Success Story - Dave Moench (CFO, 3E, Infor SX.e)

Why accounting is important in business

Apologies if you think we are stating the obvious and you know accounting is big business. But the main point we want to make is the changing nature of the accounting function. Financial management has always been necessary in a business to oversee the income, expenditures and cashflow but now the accounting function is the hero or the main influencer of a business.

Branch accounting made easy

Companies have been operating branches for hundreds of years. Think of all the big international brands that have foreign branches across the world, then there are many national companies that have branches across America, or it might be a mid-sized company that has 4 types of branches in different locations in Philadelphia for plumbing or heating.

Management reporting versus financial reporting

Imagine a business as a well-oiled car engine. Financial reporting is like the car’s dashboard, displaying essential metrics such as speed, fuel levels, and engine temperature. It provides an overall snapshot of the machine's performance, ensuring it runs smoothly and complies with regulatory standards. In contrast, management reporting is akin to a mechanic’s toolkit. It allows for a deep dive into specific parts of the engine, identifying areas for improvement, fine-tuning operations, and ensuring the machine operates at peak efficiency. The dashboard and the toolkit are crucial, each serving distinct yet complementary roles in maintaining and optimizing the car’s performance.

FP&A (Financial Planning & Analysis) software versus Excel

What tools are necessary to carry out financial planning and analysis (FP&A) in a mid-size business? The safe answer is Excel spreadsheets. Yet the real requirement for running a business with a $5 to $50 million turnover is a planning tool that allows team members to improve decision making rather than build cumbersome financial models.