accountant – Page 4 – Cooper Mann Consulting

Knowledge, Sustainability, and Succession

In a global economy, where competitive pressures are increasing every day for even the smallest of businesses, sustainability becomes as much a focus for the business as growth once was. Developing strategies for retaining profit margins, improving cash flows, solidifying supply chains, and streamlining operational processes is essential when designing the business to handle the stresses of a depressed economy. But knowledge management – investing the learning and experience of individuals into the DNA of the business – is also an essential element to sustainability and business continuity. When the entire realm of understanding of how the business runs exists solely in the proprietor or founder, there is little foundation upon which to build an enterprise. However, when this knowledge is turned into systems and processes which guide the operation, results are able to be reproduced consistently, and reliance upon key individuals is reduced significantly. This aspect of succession planning is often overlooked, but is THE essential element in business continuity.

Accounting professionals are trusted advisors to their clients, and provide much more service than simply financial reporting. The consultative approach, delving deeper into the business and looking beyond the surface-level numbers, is what business owners are looking for. You can help your clients see beyond the numbers to find ways to improve efficiency and profitability in the business, and to help turn individual knowledge into business knowledge, crafting a plan to retain and build on that value. That’s what sustainability is all about.

Make sense?

Success in the Finance Department: Better Data and Analysis

CFOs and corporate controllers are beginning to recognize the increased value they can deliver to the organization when they take a more holistic and comprehensive approach to data reporting and analysis. The key is in delegation of duties, and establishing the controls and connections which ensure proper (and complete) flow of information throughout the enterprise. The finance department can easily become overburdened if not structured properly, but can be as easily undervalued if the sole focus is getting the numbers right.

An article on CFO.com discusses some of the elements of structuring the finance department for greater success, and identifies the value of taking a proactive, consultative and analytical approach to business finance.

“For a CFO, “success is not just about getting the numbers right, but also uncovering the story behind the numbers: taking raw accounting information and creating cogent and compelling management discussion and analysis,” says Eileen Kamerick, managing director and CFO at investment bank Houlihan Lokey.

Those who take the big picture into account are more likely to develop an organizational structure that isn’t merely reactive. That will allow staff to come up with more ideas and, ultimately, help drive revenue and run the business. “You have to create an organization so you aren’t in the engine all the time,” Kamerick notes.”

This is a great article… read the entire post on CFO.com here

You’ll find that it makes sense.