Ten critical success factors for finance function success: - Optimise processes
Document and standardise processes to minimize exceptions and improve efficiency. Staff should always be trained and up-to-date on these processes.
- Focus on the control environment
A key finance function objective is to protect assets. Ensure critical controls, policies and procedures are always in place, but at the same time not creating bottlenecks in the organisation.
- Optimise available technology
Ensure processes are appropriately enabled by technology and new functionality is constantly incorporated into existing processes in a controlled manner. Staff must be trained and up-to-date on the technology.
- Performance management
Another key objective of the finance function is creating value. This is possible through appropriate reporting, information visibility and designing performance measurement and management systems for the organization.
- Compliance
Robust compliance as efficiently and cost effectively as possible. Identify all compliance and timing, assign responsibilities and providers and monitor.
- Retain staff
Recruiting and training staff is expensive. Retaining staff is not as expensive. Identify your performers and make plans around each one.
- Plan for the future
Consider appropriate strategies for the future of finance, including outsourcing and/ or shared services.
- Manage working capital
Monitor and manage working capital, especially payables, receivables and cash. Ensure appropriate strategies are in place to minimize working capital with relevant process, reporting and management.
- Tax management
Monitor all aspects of tax compliance and planning; use external providers efficiently and effectively.
- Reporting standards
Follow statutory reporting standards and ensure the organisations reputation is at all times protected with respect to reporting requirements.
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