5 Collections Techniques to Keep Your Costs Down and Have A Customer Focus

Rachele Collins's picture

While no organization likes to admit that a certain percentage of their customer receivables may at some time become overdue, and some even become uncollectible, the reality is that it happens to most organizations. In fact, according to APQC’s Open Standards Benchmarking (OSB) Database on Accounts Receivable and Collections, the percentage of active customers that are delinquent at any time during the year ranges from 12 percent (top performers) to 20 percent (bottom performers).

How Design Thinking Can Help Finance Professionals Achieve their 2018 Goals

Michael Sims's picture

At the beginning of the year we surveyed a group of 260 finance professionals from across industries and regions to find out what their priorities were for 2018. The results were at once simple and complex.  The top two finance function priorities for 2018 were:

Using May’s Metric of the Month – Days Sales Outstanding - to focus on value

Steve Player's picture

CFO Magazine’s May Metric of the Month column (authored by my colleague, Perry D. Wiggins) discusses Days Sales Outstanding (DSO) with an excellent analogy to scuba diving. I highly recommend that column as Perry provides many useful ideas you can immediately use to improve DSO.

4 KPIs Set Good Accounts Payable Organizations Apart

Rachele Collins's picture

A core finance process, accounts payable (AP) involves all of the essential activities of an organization to pay its suppliers. As one of the primary organizational candidates for early automation, AP is ripe for innovation through process improvement and automation. These improvements can liberate AP professionals from transactional tasks in order to best make use of their valuable time.

Four Reasons Shared Services Don’t Deliver in Finance

Steve Player's picture

My colleague, Perry D. Wiggins, has recently authored another entry in CFO Magazine’s Metric of the Month column discussing Shared Services. In serving as the CFO for the APQC and in the many finance leadership roles in industry that Perry had before joining the APQC, he has seen many of these practices in action as well as the research on their benefits.

5 Things Best-in-class Finance Organizations Do That You Need to Borrow

Rachele Collins's picture

As many of the readers may be aware, APQC was foundational in the establishment of the Malcom Baldrige National Quality Award (MBNQA), and helped to develop the concept, criteria, funds, and ultimately secure Congressional approval for this award in 1985. Since that award’s establishment, more than 100 companies have won this prestigious award.

How Finance Organizations Can Have Even Faster Cycle Time to Close

Steve Player's picture

In the CFO Magazine’s 2018 Metric of the Month article, APQC’s CFO Perry D. Wiggins shares how top performing finance organizations are dramatically faster on the cycle time to monthly close. They are achieving these gains by better data governance, common data definitions, and standardized charts of accounts. They standardize the monthly close and move tasks to optimal times.

Building The Business Case for Financial Shared Services

Rachele Collins's picture

There are many benefits that organizations can realize by leveraging a shared services delivery model for finance transaction processing, such as increased efficiencies, reduced costs, and increased productivity. For example, consider the following efficiency and cost metrics for the overall finance function from APQC’s last finance shared services data collection conducted in conjunction with management consultancy ScottMadden:

How to Leverage Finance Metrics in Your Organization

Steve Player's picture

Recently we worked with the leader of a large accounts payables group who had been asked by his CFO to comment on how their shared services accounts payable group matched up to benchmarks. In helping him answer that question we identified some very important principles to keep in mind when using quantitative benchmarks.

2018’s Biggest Finance Focus: Improving General Accounting and Reporting Processes

Rachele Collins's picture

APQC recently concluded its latest financial management “trends and challenges survey”−260 midsize to large organizations from around the globe participated in the survey −and the data shows some interesting results.