forecasts, what-if analysis, and outsourcing decisions
- Identify how to imbed statistics and analytics into product, channel, and customer profitability analysis
- Describe how to overcome implementation barriers such as behavioral resistance to change and fear of being held accountable
- Recognize how an organization can establish a cost leadership strategy
- Describe business intelligence reporting
- Differentiate which component of business analytics will help an entity set expectations for planned costs
- Identify how activity-based costing entails
- Identify "who does what" in an organization
- Describe what contains an organization's objectives and key performance indicators
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Finance (2 hours)
Program Prerequisites
None
Advance Preparation
None
