All companies want to improve their efficiency, but many find it difficult to identify the gaps in their business practices that are preventing them from achieving significant breakthroughs. One remedy for this malady is to use an external resource that isn’t blinded by the company’s tradition and norms. A financial consultant with a fresh, outside perspective, sophisticated analytical skills and new technology can give an immediate boost to your company. A strong advisor will be able to sort the high value opportunities from the low-payoff activities, develop the plan to achieve them and have the capabilities to execute the plan within your organization.

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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:

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The worst time to start planning for a crisis is when one is actually happening. A little foresight can mitigate the damage caused by economic turbulence, especially if companies use the right analytical tools.

One such tool is a sensitivity analysis, also called a “what if” analysis.

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Board of Directors and CEOs rely on Chief Financial Officers. They rely on them to explain the past, see the future and provide insight into corporate planning and decision making. Of course, the operational tasks of liquidity management, margin analysis and asset utilization are also first tier responsibilities of the CFO.

While being a Board member or the CEO doesn’t require a degree in finance, good financial management is the result of having confidence all your CFO pillars are being responsibly managed. These pillars are made up of four specific activities. In this article we’ll walk through each one and share some tools to help you improve these four pillars.

· Timely and Accurate Recording and Reporting Systems

· Treasury Management Skills

· Business Planning and Business Growth

· Governance and Controls

Learn about each activity in the full article.

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Lean manufacturing has gained increasing acceptance on the production line in recent decades. Manufacturers are using sophisticated “lean” techniques to eliminate duplication and waste in order to achieve efficiency.

Similarly, finance teams are beginning to see the value of applying this lean concept to their own operations, thereby streamlining processes and saving money.

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