Six Dimensions of Effective Accounting & Finance Teams LM112 Why Attend Managing the Accounting & Finance department requires building on various dimensions to keep the balance between growth and performance. ‘Six Dimensions of Effective Accounting & Finance Teams' presents dynamic and modern approach to manage the Accounting & Finance department on a tactical and strategical level, beyond the technical day-to-day skills. Dimension 1 is about designing a Key Performance Indicator (KPI) measurement system which will serve as a cornerstone for managing performance of the subsequent practices. Dimension 2 focuses on building teamwork, happiness, collaboration and self-mastery for the team which is a base to achieving better results. Dimensions 3 and 4 are focused on re-inventing processes while using innovation. Dimension 5 is focused on the satisfaction of internal and external customers with whom the Accounting & Finance teams interact. Dimensions 6 is about using all the previous practices to improve profitability. Course Methodology This course uses a mix of exercises, workshops, group case studies, and presentations based on the issues and challenges facing the participants. Conceptual ideas, rules, and best practices will also be discussed in selecting KPIs, process mapping, cost saving techniques and innovative tools. Course Objectives By the end of the course, participants will be able to: Describe and explain the financial and non-financial KPIs of the Accounting & Finance team Build a knowledge sharing culture and individual development plans for employees Develop a plan to increase happiness and positive attitude in the workplace Apply up-to-date practices in process mapping, value mapping and process re-engineering Develop a practical survey to understand internal and external stakeholders' satisfaction from the Accounting & Finance operations Implement costs saving strategies and innovation initiatives Target Audience Professionals in the field of finance and accounting, directors, managers, supervisors, and finance professionals who desire to understand, apply and implement practical tools to enable them to structure and run the finance and accounting departments more effectively. Target Competencies Develop financial and non-financial KPIs Sharing of professional knowledge Personal development Accounting & Finance process analysis Problem solving and process re-engineering Change management and innovation in Accounting & Finance Risk management / Stakeholder orientation Cost management Course Outline Introducing KPIs: financial and non-financial What are KPIs The crucial role of KPIs in managing performance Designing a KPI measurement system How should KPIs be linked to Key Result Areas (KRAs) Input KPIs, process KPIs, output KPIs, outcome KPIs Common problems with KPI systems Evaluating your existing KPI measurement system for enhancement opportunities Using KPIs in different management areas to assess performance Which financial KPIs do executives use? A&F KPIs: operational-performance related A&F KPIs: financial-performance related Building the team's capabilities Knowledge sharing, learning and human capital growth Creating knowledge sharing culture Knowledge sharing models: codification versus personalization Placing incentives for A&F staff to share knowledge Employee learning frameworks: push versus pull approach Available “free” self-learning tools for A&F staff Criteria for selecting training courses from external providers Diversification of learning solutions On-the-job training methods Off-the-job training methods Creating action plans for A&F staff development programs Assessing succession plan for the A&F team Building individual development plans for team members Happiness and wellness in the workplace The right physical environment and work atmosphere The appreciation system: do you reward effort or results Happy work protocols for different occasions Birthdays, outings and events Sports and wellness Motivating management styles: building trust relationship Happy employee/manager relationship Accounting & Finance process re-engineering Definition, elements and characteristics of a process Must-haves for each process Process approach to improvement of A&F function Advantages of process mapping The Plan, Do, Check, Act (PDCA) approach Types of mapping tools: simple flow charting, Swimlane, SIPOC Process-mapping software Best practices in process mapping Mapping an A&F process Value stream maps: value added and non-value added analysis Cycle time map: opportunities in terms of reducing cycle time and defects Lean thinking to reduce waste in processes 5S: a framework to organize and maintain your workplace Roadmap for innovation in Accounting & Finance Which A&F processes require most time and effort Automation opportunities in A&F Utilizing ERP solutions to close time gaps Eight essential attributes for innovation Steps for innovation and transformation Aligning key stakeholders Step 1: Understand the problem Step 2: Enlist champions for the tasks Step 3: Start with the end in mind Engaging the organization Step 4: Motivate stakeholders by articulating vision Step 5: Communicate Step 6: Act Step 7: Consolidate Stakeholders’ satisfaction: internal and external A&F internal and external stakeholders Why stakeholders’ satisfaction is important Using surveys and questionnaires as a tool for improvement Setting the objective of surveys Writing survey questions How to ask What do survey questions tend to measure Sampling methods Administration and analysis of survey results The importance of demographics Simulation: building a satisfaction survey Customers (A/R), suppliers (A/P), employees (payroll), banks (treasury), budgeting, control, financial reporting and analysis Achieving realistic cost savings Importance of saving costs and improving productivity External reasons for cost reduction and savings Advantages and disadvantages of saving costs Cost reduction decision table Example of capabilities developed by companies to reduce costs Strategic and tactical cost actions Shared service centers versus centralization versus outsourcing Organizations that would benefit from shared service centers Process of implementing a shared service center Cost management scenarios based on company’s situation How to play going forward Revenues and cost targets to increase shareholder value Limitations of simple employee lay-offs Use of target costing Control of maintenance, office supplies, theft and lawsuits 10 steps to accomplish cost reductions
