- What Area of the Cash Flow Statement is Top of Mind for You in 2022?
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- To help CFOs and other finance leaders navigate the uncertainty and change looming in the economy we started our series, What is Top of Mind for You? Part I dealt with the balance sheet, What Area of The Balance Sheet Is Top of Mind For You? Part II dealt with the Income Statement What Area of the Income Statement is Top of Mind for You in 2022? In Part III, we tackle the Cash Flow Statement.
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Take Assessment Watch Video- The Building Blocks of a Sound Business Plan Start at the Top
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- A successful business plan is built on accurate data, but few numbers are so important—and so difficult to get right—as projected revenue. Growing revenue powers income growth which is what fuels future business expansion. Complicating things further, “revenue” is a word that represents many moving parts. How do you keep track of them all? How do you make your projection as accurate as it can be?
- The First 101 Days of a Successful CFO
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- You just accepted your first role as a Chief Financial Officer. Congratulations! You have made it to the top of your profession. There is a good chance you have a post graduate degree or two, professional certifications that give you expert status in specific disciplines and more than one non-profit or professional association has benefited from your presence. It’s been hard work getting qualified for this new job. You deserve it. Even with all that preparation, we imagine you have a few butterflies fluttering wildly in your stomach. Our wish for you is great success. Maybe we can even help settle the butterflies and get you off to a great start in your new job. The First 101 Days of a Successful CFO is a road map to help you assess where your efforts in the accounting, finance and treasury functions and in you leadership role should be focused in your first 101 days. We divided the assessment part of this process into 9 components. With good time management the assessment should take about 2 weeks of your time. Don’t let that worry you. The components are areas you will become familiar with early on in your new role anyway. This formal process not only prevents you from overlooking key areas, it will save you time in the long run. These components are foundational to becoming a great CFO. Once these components are assessed you will have enough information to develop and execute a plan to get your operations in order. The 9 components to be assessed are: 1. Review the Corporate Strategy: This should be done with the CEO and Board Chair. Look for completeness, consistency, communication and evidence that all parts of the strategy (or business plan) are being implemented. Take this opportunity to learn how they describe why the company exists and what they believe is important.
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
