Corporate accountants and their staff around the world have been making the same mistakes, year-in year-out. Why is it that we spend months on an annual planning process that we know is flawed? Why is it we spend many days preparing a monthly report that is informing management well and truly “after the horse has bolted”? Why do we produce a 30+ page finance report for the senior management team? Why do we budget at account code level?

With the economic downturn corporate accountants need to find more time to help their businesses in a more proactive way. This workshop will enlighten and encourage controllers, CFOs, management and financial accountants to avoid these major mistakes. This course is based on David Parmenter’s ground breaking books “Pareto’s 80/20 rule for corporate accountants” and “Winning CFOs” which cover the better practices from ‘winning’ finance teams around the world.

Day 1 attended by the whole accounting team

This day will cover how to avoid the mistakes which include:

  1. Not investing enough in Accounts Payable
  2. Not adopting the purchase card – a free AP system
  3. Allowing month-end reporting to go past three working days
  4. Producing numbing monthly financial reports
  5. Spending months on the annual accounts
  6. Having over 80 account codes for the P/L
  7. Not producing daily/ weekly decision based reports
  8. Letting Excel dominate the finance system
  9. Not celebrating enough
  10. Working hard but not smart

Day 2 attended by the qualified accountants

This day will cover how to avoid the mistakes which include:

  1. Only forecasting to year-end
  2. Breaking down the annual plan into twelve before the year starts
  3. Giving budget holders an annual entitlement
  4. Budgeting at account code level
  5. Taking months doing an annual plan –instead of 10 working days!
  6. Reporting on the wrong performance measures
  7. Using Julius Caesar’s calendar as a reporting tool
  8. Investing in a complex G/L and upgrading unnecessarily
  9. Selling change by logic
  10. Not investing effort and time into leadership –the servant leadership model

Target audience:

The whole finance team for day one and the qualified accountants in day two.

Benefits of attending:

Upon attending you will have a sound understanding of these mistakes and the next steps to circumnavigate around them.