Pareto's 80/20 Rule for Corporate Accountants
Learn the Secret to Success Using Pareto's 80/20 Rule for Corporate Accountants\ "If you really want to change from being an overburdened data processor, into an effective value-adding financial analyst, you must read this book. Pareto's 80/20 Rule for Corporate Accountants shows you how to focus on the vital few activities that genuinely create and add value."\ —Harry Mills, author of The Rainmaker's Toolkit and The Streetsmart Negotiator\ "Most finance managers know that 80 percent of value...
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Pareto's 80/20 Rule for Corporate AccountantsNow corporate accountants can learn how to leverage Pareto's 80/20 principle—the renowned rule that states 80 percent of all our results stem from a mere 20 percent of our efforts—and become more effective within their organizations with less effort. Pareto's 80/20 Rule for Corporate Accountants equips controllers, CFOs, management and financial accountants to radically transform their contribution to their organizations, maximize their job satisfaction and profile, and leave a legacy of efficiency and effectiveness in every organization for which they work.One of the great secrets of highly effective people, the Pareto 80/20 Rule shows how accountants can achieve much more with much less effort, time, and resources, simply by identifying and focusing their efforts on the 20 percent that really counts. This proactive guide, a first of its kind, has an abundance of tools to ensure that your implementation of better practices stays on track, including:Over twenty reporting templates for daily, weekly, and monthly reportingChecklists, workshop agendas, useful memos, and timeframesHow to process re-engineer using "post-it" stickers Ways to tackle the bottlenecks to expedite month-end reporting and quarterly rolling planningHow to sell change to managementOrganized into two parts, Part 1 of Pareto's 80/20 Rule for Corporate Accountants focuses on the areas where the finance team can score the easy goals, including month-end reporting, monthly reports, board reporting, annual planning, and managing debtors and clients. Part 2 discusses more wide ranging changes such as cost apportionment, best practices for using key performance indicators (KPIs), investing in accounting systems, and quarterly rolling planning. Why spend months on an annual planning process you know is flawed? Why spend precious time on an annual report working on final numbers that were available the first week of the new year? Make the most of your efforts—discover the hidden potential of the 80/20 Rule and revolutionize both your effectiveness as a corporate accountant—and your career.
Acknowledgments ixIntroduction xiAreas to Focus on in the Next Six Months 1Accounts Payable in the 21st Century 3Timely Month-End Reporting-By Working Day 3 or Less 15Make the Monthly Reports Worth Reading 27Limit Time Invested in Board Reporting 45Timely Annual Planning Process: Ten Working Days or Less! 57Managing the Most Important Resource: The Accounting Team 67Quick Annual Reporting: Within 15 Working Days Post Year-End 75Managing Debtors 89Marketing the Accounting Function 93Client Management: Improving Relationships with Budget Holders 99Working Smarter Not Harder 103Maximize the Use of the General Ledger 111Areas to Focus on Once Core Gains Have Been Achieved 115Throw Out Annual Planning and the Associated Monthly Budget Cycle 117Quarterly Rolling Planning: An Evolvement from Quarterly Rolling Forecasting 123Cost Apportionment: Do Not Do It Monthly! 147Ban Excel from Core Monthly Routines 149More Emphasis on Daily and Weekly Reporting 151Report Your Winning Key Performance Indicators 157Where to Invest in Your Accounting Systems for Maximum Benefit 173Implementing a New Accounting System 179Better Use of the Intranet 183Board Meetings Held Less Frequently Than Once a Month 187Become a "Warrior Against Waste" 189Part One Checklist on Those Areas Where the Finance Team Can Score the Easy Goals 193Implementation Steps to Reduce Month-End Reporting Time Frames Checklist 202Streamlining an Annual Planning Process Checklist 205Speeding Up the Annual Audit Process Checklist 209Part Two Checklist on More Wide-Ranging Changes Which Will Require a Significant Investment from the Finance Team 214How a Quarterly Rolling Forecast Can Be Laid Out in a Planning Tool 220Implementing a Quarterly Rolling Forecast Checklist 225Performing a Quarterly Rolling Forecast Checklist 230Useful Letters and Memos 234Satisfaction Survey for an Accounting Team 239Index 245
