Process Improvement for Effective Budgeting and Financial Reporting

As a company’s financial executives inevitably come and go, there is little time or attention paid to improving the essential budgeting and financial reporting processes that in fact dramatically affect a business’s performance. New software has little effect when incorporated into inefficient routines and when new management styles fail to address fundamental procedural problems. Applying the famed 80/20 rule–improving 80% of processes in 20% of the time that it would take to improve 100%–four operational experts go straight to the heart of the matter, laying out a compelling blueprint for improving a variety of essential procedures in Process Improvement for Effective Budgeting and Financial Reporting.

This much-needed guide combinesmethodology and systems from general business process improvement (BPI), as well as from business re-engineering theories, and applies them specifically to budgeting and reporting processes. Part One, "Introduction to Business Process Improvement," introduces readers to financial process analysis and the trends affecting managers today, while Part Two, "Business Process Improvement Project," takes readers step-by-step through actual project implementation. Part Three, "Designing the Ultimate Chart of Accounts," shows readers how to create a chart of accounts that easily adapts to changes and additions, remains clean and structured, and incorporates a code system that better captures relevant management information. Part Four, "Interviews," presents thoughtful discussions with professionals who have implemented BPI projects, BPI consultants, and technology gurus on common pitfalls and solutions. Part Five, "Software Tools and Resources," provides an in-depth look at the products available that can aid the BPI process and which specific tools may be appropriate for individual cases. Other topics covered include:

• How to sell change to your organization

• Budgeting and reporting diagnostics

• How to identify key budget process building blocks

• Software buyer’s guide