PwC的财务管理最佳实践 FIN-AR

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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

PWC的全球最佳财务实践FIN-GL Best Practice Financial Processes General Ledger

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
➢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
accounts to meet
in standards and
information needs controls
➢Regulated control of ➢Clearly defined
new account
procedures cover
creation
reconciliation of
➢Periodic check of
➢Management accounting information is sourced from GL (no reconciliation to financial accounts required)
➢Level of detail is driven by business requirements

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

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

PwC的财务管理最佳实践 FIN-CM

Number of unreconciled cash transactions
Number of accounts outside cash pooling
Cash Management - Measures / Cost Drivers
Cost Drivers

Electronic payment and receipt mechanisms Number of banking locations and bank accounts Number of international locations System interfaces available for cash entries Types of payments and currencies used Number of petty cash sites

Multi-currency systems

Integrated enquiry from cash book entries to sub-ledgers
Cash Management - Critical Success Factors
These are a summary of the key business requirements, which must be met to achieve Cash management objectives. Electronic Interfaces with Accounts Payable, Accounts Receivable, Payroll and General Ledger
Best Practice Financial Processes: Cash Management

PwC的财务管理最佳实践 FIN-FA

Revalue key assets on a regular basis based on book value and high risk

Comprehensive asset verification on regular periodic or rolling basis where asset cannot be verified via technical assumptions (most telco’s do not verify network assets: the fact that the network works is verification enough)
From

To
Integrated systems for: – Asset tracking via Geographical Information System (GIS) – Asset usage – Network Capacity Planning – Asset Maintenance
Best Practice Financial Processes: Fixed Assets
Fixed Assets - Best Practice Objectives

Asset recording integrated with maintenance and non financial data Centralised asset accounting Asset ownership devolved to business unit level
Measures
Fixed Assets - Best Practice Features

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

全普华永道财务管理最佳实践之应付管理

System Features
Single supplier database Single employee database

Purchase invoices transacted via EDI with major suppliers wherever possible Electronic validation and approval of invoices

Cost per purchase invoice processed £6
Invoice processing time in days 6 days 16 days 49 days
10 percentile
Median
90 percentile

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
Reconciliation of Accounts Payable activity and reconciliation with General Ledger control account
Management reports run once period is finally closed

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

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Integrated systems Electronic payment Common trading terms for all customers Automatic matching

Shared or outsourced services
Accounts Receivable - Measures/Cost Drivers

Reconciliation of AR balances to GL control accounts on a regular basis

Accounts Receivable - Best Practice Features
Establish credit levels 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 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 Authority levels clearly defined Credit policies defined and agreed Terms and conditions agreed with customers

90 percentile
Number of AR receipts Level of multiple receipts Use of direct debiting/standing orders Use of electric funds transfer Level of credit risk associated with customer base Variety in payment terms Degree of foreign currency receipts Level of credit notes

SOP linked to debtors ledger to ensure customer credit limits not exceeded Sales documents sent via EDI for all major customers Integrated order & billing systems available on line & hard copy
Cost per invoice Credit notes percentage Cost per payment received Days debt outstanding
Accounts Receivable - Best Practice Features
Establish credit levels Issue sales order Issue invoice Monitor credit/ collect cash

Accounts Receivable Objectives

Customer relations Legal framework awareness Credit management
Processes

Establish credit levels Issue sales order Issue invoice Monitor credit Collect cash

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
Number of customer payment received per accounts receivable Accounts receivable cost per sales invoice processed FTE per annum £3 5,500 40,300 700 or less
<£1
90 percentile
Median
10 percentile
10 percentile
£18
Median
Days to process invoice/credit note (ie, time between receipt of invoice/credit note and entry into the accounting system) <1 day 1 day 4 days Cost drivers

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

Fra bibliotek

Accounts Receivable - Trends
From

To

Separate AR module Payment by cheque Complex/variable trading terms Manual matching Performed by Finance department

Credit insurance arrangements evaluated periodically

Customer account managers responsible for sales and cash collection
Constant monitoring of debtor days, daily collection, ageing of debt Customer contact records maintained Outsource cash collection where appropriate Determine and report on credit targets Monitor overdue debts and take action within agreed policy

Common SOP and AR customer database Invoices automatically generated from SOP and shipment data Self billing invoices automatically matched to customer orders Multi currency invoices Automatic commitment and accruals Automatic reconciliation facilities between integrated SOP AR and GL systems

Sales orders prepared using pricing database with pricing profiles for products and customers
No order processed without valid customer PO reference Delivery note acts as invoice for lowfrequency shippings
Best Practice Financial Processes: Accounts Receivable
Account Receivable - Best Practice Objectives
Organisation
People

Centralised processing Economies of scale Customer focus

Payments received electronically where possible Automatic matching of payments to invoices On-line diary facility to monitor calls Automatic flagging and reporting of high risk accounts Automatic dunning letters issued within agreed trading terms Integrated systems to facilitate customer query handling Forecast cash receipts available for treasury purposes