Video/Presentation: http://www.proformative.com/events/how-leaders-use-benchmarks-best-practices-transform-finance
Statutory financial reporting and filing has experienced profound change of late. Unrelenting regulatory pressure, shortened deadlines, digital mandates, and accounting complexity make the Record-to-Report (R2R) process extremely expensive, inefficient, and fraught with risk for the Office of the CFO. This educational session will focus on highlighting the current state of the record-to-report process and understanding the expense impact of R2R on the bottom line. It will also show attendees how to identify critical R2R efficiency opportunities while minimizing risk across the financial close, compliance and disclosure management efforts. Lastly, attendees will learn best practices and things to avoid in the R2R process.
Speakers:
Mike Duderich, Finance Director, Americas R2R Operations, Unilever
Ken Fritz, Executive Vice President, Trintech
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Governance, Risk, Compliance | Session: 1
APQC's Process Classification FrameworkSM (PCF) provides a framework and set of common definitions for business processes so that benchmarking can truly take place on a common playing field.
See points made in BF 8.12 article re: it’s the 10 – 15% of the match failures that really drive your costs. A lot of the time it’s not AP’s fault. So, here’s where best practice cos do more than throw automation at the picture. They work collaboratively with operations/procurement/sales, fulfillment, etc. to resolve root cause of errors on invoices.
Median is the midpoint in a range of data… Top quartile – better than 75% or rangeBottom quartile – worse that 75% of rangeBucket 4 is the top quartile that has 85-99% invoice line items matched first time
First, consider the cost of producing and filing SEC Form 10-Q. The fastest companies—those that prepare and file their quarterly statements in 10 or fewer days—reside in the top quartile and spend relatively less money to perform financial reporting per $1,000 in revenue (Figure 4). Obviously, the slowest organizations—those that take more than 25 days to complete the quartertly cycle and comprise the bottom quartile—are at a disadvantage.A 10-Q is a comprehensive report of a company's performance that must be submitted quarterly by all public companies to the Securities and Exchange Commission. Its annual counterpart is SEC Form 10-K.The top quartile is the performance level above which 25% of all responses occur. The bottom quartile is the performance level above which 75% of all responses occur. The median is the middle value in a set of values that are arranged in ascending or descending order.First, consider the cost of producing and filing SEC Form 10-Q. The fastest companies—those that prepare and file their quarterly statements in 10 or fewer days—reside in the top quartile and spend relatively less money to perform financial reporting per $1,000 in revenue (Figure 4). Obviously, the slowest organizations—those that take more than 25 days to complete the quartertly cycle and comprise the bottom quartile—are at a disadvantage.A 10-Q is a comprehensive report of a company's performance that must be submitted quarterly by all public companies to the Securities and Exchange Commission. Its annual counterpart is SEC Form 10-K.The top quartile is the performance level above which 25% of all responses occur. The bottom quartile is the performance level above which 75% of all responses occur. The median is the middle value in a set of values that are arranged in ascending or descending order.