- The belief that the month-end report is useful. It is too late to change anything, the horse has bolted, and management should know the number if they have been provided with key daily and weekly information. The M/E finance report should be a one pager (A3).
- The belief that there is a magic number to aim for. Accountants are artists, we sculpt a number. No two accountants would arrive at the same number, independently The best we can achieve is a true and fair view. There is no benefit of having a late cut-off.
- Allowing other people’s thinking to cloud your own rational. Your current month-end is inherited thinking. All processes should be re-engineered.
I have yet to meet an organization who cannot achieve a three-day close. Once there the El dorado is day one reporting. The first lap of the race to becoming a lean finance team. I am delivering my one day workshop Bristol 17 March, London – 20 March, Manchester – 21 March, Birmingham – 23 March. I guarantee the finance team will transform itself when they implement the lean better practices I outline. To book