- Quality vs Speed: Why Chasing Perfection to the Penny Holds You Back
-
- Before discussing speed versus precision, it is important to separate historical reporting from forward looking analysis. Historical financial data such as the performance P&L and balance sheet must always be accurate. These numbers represent facts and are the basis for trust, accountability and decision making. There is little flexibility here and the trade off between speed for quality has high diminishing returns. Zach Kritikos explains why this is different for forecasts and how you can leverage those differences.
Join our Community of Member Scholars for tools, courses and exclusive content to develop your skills as a Chief Financial Officer.
Take Your Personalized CFO Readiness Survey by clicking the Take Assessment button below.
Take Assessment Watch Video- Don’t Miss the Danger Signs: How to Monitor Your Risk Controls
-
- As advanced as an Internal Control Plan can be, it is not self-sustaining. Independent and/or ongoing evaluations are required to determine if each component is functioning effectively, and to allow deficiencies to be addressed in a timely manner. Monitoring is the process of comparing what you would expect to what actually happens. Within the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, that takes place in three stages:
- Financial Close Assessment
-
- We really like this 10 question, simple survey used to calibrate where your financial closing process sits in the evolutionary value chain of financial processes. More importantly, we believe you will agree. This short Financial Close Assessment identifies how well your close is delivering value to your business. It will also provide you a roadmap to improving your close.
Governance & Controls – structure and controls.
Transaction Recording – systems, transaction processing and closing the books.
Reporting - efficient, timely and accurate information for decision making and meeting compliance requirements.
Accounting
Business Planning - provide the financial roadmap for the company with supporting analytics.
Financial Forecasting - integrate the company’s current performance relative to budget with the real-time business environment.
Investment Analysis - the framework to analyze new opportunities as they present themselves.
Finance
Cash Management - the discipline to ensure cash is available to operate the business normally.
Funding - Planning for and raising funds to meet the needs of the business.
Risk Management – Identification and mitigation of key business risks.
Treasury
Self-Awareness - Internal.
Team Building - External.
Strategy & Culture – Motivate people to follow you.
Leadership
Four Pillars of Executive Expertise
CFO.University is built around the Four Pillars of CFO Success. These Pillars are supported with Core Competencies. Our framework allows you to master your role as a senior financial officer. The Four Pillars are made up of:
Accounting – Governance & Controls, Transaction Recording and Reporting
Finance – Business Planning, Financial Forecasting and Investment Analysis
Treasury – Cash Management, Funding (Capital Raising) and Risk Management
Leadership – Self Awareness, Team Building and Strategy & Culture
