• Business and technology transformation

  

  by Alex Roan on Jun 25, 2020

  The chart of account (CoA) is one of the most important structures in business. It reflects all the activities a business is involved in and it provides a foundation for the majority of financial and management reporting. Correct use of the chart of accounts can both simplify operations and improve decision making capability.

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• A simple guide to cost reduction

  

  by Alex Roan on Jun 19, 2020

  Whenever discussing cost reduction it's important to consider corporate social responsibility as a starting point. Ideally, companies can find the right balance between reducing costs and thinking about employee and business partner (e.g. supplier) impacts. Employee layoffs can have a devastating effect on individuals. Business partner changes can put companies out of business. When planning and executing cost reduction these impacts should be considered. In real life, this might mean trying to offer employees other options (reduced hours / different contract terms / new profit-generating roles) or business partners a revised agreement.

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• Improving the record to report process

  by Alex Roan on May 18, 2020

  Starting from business transactions such as the purchase of materials, payments to employees and sale of goods and services. Ending with reporting and decision making including the submission of detailed annual reports. The 'record to report' process (RtR) is a long, complex process that involves people from across the enterprise. Despite the critical nature of this process, it’s rare to find RtR clearly documented from start to finish. I've found that few finance employees can describe the complete process. In part, this is because the process touches core operational transactions (purchases, manufacturing, sales etc.). From another perspective, it's because certain parts of the process require a high level of expertise.

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• Insight in finance - the light bulb moment!

  by Alex Roan on Jul 23, 2015

  Insight is often talked about in Finance, but not always clearly defined. What does it really mean to provide insight and how does this differ from the core role of preparing financial and management reports and accounts?

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