By Institute of Management and Administration (IOMA)
The reliable IOMA resource for suggestions, ideas, thoughts, and most sensible practices in company cost-cutting
This publication is an authoritative and finished number of the easiest options and methods getting used to regulate charges throughout almost each company functionality. every one bankruptcy specializes in a special division or functionality and is equipped round unique examine, the most recent options at the moment getting used, and dozens of sensible counsel and strategies from managers round the state. Case reviews and genuine examples illustrate this professional consultant from the single actually definitive source-the Institute of administration and Administration.
The ebook bargains particular recommendations and confirmed top practices on slicing charges within the following areas:
- Human resources
- Benefits
- Compensation
- 401(k) plans
- HRIS
- Training and development
- Accounting
- Accounts payable
- Credit and collections
- Accounting systems
- Logistics
- Purchasing
- Inventory
- Mail center
- Export
Ideal for managers dealing with a crunch, monetary officials trimming budgets, and small enterprise vendors who desire clean principles for slicing charges, Cost relief and regulate top Practices is the final word source for controlling charges easily and effectively.
Read or Download Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money (Wiley Best Practices) PDF
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Extra resources for Cost Reduction and Control Best Practices: The Best Ways for a Financial Manager to Save Money (Wiley Best Practices)
Sample text
However, you do not always need to buy new software to leverage technology—you can use tools that you already have, such as e-mail or your corporate intranet. “We utilized an internal company Web-based network to store and make available several key types of financial and operational data, such as sales, orders, inventory, and production,” says a controller at a 1,800-employee manufacturer. 8% said this was the most effective tactic. A number of the ideas companies are using are particularly worth noting: namely, getting business units more involved, switching to rolling forecasts, and leveraging technology to help the process.
Now the managers can be proactive rather than reactive to changing times. ” “The rolling budgets enabled us to track our success against our updated forecast, which replaced stale/outdated annual forecasts,” says a controller at a public utility (82 employees). ” Leveraging Technology. There are several ways to capitalize on automated budgeting technology. “We started using Cognos’ Analyst tool for budgeting analysis. It allows much more flexibility than spreadsheets,” says a manager of finance/accounting at a water utility (188 employees).
We used an interactive financial model to test different scenarios suggested by the group to arrive at the target. ” As with the budget process, empowering business units can go a long way in improving the corporate planning process. “We turned our divisions into semiindependent businesses, giving them more control over marketing, sales, and collections decisions. So far it is working rather well,” says an accounting manager at a financial services firm (2,500 employees). Planning at Divisional Level Having the planning process reach down to the department or division level produces top results; 42% of companies said this is effective in enhancing corporate value.