Benchmarking Partnerships

 

Corporate Finance Best Practice Compendium Report

Please find below the full table of contents, appendix references, plus Executive summary- aim and scope, with an order form below should you wish to purchase the full report

Table of contents

1.

Executive Summary

  Page 7
  1.1 Aim of this Compendium   Page 7
  1.2 Scope of this Compendium   Page 7
  1.3 Method for Compiling this Compendium   Page 8
  1.4 Executive Summary of Best Practices   Page 8
  1.5 Possible Next Steps   Page 14
2. Introduction—The Corporate Finance Position   Page 15
  2.1 Why does Corporate Finance matter?   Page 16
  2.2 The Corporate Finance Agenda   Page 17
3. Strategic Approach to Corporate Finance   Page 22
  3.1 Corporate Finance Strategy and Principles   Page 22
  3.2 Clear Line of Sight, Strategic Planning and Alignment   Page 24
  Case Study Examples   Page 24
  3.3 Partnership Agreements   Page 27
  Case Study Examples   Page 29
  3.4 Monitoring Corporate Finance Performance   Page 30
  Case Study Examples   Page 30
  3.5 KPIs and Benchmarks for Corporate Finance   Page 31
  Case Study Examples   Page 32
  3.6 Leadership   Page 34
  A recent global best practice study on Leadership   Page 38
  Case Study Examples   Page 38
  3.7 Process Innovation   Page 40
  Case Study Examples   Page 43
  3.8 Shared Services   Page 44
  Case Study Examples   Page 45
  3.9 Resource Management   Page 47
  Case Study Examples   Page 47
  3.10 Rapidly Growing Organisations   Page 49
  Case Study Examples   Page 49
  3.11 Remote Workers & Geographically Dispersed Organisations   Page 50
  Case Study Examples   Page 50
  3.12 Technology Solutions   Page 55
  Case Study Examples   Page 55
  3.13 Organisational Structure/Finance role   Page 56
  3.14 Accounts Payable   Page 60
  3.15 Procurement cards   Page 62
  About Benchmarking Partnerships   Page 66
  Corporate Finance  Compendium Flowchart Methodology   Page 68

Contact us:

Anton Benc
Phone: 0409 145 033
Bruce Searles
Phone: 0418 267 794

Benchmarking is a Business Excellence tool for finding, adapting and implementing outstanding practices in order to achieve superior performance.  Benchmarking comprises prioritisation of strategic improvement needs (the why), measurement (the what—the Benchmarks) and practices (the how—the doing of benchmarking).  Re-measure tracks performance improvement. 

Confidentiality

Please note that this report is currently only for use by your organisation within your organisation.  We have yet to receive approval from some organisations to be referenced in the report for any use outside your organisation.  Note also that some sources of material do not wish to be referenced.

Acknowledgements

Benchmarking Partnerships would like to thank the following various organisations mentioned throughout this report who contributed to its body of knowledge. 

American Productivity and Quality Centre(APQC)

LeasePlan Australia

MEMC Electronic Materials Inc

Melville City Council

Wellpoint Inc

Australian Government, Department of Finance & Deregulation, Performance Information and Indicators, October 2010

Atlas Air Worldwide Holdings Inc

Australian National Audit Office

Owens- Illinois Inc

Bpir.com

AES Corp

RMIT

Regal Beloit

Ernst & Young

Arrow Electronics Inc

Open Compliance & Thics Group

Kimberly-Clark Corp

Bristol-Myers Squib Foundation

CIVICUS

Tiffany and Company

University of Sydney

PricewaterhouseCoopers

Fraunhofer IPK

Telstra

University of Aberdeen

Monash University

Michael F Doody, HealthCare Financial Management

Carson Dye, author- Exceptional leadership

Houghton Mifflin(USA)

Lord Janvrin, Chairman of the leadership Council

Just in Time Accounting

Park Nicollet

North Shore Long Island, Center for Emergency Medical Services.

Answerthink

Spencer Stuart

The Company Agency leadership Council

Arthur Andersen

Australian Taxation Office

Australian Customs Service

Horizon Power

The Cancer Institute NSW

NSW Health

Murdoch University

 

You can have a similar Compendium of Best Practice compiled on your important learning need topic.  Visit this page

Appendices—See Separate Documents

  1. RMIT Delivery Model
  2. NGO Financial Management Pocket Guide
  3. CFO at the Centre
  4. SAP-APQC 10 Best Practices for Strategic Finance
  5. Example Partnership Agreement
  6. Example Customer Survey
  7. Customer Survey Results Graphs
  8. University of Sydney Service Level Agreements
  9. Process Innovation
  10. APQC OSBC
  11. Monash University Summary of Services and KPIs
  12. University of Aberdeen SLA and KPIs
  13. CFO Traits – Tailoring Leadership Skills
  14. John Kotter
  15. Finance and Accounting KPIs
  16. Accounting Measures
  17. AFP Evolving Role of Treasury Survey Report
  18. Murdoch University- Purchasing Cards
  19. NSW Health Procurement Cards
  20. The Cancer Institute NSW- Corporate Credit Card Policy & Guidelines

1. Executive Summary

1.1 Aim of this Compendium

The aim of this Compendium is to report the very good practices of leading organisations on how they plan, resource and deploy Corporate Finance within organisations, with a particular emphasis on fast growing and widely dispersed organisations. 

    The outcomes by finding and implementing innovative Corporate Finance Best Practices include:

    • Ensuring Finance Services are adequately resourced
    • Ensuring appropriate systems and processes
    • Ensuring Finance Services can contribute strategically to business growth and forecasting as well as to the Finance processes eg payroll, budgeting, reporting
    • Partnering with stakeholders
    • Performance Management and reducing stresses on staff

    1.2 Scope of this Compendium

    Benchmarking Partnerships has researched and prepared a Compendium of Best Practices report regarding Corporate Finance covering the following scope of learning needs:

    • Human and other resources required to meet comparative organisational finance services needs – benchmark comparative numbers as well as qualitative practices
    • Innovative practices regarding finance services in geographically distributed and / or rapidly growing organisations, and also in organisations with a number of different service / product streams
    • Right infrastructure including people, qualifications, structure, information systems, tools
    • Right processes including reporting, accounts receivable, accounts payable, payroll, fixed assets accounting, internal audit, taxation, budgeting, strategic engagement, tender support, business growth support etc
    • Stakeholder engagement and relationships / service level agreements / partnerships
    • Appropriate performance benchmarks and Key Performance Indicators (KPIs)
    • Calculating costs and benefits (business case) for increasing resources / improving processes and systems
    • Knowing and understanding what you don’t yet know you need to know

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