普华永道—财务运营最佳实践—FIN-GL
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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
From
To
Separate AR module Payment by cheque Complex/variable trading terms Manual matching Performed by Finance department
Integrated systems Electronic payment Common trading terms for all customers Automatic matching
Consolidated periodic invoicing for high frequency shipments Bank remittance notices issued with sales invoices to facilitate reconciliation Self billing invoices by high volume customers Consider outsourcing regular invoice/payment eg utilities Regular review of invoice queries and credit notes
To ensure customer payments are received efficiently and effectively for goods/services delivered, within the agreed terms and conditions To manage credit risk efficiently without creating unnecessary delays in the sales cycle To maintain a complete and accurate statement of outstanding debtors To provide complete forecast information to assist the management of short-term cash requirements
PWC的全球最佳财务实践 FIN-ap Best Practice Financial Processes Accounts Payable
Authorise and set up new suppliers payment details Maintain supplier payment details
Accounts payable process vouchers: invoices, expense claims, credit notes, debit memos and prepayment requests Suppliers required to use PO number on all documents and three way match wherever possible Consolidated periodic invoicing for high frequency suppliers
System Features
Single supplier database Single employee database
Purchase invoices transacted via EDI with major suppliers wherever possible Electronic validation and approval of invoices
Reconciliation of Accounts Payable activity and reconciliation with General Ledger control account
Management reports run once period is finally closed
PwC175b(1)
4
Accounts Payable - Best practice features
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
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总账.ppt
➢ JVs per head
PwC175a
3
General Ledger - Best Practice Features
Establish and maintain standing
data
Establish and apply accounting controls
Apply and allocation rules
control accounts
inactive accounts ➢Standard journal and
authorised input
forms are used
➢Clear month end cut
off process
➢Electronic approval
of journals
➢Clear authority levels
balance sheet accounts ➢Balance sheet accounts
allocated to GL staff ➢Soft close for non quarter
months
➢Regular liaison with auditors to minimise ad hoc trail and reporting requirements for statutory reports
information ➢ To apply period end (e.g. monthly) disciplines and
routines to produce periodic financial and management accounts ➢ To support the preparatih fiscal reporting requirements (e.g. VAT)
PwC175a
3
General Ledger - Best Practice Features
Establish and maintain standing
data
Establish and apply accounting controls
Apply and allocation rules
control accounts
inactive accounts ➢Standard journal and
authorised input
forms are used
➢Clear month end cut
off process
➢Electronic approval
of journals
➢Clear authority levels
balance sheet accounts ➢Balance sheet accounts
allocated to GL staff ➢Soft close for non quarter
months
➢Regular liaison with auditors to minimise ad hoc trail and reporting requirements for statutory reports
information ➢ To apply period end (e.g. monthly) disciplines and
routines to produce periodic financial and management accounts ➢ To support the preparatih fiscal reporting requirements (e.g. VAT)
212普华永道--财务管理最佳实践之应付管理 (2)
Measures
➢ Speed of processing supplier amendments
➢ Invoices processed ➢ Invoice processing
time ➢ Number of payments ➢ Period end closure
time
3
Accounts Payable - Best practice features
➢ Facility to suspend payments
➢ Integration with General Ledger minimises reconciliation adjustments
➢ Transaction processing prevented for closed periods
➢ Use of workflow software to resolve queries and monitor process
➢ Production of forward payment entry schedules to aid cash flow management
➢ Interface with General Ledger, Fixed Assets, Project Accounting and Cash Management
➢ Management reports run once period is finally closed
PwC175b(1)
4
Accounts Payable - Best practice features
Maintain supplier details
Process vouchers
普华永道—财务运营最佳实践—FIN-AP
Electronic payments Default payment terms held on supplier file with manual override at P.O. and invoice Production of forward payment entry schedules to aid cash flow management Interface with General Ledger, Fixed Assets, Project Accounting and Cash Management Facility to suspend payments
To maximise processing efficiency To ensure invoices are processed to agreed terms To ensure payments made only when due and payable To ensure liabilities are fully recorded and distributed correctly To achieve effective balance between extending credit and maintaining good relations with suppliers To take full advantage of opportunities to recover VAT
Information Systems
Interface between Accounts Payable and other related processes Shared employee and supplier details System validation and approval checks
普华永道—财务运营最佳实践—FIN-FA(2)
➢ Revaluation of features and mass transfers of assets to new cost centres
➢ CIP linked to capital project accounting
➢ Effective tax management integrated with the fixed assets system
PwC175
3
Fixed Assets - Best Practice Features
Maintain fixed asset register
Control acquisitions and disposals
Manage periodic asset depreciation
Verify and value asset base
requisition proposals
Information Systems
➢ Asset ledgers integrated with GL and AP
➢ Depreciation and project control by cost centre
➢ Automated depreciation calculation
➢ Monitor tax issues related to acquisitions or CIP
➢ Ensure BU responsibility for assets in their use and for disposal losses
➢ Depreciate at point of asset use ➢ Revalue key assets on a regular
Controls
➢ CIP linked to capital project accounting
➢ Effective tax management integrated with the fixed assets system
PwC175
3
Fixed Assets - Best Practice Features
Maintain fixed asset register
Control acquisitions and disposals
Manage periodic asset depreciation
Verify and value asset base
requisition proposals
Information Systems
➢ Asset ledgers integrated with GL and AP
➢ Depreciation and project control by cost centre
➢ Automated depreciation calculation
➢ Monitor tax issues related to acquisitions or CIP
➢ Ensure BU responsibility for assets in their use and for disposal losses
➢ Depreciate at point of asset use ➢ Revalue key assets on a regular
Controls
普华永道应收帐最佳实践流程
To provide complete forecast information to assist the management of short-term cash requirements
2
People
Customer relations Legal framework
awareness Credit management
Accounts Receivable - Best Practice Features
Establish credit levels
Issue sales order
Issue invoice
4
Monitor credit/ collect cash
Consolidated credit position for group of customers
Automatic reconciliation facilities between integrated SOP AR and GL systems
Integrated systems to facilitate customer query handling
Forecast cash receipts available for treasury purposes
System provides online customer payment history and terms
Use of workflow software to monitor process and help resolve queries
Standard credit control reports
On-line diary facility to monitor calls
2
People
Customer relations Legal framework
awareness Credit management
Accounts Receivable - Best Practice Features
Establish credit levels
Issue sales order
Issue invoice
4
Monitor credit/ collect cash
Consolidated credit position for group of customers
Automatic reconciliation facilities between integrated SOP AR and GL systems
Integrated systems to facilitate customer query handling
Forecast cash receipts available for treasury purposes
System provides online customer payment history and terms
Use of workflow software to monitor process and help resolve queries
Standard credit control reports
On-line diary facility to monitor calls
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
普华永道—财务运营最佳实践—FIN-AP(1)
£17 90 percentile
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
➢ System validation and approval checks
PwC175b(1)
Controls
➢ Authorisation rules ➢ System access controls ➢ User procedures ➢ Validation and matching
rules
Input
(i.e. ➢ Information ➢ Material)
Controls (i.e. ➢ Procedures ➢ Standards ➢ Requirements for rework)
Process / activity
PwC175b(1)
Accounts Payable - Measures/Cost drivers
Number of purchase invoices per FTE per annum
精选(全)212普华永道--财务管理最佳实践之应付管理资料
Facility to suspend payments
Integration with General Ledger minimises reconciliation adjustments
Transaction processing prevented for closed periods
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
Process Features
Accounts payable process vouchers: invoices, expense claims, credit notes, debit memos and prepayment requests
Suppliers required to use PO number on all documents and three way match wherever possible
Single employee database
Audit trail of changes to supplier payment details
System Features
Purchase invoices transacted via EDI with major suppliers wherever possible
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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
accounts to meet
in standards and
information needs controls
➢Regulated control of ➢Clearly defined
new account
procedures cover
creation
reconciliation of
➢Periodic check of
information ➢ To apply period end (e.g. monthly) disciplines and
routines to produce periodic financial and management accounts ➢ To support the preparation of statutory accounts and comply with fiscal reporting requirements (e.g. VAT)
balance sheet accounts ➢Balance sheet accounts
allocateБайду номын сангаас to GL staff ➢Soft close for non quarter
months
➢Regular liaison with auditors to minimise ad hoc trail and reporting requirements for statutory reports
Produce periodic financial reporting
and information
Produce statutory accounts
Process Features
➢Common chart of
accounts
➢All users of financial
➢Minimal number of systems fully trained
➢ Control awareness ➢ Legal framework
awareness ➢ Provision of quality
information to business
Information Systems
➢ Single source ➢ Integrated with
other ledgers ➢ Data accurate and
control accounts
inactive accounts ➢Standard journal and
authorised input
forms are used
➢Clear month end cut
off process
➢Electronic approval
of journals
➢Clear authority levels
➢ JVs per head
PwC175a
3
General Ledger - Best Practice Features
Establish and maintain standing
data
Establish and apply accounting controls
Apply and allocation rules
and tax report ➢ Answer queries
General Ledger
Objectives
➢ To be the primary source of financial information ➢ To ensure the integrity of financial management
timely
Controls
➢ Procedures manual ➢ Calendar timetable ➢ Quality of data ➢ Monthly routines
Measures
➢ Days to produce accounts
➢ Manual Journal entries per period. (i.e. not system automated)
Processes
➢ Maintain cost codes ➢ Maintain standing data ➢ Record & validate
financial data ➢ Carry out period end ??
and reporting ➢ Prepare cashflow
reports ➢ Prepare status report
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
accounts to meet
in standards and
information needs controls
➢Regulated control of ➢Clearly defined
new account
procedures cover
creation
reconciliation of
➢Periodic check of
information ➢ To apply period end (e.g. monthly) disciplines and
routines to produce periodic financial and management accounts ➢ To support the preparation of statutory accounts and comply with fiscal reporting requirements (e.g. VAT)
balance sheet accounts ➢Balance sheet accounts
allocateБайду номын сангаас to GL staff ➢Soft close for non quarter
months
➢Regular liaison with auditors to minimise ad hoc trail and reporting requirements for statutory reports
Produce periodic financial reporting
and information
Produce statutory accounts
Process Features
➢Common chart of
accounts
➢All users of financial
➢Minimal number of systems fully trained
➢ Control awareness ➢ Legal framework
awareness ➢ Provision of quality
information to business
Information Systems
➢ Single source ➢ Integrated with
other ledgers ➢ Data accurate and
control accounts
inactive accounts ➢Standard journal and
authorised input
forms are used
➢Clear month end cut
off process
➢Electronic approval
of journals
➢Clear authority levels
➢ JVs per head
PwC175a
3
General Ledger - Best Practice Features
Establish and maintain standing
data
Establish and apply accounting controls
Apply and allocation rules
and tax report ➢ Answer queries
General Ledger
Objectives
➢ To be the primary source of financial information ➢ To ensure the integrity of financial management
timely
Controls
➢ Procedures manual ➢ Calendar timetable ➢ Quality of data ➢ Monthly routines
Measures
➢ Days to produce accounts
➢ Manual Journal entries per period. (i.e. not system automated)
Processes
➢ Maintain cost codes ➢ Maintain standing data ➢ Record & validate
financial data ➢ Carry out period end ??
and reporting ➢ Prepare cashflow
reports ➢ Prepare status report