- Why Every Business Should Build Weekly Cash Flow Forecasts
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- When most finance professionals hear the term “13 week cash forecast,” they view it as a burden—one more task to appease an overbearing lender. Most finance professionals do not get nearly as excited about building it as they do about building a projection model for an acquisition or investment. It doesn’t help that companies generally tend not to focus on their liquidity needs until they are forced to do so. Therefore, people often only prioritize the weekly cash forecasts in distressed situations, when it is too late to take corrective actions. And even still, the analysis is often hastily executed and inaccurate.
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Take Assessment Watch Video- CFO Talk: Accelerating Finance Transformation with Andrew Codd
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- Andrew Codd, a global expert who combines deep finance knowledge with data & analytics to accelerate finance transformations, tackles questions like these in his CFO Talk with Steve: 1. What does the traditional vs modern approach to a data & analytics transformation look like, and why should CFOs care? 2. What is so important about outside vs internal investments in this area? 3. On how to leverage our core skills to keep transformations on the rails 4. How is the diamond organizational structure and why does it better support finance teams today than the traditional pyramid structure? 5. Andrew reflects on how learning from a guild formed back in the 13th century can help us today. 6. Team. Talent. Leadership. Culture. Visit Andrew’s library on CFO.University here:https://cfo.university/library/contributor/andrew-codd
- Proactive vs. Reactive Approach to Risk Management
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- So we all love insurance. Well, actually that’s just me. Most people tend to tense up when they hear the word “insurance”. Organizations typically buy insurance based on catastrophic events that can cripple their business. I’ll never forget when I was twenty-two years old and had just become an insurance broker. I sat down with the owner of a sign manufacturing company. After fifteen minutes of talking about risk and their insurance needs, the owner turned to me and said, Nick, “I really have no idea what you’re talking about, just make sure that sh—is covered when it hits the fan.”
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
