普华永道—财务运营最佳实践—FIN-CM
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普华永道--财务管理最佳实践
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Fixed Assets - Best Practice Objectives
Fixed Assets Objectives
To maintain a complete register of all the organisation’s fixed assets which reflects location, age, current values, associated cost centres To calculate depreciation consistently with financial reporting requirements To optimise replacement policies To minimise ownership costs
Organisation
Asset recording integrated with maintenance and non financial data Centralised asset accounting Asset ownership devolved to business unit level
People
Control focused Challenge asset requisition proposals
Processes
Maintain asset register Acquisitions and disposals Depreciation charge Verifying asset base Maintaining of valuation basis
Fixed Assets - Best Practice Objectives
Fixed Assets Objectives
To maintain a complete register of all the organisation’s fixed assets which reflects location, age, current values, associated cost centres To calculate depreciation consistently with financial reporting requirements To optimise replacement policies To minimise ownership costs
Organisation
Asset recording integrated with maintenance and non financial data Centralised asset accounting Asset ownership devolved to business unit level
People
Control focused Challenge asset requisition proposals
Processes
Maintain asset register Acquisitions and disposals Depreciation charge Verifying asset base Maintaining of valuation basis
普华永道—财务运营最佳实践—FIN-GL
Best Practice Financial Processes: General Ledger
2
General Ledger - Best Practice Objectives
Organisation
People
➢ Centralised processing ➢ Economies of scale
➢Allocation rules are based on agreed rates or service level agreements
➢Consistent use of account codes across business allowing comparison of costs
➢Rigorous period end and year end routines to ensure accuracy of data
➢Detailed procedures applied to reconciliations, accruals and prepayments
➢Period and financial reports produced within 5 working days of period end
➢Flash results within 1 day ➢Cyclical reconciliation of
➢Management accounting information is sourced from GL (no reconciliation to financial accounts required)
➢Level of detail is driven by business requirements
2
General Ledger - Best Practice Objectives
Organisation
People
➢ Centralised processing ➢ Economies of scale
➢Allocation rules are based on agreed rates or service level agreements
➢Consistent use of account codes across business allowing comparison of costs
➢Rigorous period end and year end routines to ensure accuracy of data
➢Detailed procedures applied to reconciliations, accruals and prepayments
➢Period and financial reports produced within 5 working days of period end
➢Flash results within 1 day ➢Cyclical reconciliation of
➢Management accounting information is sourced from GL (no reconciliation to financial accounts required)
➢Level of detail is driven by business requirements
全212普华永道--财务管理最佳实践之应付管理 共17页PPT资料
Interface with General Ledger, Fixed Assets, Project Accounting and Cash Management
Use of workflow software to resolve queries and monitor process
Facility to suspend payments
Integration with General Ledger minimises reconciliation adjustments
Transaction processing prevented for closed periods
Optimisation of early payment discounts
Payment runs properly authorised
Consolidated periodic invoicing for high frequency suppliers
3
Period end processing and reporting
All transactions completed before period closed
Reconciliation of Accounts Payable activity and reconciliation with General Ledger control account
Management reports run once period is finally closed
Cost drivers
Number of invoices received per month Number of suppliers Number of different terms and conditions Complexity of authorisation process Proportion of invoices automatically matched with PO's Number of supplier queries Proportion of invoices received electronically Proportion of payments made electronically
PWC的全球最佳财务实践FIN-AR Best Practice Financial Processes Accounts Receivable
Issue sales order
Issue invoice
Monitor credit/ collect cash
Process Features
➢ Formal credit checks applied to all new customers within 24 hours using credit bureau
Processes
➢ Establish credit levels ➢ Issue sales order ➢ Issue invoice ➢ Monitor credit ➢ Collect cash
Accounts Receivable
Objectives
➢ To ensure customer payments are received efficiently and effectively for goods/services delivered, within the agreed terms and conditions
issued with sales invoices
without valid customer PO to facilitate reconciliation
reference
➢ Self billing invoices by
➢ Delivery note acts as
high volume customers
➢ Monitor credit status/terms on regular basis
➢ Customer account managers provided with up to date credit status
➢ Treasury policy set on late and prompt payments
全212普华永道--财务管理最佳实践之应付管理 共17页
Production of forward payment entry schedules to aid cash flow management
Interface with General Ledger, Purchasing, Fixed Assets and Project Accounting
Optimisation of early payment discounts
Payment runs properly authorised
Consolidated periodic invoicing for high frequency suppliers
3
Period end processing and reporting
Electronic validation and approval of invoices
Automatic matching of invoice to order and goods received note (GRN)
Electronic payments
Default payment terms held on supplier file with manual override at P.O. and invoice
credit and maintaining good relations with suppliers To take full advantage of opportunities to recover VAT
Supplier relations Creditor control
Information Systems
Single supplier database Staff trained in AP process and have clear roles and responsibilities Payment terms defined and agreed with supplier Effective communication and feedback mechanisms in place to handle queries Establish and maintain good supplier relations Process in place for monitoring the status of invoices and payment schedules AP calendar in place and communicated to staff Authorisation levels and payment terms held on the system Automated workflow to route documents to relevant personnel when problems need to be
Interface with General Ledger, Purchasing, Fixed Assets and Project Accounting
Optimisation of early payment discounts
Payment runs properly authorised
Consolidated periodic invoicing for high frequency suppliers
3
Period end processing and reporting
Electronic validation and approval of invoices
Automatic matching of invoice to order and goods received note (GRN)
Electronic payments
Default payment terms held on supplier file with manual override at P.O. and invoice
credit and maintaining good relations with suppliers To take full advantage of opportunities to recover VAT
Supplier relations Creditor control
Information Systems
Single supplier database Staff trained in AP process and have clear roles and responsibilities Payment terms defined and agreed with supplier Effective communication and feedback mechanisms in place to handle queries Establish and maintain good supplier relations Process in place for monitoring the status of invoices and payment schedules AP calendar in place and communicated to staff Authorisation levels and payment terms held on the system Automated workflow to route documents to relevant personnel when problems need to be
212普华永道--财务管理最佳实践之应付管理
resolved Forward payment schedule to cashflow management Flexible matching criteria
PwC175b(1)
8
Accounts Payable - Appendix 1 : IDEF Process Flow
The diagram below provides a key to the process diagrams used in this document.
Single employee database
Audit trail of changes to supplier payment details
System Features
Purchase invoices transacted via EDI with major suppliers wherever possible
Single supplier database Staff trained in AP process and have clear roles and responsibilities Payment terms defined and agreed with supplier Effective communication and feedback mechanisms in place to handle queries Establish and maintain good supplier relations Process in place for monitoring the status of invoices and payment schedules AP calendar in place and communicated to staff Authorisation levels and payment terms held on the system Automated workflow to route documents to relevant personnel when problems need to be
PwC175b(1)
8
Accounts Payable - Appendix 1 : IDEF Process Flow
The diagram below provides a key to the process diagrams used in this document.
Single employee database
Audit trail of changes to supplier payment details
System Features
Purchase invoices transacted via EDI with major suppliers wherever possible
Single supplier database Staff trained in AP process and have clear roles and responsibilities Payment terms defined and agreed with supplier Effective communication and feedback mechanisms in place to handle queries Establish and maintain good supplier relations Process in place for monitoring the status of invoices and payment schedules AP calendar in place and communicated to staff Authorisation levels and payment terms held on the system Automated workflow to route documents to relevant personnel when problems need to be
PwC的财务管理最佳实践 FIN-FA-Best Practice
Fixed Assets processing time
Complexity of assets
Cost drivers
1 day
14 days
40 days
Number of assets on register Number of asset movements Complexity of depreciation policies Complexity of authorisation procedures Range of data held Number of users of data range
Bar
depreciation rules
Fixed Assets - Measures/Cost Drivers
No of Business Unit FTEs per Fixed Assets FTE 5,200 1,400 350 £7 £151 90 percentile Median 10 percentile 10 percentile Median 90 percentile Fixed Assets cost per Business Unit FTE (in £s) £31
Control focused Challenge asset requisition proposals
Processes Maintain asset register Acquisitions and disposals Depreciation charge Verifying asset base Maintaining of valuation basis
Report
普华永道财务管理最佳实践之应付管理-PPT精品
Best Practice Financial Processes: Accounts Payable
Accounts Payable - Best Practice Objectives
Organisation
2
People
Centralised processing Outsourcing potential
Interface with General Ledger, Fixed Assets, Project Accounting and Cash Management
Use of workflow software to resolve queries and monitor process
Process vouchers
Process payments
Authorise and set up new suppliers payment details
Maintain supplier payment details
Segregation of duties between supplier set up, voucher processing and payment processing
Single employee database
Audit trail of changes to supplier payment details
System Features
Purchase invoices transacted via EDI with major suppliers wherever possible
All transactions completed before period closed
Accounts Payable - Best Practice Objectives
Organisation
2
People
Centralised processing Outsourcing potential
Interface with General Ledger, Fixed Assets, Project Accounting and Cash Management
Use of workflow software to resolve queries and monitor process
Process vouchers
Process payments
Authorise and set up new suppliers payment details
Maintain supplier payment details
Segregation of duties between supplier set up, voucher processing and payment processing
Single employee database
Audit trail of changes to supplier payment details
System Features
Purchase invoices transacted via EDI with major suppliers wherever possible
All transactions completed before period closed
普华永道财务管理最佳实践之应付管理-17页精品文档
Single employee database
Audit trail of changes to supplier payment details
System Features
Purchase invoices transacted via EDI with major suppliers wherever possible
6
To
Integrated systems Electronic payment On-line matching Shared Service Centres or
outsourced services
PwC175b(1)
7
Accounts Payable - Critical Success Factors These are a summary of the key business requirements, which must be met to achieve the objectives.
resolved Forward payment schedule to cashflow management Flexible matching criteria
PwC175b(1)
8
Accounts Payable - Appendix 1 : IDEF Process Flow
The diagram below provides a key to the process diagrams used in this document.
credit and maintaining good relations with suppliers To take full advantage of opportunities to recover VAT
Audit trail of changes to supplier payment details
System Features
Purchase invoices transacted via EDI with major suppliers wherever possible
6
To
Integrated systems Electronic payment On-line matching Shared Service Centres or
outsourced services
PwC175b(1)
7
Accounts Payable - Critical Success Factors These are a summary of the key business requirements, which must be met to achieve the objectives.
resolved Forward payment schedule to cashflow management Flexible matching criteria
PwC175b(1)
8
Accounts Payable - Appendix 1 : IDEF Process Flow
The diagram below provides a key to the process diagrams used in this document.
credit and maintaining good relations with suppliers To take full advantage of opportunities to recover VAT
(全)212普华永道--财务管理最佳实践之应付管理共17页文档
credit and maintaining good relations with suppliers To take full advantage of opportunities to recover VAT
Supplier relations Creditor control
Information Systems
Interface with General Ledger, Fixed Assets, Project Accounting and Cash Management
Use of workflow software to resolve queries and monitor process
6
To
Integrated systems Electronic payment On-line matching Shared Service Centres or
outsourced services
PwC175b(1)
7
Accounts Payable - Critical Success Factors These are a summary of the key business requirements, which must be met to achieve the objectives.
Invoice processing time in days
6 days
16 days
49 days
10 percentile
Median
90 percentile
Cost per purchase invoice processed £6
£2
10 percentile Median
Supplier relations Creditor control
Information Systems
Interface with General Ledger, Fixed Assets, Project Accounting and Cash Management
Use of workflow software to resolve queries and monitor process
6
To
Integrated systems Electronic payment On-line matching Shared Service Centres or
outsourced services
PwC175b(1)
7
Accounts Payable - Critical Success Factors These are a summary of the key business requirements, which must be met to achieve the objectives.
Invoice processing time in days
6 days
16 days
49 days
10 percentile
Median
90 percentile
Cost per purchase invoice processed £6
£2
10 percentile Median
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Process Features
➢ Map cash collection and payment cycles, identify actions to minimise these periods
➢ Cash balances reported on a daily basis by account and business centres
transactions ➢ Effectively forecast cash requirements ➢ Manage petty cash efficiently
➢ Cash management skills ➢ Liaison with financial
instituttems
➢ Transmit mechanisms evaluated ➢ Clear unmatched cash within 1
on cost and risk basis
day
➢ Create netting arrangement with internal business partners
➢ Obtain pan-European banking facilities that allow netting off of account balances
➢ Integrated bank account with subledgers
➢ Automatic bank reconciliations
➢ On-line/real time ➢ Cash forecasting
Controls
➢ Policies & Procedures
➢ Bank liaison ➢ Authorisation limits ➢ Internal controls
Perform bank reconciliations
Report and manage cash
balances
3
Forecast cash requirements
➢ Segregate cash management from accounts receivable and accounts payable functions
➢ Treasury consolidate and manage cash forecast requirements
➢ Localise cash collection
➢ Minimise level of petty cash requirements
➢ Minimum number of banking relationships maintained to ensure coverage and purchasing power
➢ Petty cash/foreign currency floats periodically audited
➢ Forecast cash on a regular basis: rolling 12 month forecast - annual 5 year ahead reviews
➢ Company loan accounts reconciled monthly
closing & reporting
Cash Management Objectives
➢ Manage short term liquidity and long term funding requirements
➢ Minimise company’s cost of capital ➢ Efficiently manage the processing of cash
Best Practice Financial Processes: Cash Management
Cash Mgmt update
Cash Management - Best Practice Objectives
Organisation
2
People
➢ Centralised cash office & pooling
➢ Treasury determine short term cash requirements from cash forecast and daily report
➢ Monitor bank facilities to minimise interest payments and maximise receipts
➢ Monitor the cost of cash transmission mechanisms
PwC175g
Cash Management - Best Practice Features
Establish and maintain cash control mechanisms
Perform bank reconciliations
Measures
➢ Speed of reporting ➢ Accuracy of
forecasting ➢ Return on Capital
PwC175g
Cash Management - Best Practice Features
Establish and maintain cash control mechanisms
➢ Regular reconciliation of all cash books. Maintain petty cash imprest systems
➢ Obtain access to on line bank statements
➢ Cash surpluses managed by Treasury
➢ Integrated with Accounts functions
Processes
➢ Record/manage receipts and payments
➢ Manage cash position ➢ Perform
reconciliations ➢ Perform period end