Month End - A time to look forwards or backwards?

MichaelStirrup — Tue, 03 Apr 2007 09:43:00 GMT

For some companies, Month End takes up to half the month to complete; by this time much of the information is out of date. We have helped companies produce Month End management accounts much faster than this - typically by working day 5 or 6, which is when we produce ours. Issues that can slow down your month end:

• Lack of goal congruence across departments

• Lack of communication

• Many disparate systems holding data

• No Standard Procedures

Implementing just one of the following will help to speed up the time that your accounts are produced:

• Creation of a Month End Timetable - set targets

• Business Process Mapping - find out the bottlenecks

• Improved communication within and across departments

• Integrate systems - stop duplication

• Continual improvement

With earlier results the Finance Department can begin to interpret data using financial analysis tools; (like the new Microsoft® Performance Point Server.) With a faster month end your analysis will give results that can really make a change to your business performance.

If you want to know more then have a read of my whitepaper at www.waterstons.co.uk/inspire or contact me consulting@waterstons.co.uk .

IT, Business Strategy and Finance

MichaelStirrup — Tue, 20 Mar 2007 13:48:00 GMT

This blog intends to highlight how IT links in with both Business Strategy and Finance. Far too often IT and new technology is just used or installed as it's the "latest thing" with no thought as to how it can add value to a business, reduce operating costs and help a business achieve it's Business Strategy. This blog will show exactly how IT can benefit your business and not just be an expensive flashy overhead. I come from a Management Accountancy background and work for a Consultancy company called Waterstons (www.waterstons.co.uk) in Durham, UK.

IT, Business Strategy & Finance – how can they work together?

Month End - A time to look forwards or backwards?

IT, Business Strategy and Finance