Uncategorized « marcusevans-finance

Uncategorized

Latin Private Wealth Management Summit 2013

Why Family Wealth Should Be Run Like an Enterprise

 

Maria Elena Lagomasino, a speaker at the marcus evans Latin Private Wealth Management Summit 2013, on applying best business practices in private wealth management.

 

Interview with: Maria Elena Lagomasino, Chief Executive Officer and Founding Partner, WE Family Offices

 

Panama City, Panama, June 4, 2013 – FOR IMMEDIATE RELEASE

 

Families who are able to successfully manage their wealth often use the same best practices that are used to run a business enterprise, says Maria Elena Lagomasino, Chief Executive Officer and Founding Partner, WE Family Offices. They think of their wealth as they would any other business – managing it with a distinct purpose, focusing on best practices, succession planning, governance and decision making – they create a wealth enterprise. The result is that all the family members become engaged, constantly learning, and the likelihood of success is much greater, she elaborates.

 

A speaker at the marcus evans Latin Private Wealth Management Summit 2013, in Panama City, Panama, September 26-27, Lagomasino shares her observations on well run private wealth portfolios.

 

How can wealthy families make their wealth last for many generations?

 

When I consider the families who are the most successful and how they have managed their wealth, whatever their definition of success, they have typically managed their family wealth using the same best practices and resources that were used to create the wealth in the first place.

 

The good news is that most wealth is created through a business enterprise. Someone invests capital, builds a business, creates value, jobs and wealth. Managing, protecting and nurturing private wealth requires a very similar skill set.

 

Statistics show that most wealth does not make it past two generations. What often happens is the family sells the business, makes the wealth liquid and gives it to someone else to take care of it because they feel they cannot. As a result, the learning stops.

 

What happens next? What goes wrong?

 

Some wealth managers throw big words and concepts at families, and it can seem daunting, but it is not overly difficult. It is actually more business common sense than it is touted to be.

 

For example, when running a company, there is a mission and a strategic plan. The same should apply for private wealth. That means understanding how much you are spending, putting the right professionals on the right activities and managing them, communicating with stakeholders and putting the right processes in place to achieve the company’s objectives. It should be exactly the same when managing private wealth.

 

How should they train the next generation of family leaders?

 

A family of wealth needs to educate the next generation of wealth owners as early as possible. There has to be a plan around what they can expect, what role they will play, and what they need to know to manage the family wealth. Some of that may be technical skills, on investing or budgeting, while others may be values-driven. If part of the wealth is to be used philanthropically, the best way to help the next generation is for the wealth creators of the family to start role modeling the desired behavior, perhaps by starting a foundation and putting aside money for that purpose.

 

To teach the technical skills, education is necessary around accounting, legal, tax or investing, to make sure the next generation of enterprise owners make the right decisions. The earlier they start honing these skills, the easier it will be for them when they get older. It is like learning a new language.

 

In a company, the top of the house coaches and mentors the next generation of managers – it should be the same in a family.

 

Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division

Tel: + 357 22 849 313

Email: press@marcusevanscy.com

About the Latin Private Wealth Management Summit 2013

 

This unique forum will take place at the Trump Ocean Club, Panama City, Panama, September 26-27, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on jurisdiction management, family governance, portfolio construction and risk management, and preparing the next generation.

 

For more information please send an email to info@marcusevanscy.com or visit the event website at http://latinpwm.marcusevans-summits.com/MariaElenaLagomasinoInterview

 

marcus evans group – investment sector portal

 

The Investment Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.

 

LinkedIn: www.linkedin.com/groups?gid=3937929&trk=hb_side_g

YouTube: www.youtube.com/MarcusEvansInvest

Twitter: www.twitter.com/meSummitsInvest

SlideShare: www.slideshare.net/MarcusEvansInvest

 

Please note that the Summit is a closed business event and the number of participants strictly limited.

 

About marcus evans Summits

 

marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, case studies, roundtables and one-on-one business meetings. For more information, please visit www.marcusevans.com

 

All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

CFO Summit XXVI: Dorinda Abendschein Interview


Why CFOs Must Stay on Top of Innovation & Technology











Dorinda Abendschein, a speaker at the marcus evans CFO Summit XXVI Spring 2013, on how CFOs can keep up-to-date on innovation and technology.

Interview with: Dorinda Abendschein, Senior Vice President and Chief Financial Officer, Brinks, Inc.


FOR IMMEDIATE RELEASE


Chief Financial Officers (CFOs) must keep current on what is going on in their business and customer lines,” says Dorinda Abendschein, Senior Vice President and Chief Financial Officer, Brinks, Inc. “CFOs are used to keeping in touch with accounting regulations and changes in policy, but it is critical they also stay on top of innovation and technology. It is important CFOs understand what customers want to buy and what they are willing to pay for,” she adds.


Abendschein is a speaker at the marcus evans CFO Summit XXVI Spring 2013, in Mashantucket, Connecticut, May 19-21.


What should CFOs prioritize today? What makes the biggest impact on the bottom line?


CFOs need to have a good level of understanding of the operational and technological sides of their business. There was a time when financial acumen and competency was enough, but the reality today is that leadership discussions are around innovation, and how much technology or change the company can afford in a period of time when investors are expecting a healthy bottom line. CFOs have to be continually relevant. They should have a close relationship with the Chief Information Officer to really understand how technology translates to profitability.


Balancing long-term and short-term growth is a constant battle. If a company does not innovate, it will not survive. Anyone can be a good CFO for a year and make a current period look strong, but shareholders are expecting growth. CFOs need to make sure that there are operational work streams that allow innovators in the organization to have a voice and they have to secure secondary resources for investment relative to that innovation.


Going slow because they cannot afford it could shut down the pipeline for growth, while going too fast can put the company out of business. It is a fine balance between the two.


How could they ensure that technology implementations are successful?


Any technology or competency change has to be combined with training and education. Many technology implementations have failed because people assumed that business processes were scalable relative to that innovation or investment, but that is rarely the case. Employees have to be re-trained and be a part of that evolution. Many forget that piece and when it fails, they fail the Information Technology department and potentially the customer.


The CFO’s job is also to enable productivity initiatives and make sure there is always an  accountability element.


Any final thoughts?


CFOs must look at business improvement initiatives holistically. The company will get there a lot faster if people are trained, ready and they understand what the expectations are.


Many CFOs struggle to keep track of productivity improvements, but they need to set a clear roadmap which is tied back to the people who are responsible for it. That is critical for CFOs to know whether the organization is ahead or behind pace, and to be able to course correct it.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the CFO Summit XXVI Spring 2013


This unique forum will take place at the MGM Grand at Foxwoods Resort and Casino, Mashantucket, Connecticut, May 19-21, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on bringing more focus to balance sheet health, helping companies to find profitability growth and motivating top finance performance.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                              


Please note that the Summit is a closed business event and the number of participants strictly limited.


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

National Healthcare CFO Summit Spring 2013: Renee Monahan Interview


Optimizing Revenue Cycle Performance Ahead of Healthcare Reform









 



 


Renee Monahan, a speaker at the marcus evans National Healthcare CFO Summit Spring 2013, on how healthcare CFOs should prepare for healthcare reform.


Interview with: Renee Monahan, Vice President, Revenue Cycle, Conemaugh Health System



FOR IMMEDIATE RELEASE


As the healthcare business changes, Chief Financial Officers (CFOs) in the industry should make sure to have good systems in place to measure cost and quality, advises Renee Monahan, Vice President, Revenue Cycle, Conemaugh Health System. “The systems that Healthcare CFOs have in place for measuring and reporting clinical variations will be key for successfully reducing costs as reimbursement dollars continue to shrink,” she goes on to say.


A speaker at the marcus evans National Healthcare CFO Summit Spring 2013, in Palm Beach, Florida, April 15-17, Monahan talks about revenue cycle management and how healthcare reform will impact the finance function.


How is the healthcare business changing and how will it impact CFOs?


We are in a period of many changes. We are transitioning from a system that is based on quantity, where we get paid for the volume of services per admission or outpatient encounters, to a health system based on quality and patient outcomes. Today increased volume equates to additional revenue, but in the future, it will actually equate to additional cost.


To prepare for this change, we are working to get our costs aligned. The systems that Healthcare CFOs have in place for measuring and reporting clinical variations will be key for successfully reducing costs as reimbursement dollars continue to shrink.


To optimize revenue cycle performance, many healthcare providers, including us, are putting into place the upgrades and technologies that will help achieve Meaningful Use and prepare us for the changing payment mechanisms, ultimately with a longitudinal health record that crosses all spectrums of care.


What else is required to achieve that?


Excellent leaders and staff who are maximizing effectiveness of the technology available. For example, we have installed a quality assurance program that is automated for patient access staff. A work center allows them to very efficiently correct any errors in real time, before the claim moves any further down the revenue cycle stream.


Moving through the revenue cycle, we have been working with our physicians, clinicians and coding specialists for improved clinical documentation, and training them on our electronic health record system. These steps will ensure that we are prepared as an organization for implementation of ICD-10 in October 2014.


What opportunities could healthcare CFOs take advantage of, to improve financial performance?


Healthcare CFOs should be gearing up and preparing their systems for changing payment mechanisms, including ACOs, bundled payments, where we will be paid based on health management over our population. I would advise CFOs to look at building relationships with healthcare organizations across the spectrum of care, as well as developing an integrated physician network. Ultimately we are going to be sharing the healthcare dollar and partnering with physicians and providers to manage costs.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email:
press@marcusevanscy.com



About the National Healthcare CFO Summit Spring 2013


This unique forum will take place at The Ritz-Carlton, Palm Beach, Florida, April 15-17, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on positing a hospital for success, the impact of healthcare reform and getting a handle on operational expenses.


For more information please send an email to info@marcusevanscy.com or visit the event website at www.nhcfosummit.com


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                            


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com 



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

National Healthcare CFO Summit Spring 2013: Jim McNey Interview


8 Suggestions for Making Healthcare Reform Work











Jim McNey, a speaker at the marcus evans National Healthcare CFO Summit Spring 2013, on positioning hospitals for success.

Interview with: Jim McNey, Chief Financial Officer, North Kansas City Hospital


FOR IMMEDIATE RELEASE


As the care delivery model changes with the onset of healthcare reform, Chief Financial Officers (CFOs) will be key leaders in guiding their organizations through the transformation from volume to value based care, says Jim McNey, Chief Financial Officer, North Kansas City Hospital.


A speaker at the marcus evans National Healthcare CFO Summit Spring 2013, in Palm Beach, Florida, April 15-17, McNey gives advice on how Healthcare CFOs can help position their organizations for success.


Broaden your horizons. Change brings new opportunities for those willing to adapt. Changes in reimbursement systems, such as bundled payments, shared savings, and pay for performance will drive changes in how healthcare is delivered. As the system moves towards population healthcare management, we will all need to build new relationships and determine who to partner with in this new environment.


Stop worrying about filling up hospital beds. Population healthcare management will require providers to rethink how care is delivered. Outpatient care is growing along with the need for more Home Health Services. This requires a change in investment strategies.


Integrate the physicians and clinical divisions. The transformation of the delivery system will require hospitals to not just employ physicians, but to integrate them in the development of new care models. Physician leadership in change management is crucial to the success of any effort.


Drive up chronic care management. About five percent of the population uses 50 percent of healthcare resources, but the current system does not focus on managing chronic care. As the system moves away from fee for service reimbursement, we will need to develop ways to manage chronic patients and develop rational reimbursement models to incentivise the right care in the right location.


Reach out to the community. Hospitals and health systems will need to develop partnerships with other community providers to rationalize the delivery of care. We will need to work more closely with health departments, employers, schools, and others to start enhance outcomes for the community.


Work with health insurance brokers and employers. Providers have not developed close relationships with employers, who are paying the bills. We need to address how to help employers lower their healthcare costs. Work with employers to find tools that focus on care management for chronic populations and ongoing monitoring systems to keep chronic patients out of the emergency room.


Drive excess cost out of the system. Address inefficiencies. We have created unnecessary expenses that do not provide any value to the ultimate consumer of healthcare. We must be the leaders in the development of strategies that will improve outcomes and lower costs.


Culture of quality. Quality is ultimately less expensive. By adopting a culture that focuses on eliminating mistakes, re-dos and re-admission, we will increase quality and decrease costs.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email:
press@marcusevanscy.com



About the National Healthcare CFO Summit Spring 2013


This unique forum will take place at The Ritz-Carlton, Palm Beach, Florida, April 15-17, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on positing a hospital for success, the impact of healthcare reform and getting a handle on operational expenses.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                                  


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com 



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


CFO Summit 2013: Christopher Carey News Release


Reducing Cost through Better Fleet Management







 

Christopher Carey of FleetPartners, a sponsor company at the marcus evans CFO Summit 2013, on better fleet management.


Interview with: Christopher Carey, Managing Director – Corporate Division, FleetPartners



FOR IMMEDIATE RELEASE


Chief Financial Officers (CFOs) need to look at the whole life cost of their organisation’s fleet, to identify where risk and cost can be reduced, says Christopher Carey, Managing Director – Corporate Division, FleetPartners. Better fleet management could save companies with large fleet millions of dollars, he goes on to say.


From a sponsor company attending the marcus evans CFO Summit 2013 in the Gold Coast, Queensland, Australia, 10 – 12 March, Carey highlights the cost saving opportunities when it comes to fleet management.


What are CFOs focusing on today?


CFOs are expected to do more with less, to deliver more value with existing resources. They are focused on getting a return on assets, reducing operating costs, and getting the most productivity they can out of staff and assets.


Many CFOs we have spoken with have told us that their company owns a lot of assets, but that they are mostly non-income producing assets. That is crazy. A company should only own assets that actually make them money. However, things like computers and cars are required for people to do their job and do not physically make money for the company. CFOs keep telling us that they want to turn those into operating expenses and control the risk associated with them, by funding them through off-balance sheet mechanisms. That is how we can help CFOs.


How could outsourcing fleet management reduce cost?


It is about getting economies of scale by working with a company of our size. We have 50,000 vehicles under management, so we have very good arrangements with the supply chain.


Ask most CFOs “How much was the total cost of your fleet last year?” and the answer is unclear. “Where does your team see the areas to improve efficiency and reduce cost of your fleet?”, again sometimes a difficult question. FleetPartners provide these answers.


To give you an example, we were recently able to save a customer with 500 vehicles over AUD 1 million, against them running their own fleet. We did an analysis of their current fleet using our Fleet Strategy Framework that allows us to look at eight different control and cost pillars/leavers, understand each one and identify the cost drivers moving the fleet management. We look at all processes and try to optimise them. This includes risk control, getting drivers to actually drive well and making vehicles fit their purpose. Six sigma processes allow us to make sure we are pulling out costs from every step and pass that along to the customer.


The framework lets us analyse the total cost of the fleet or the whole life cost of a vehicle. Cost saving is not about the lease payment, as this is the smallest cost of running a fleet, but it’s where CFOs can save money in other parts of their fleet management.


And finally, converting the cash purchasing mentality into operating expense i.e. taking a balance sheet item and turning it into a profit and loss item is quite beneficial for a company. It removes risk, provides greater control and allows better use of capital and debt.


What trends should CFOs prepare for?


The Australian economy is shifting significantly. Companies are slowly investing back into the market, and I believe the cost of capital is going to be a premium going forward. Smart companies will be those that are investing in income-producing assets, and divesting the ownership of non-income producing assets. That is going to be key for CFOs, to make sure they are focused on delivering cost reductions, while getting maximum return from the assets that they do own. Most CFOs I speak with today are planning to invest and increase capex over the next 12 months but do not want to increase risk on their balance sheets.


Any final words of wisdom?


CFOs need to look at the whole life cost of the organisation’s fleet. Once they understand that, there are multiple cost points within that equation that can reduce cost and risk.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email:
press@marcusevanscy.com



About the CFO Summit 2013


This unique forum will take place at the RACV Royal Pines Golf Resort & Spa, Gold Coast, Queensland, Australia, 10 – 12 March 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on utilising digital and social media to leverage customer experience and to boosts financial results, improving the quality and speed of decision making to deliver improved outcomes, and understanding the current tax issues.


For more information please send an email to info@marcusevanscy.com or visit the event website at www.cfo-anz.com


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.











 

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


About Fleet Partners


FleetPartners is a leading leasing and fleet management company, managing over 50,000 vehicles across Australia and New Zealand. From a multinational corporation with a corporate fleet to a small business with ten vehicles, right down to the individual drivers’ personal vehicle financing requirements – FleetPartners diverse product offering ensures our customers mobility.


www.fleetpartners.com.au


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

CFO Summit 2013: John Quiggin News Release


Achieving Stable Financial Profits







 

Professor John Quiggin, a speaker at the marcus evans CFO Summit 2013, discusses how tax can be better managed.


Interview: Professor John Quiggin, School of Economics, University of Queensland & Australian Research Council Federation Fellow



FOR IMMEDIATE RELEASE


Chief Financial Officers (CFOs) should revisit the recommendations brought forward by the Henry review to make sure that it is the right way forward, says Professor John Quiggin, School of Economics, University of Queensland & Australian Research Council Federation Fellow. “Awareness of the re-emerging potential for volatility in the exchange market is also a means of having a strategy ready for implementation when profits are at risk,” he goes on to say.


A speaker at the marcus evans CFO Summit 2013, in the Gold Coast, Queensland, Australia, 10 – 12 March, Quiggin advocates transparent and efficient corporate structures to reduce costs.


How can changes in taxation be better managed for revenue generation?


The challenging economic environment is causing continuous fluctuations in the tax system, as tax reform issues are being dealt with. CFOs should look to base broadening, so that concessions can become consistent.


Revisiting the issue of concessional treatment of capital gain rationale, will give CFOs the chance to rethink whether this is the right way to proceed. Trends in capital expenditure should also be studied.


How is the global crisis affecting the Australian market?


Fortunately, Australia has not been hit very severely by the US and European financial slowdown. The country is sustaining high interest rates at the moment, and that implies a strong dollar. In turn, this creates costs as well as benefits for CFOs, depending on the degree to which their companies are exposed to trades. Exporting companies are facing increased costs, while those importing are gaining from the strong dollar. It now seems likely that the dollar will depreciate as the mining boom subsides.


Although significant instability from overseas is entering the market, the long-run potential for the Australian economy is very strong.


What strategies should CFOs implement for profit sustainability?


Another round of financial instability seems to be on its way, following the Italian elections and the re-emergence of political gridlock in the SU. In preparation for this, CFOs should build relatively simple, transparent and efficient corporate structures to reduce costs. Awareness of the re-emerging potential for volatility in the exchange market is also a means of having a strategy ready for implementation when profits are at risk.


What developments do you predict in the near future?


Progress towards a global transition to a low-carbon economy is accelerating, although Australia may go in the opposite direction with a change of government. This will produce carbon policies and taxations which will directly affect the financial systems that companies follow.


Pressures on tax havens will continue and governments will remain short of funds. As a result, they will be harsher on companies who are not paying their tax share. This will create complications for multinational companies who should have a defensible corporate rationale, as opposed to one based on tax minimisation.



Contact: Maria Gregoriou, Journalist, marcus evans, Summits Division


Tel: +357 22 849 400
Email:
press@marcusevanscy.com



About the CFO Summit 2013


This unique forum will take place at the RACV Royal Pines Golf Resort & Spa, Gold Coast, Queensland, Australia, 10 – 12 March 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on ensuring structural consistency, utilising digital and social media to boost financial results and improving the quality and speed of decision making to deliver improved outcomes.


For more information please send an email to info@marcusevanscy.com or visit the event website at www.cfo-anz.com


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.











 

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

CFO Summit 2013: John Vaughan News Release


A CFO’s Guide to Financial Reporting Software







  John Vaughan of InfoCube Consulting, a sponsor company at the marcus evans CFO Summit 2013, discusses how Financial Reporting software simplifies, saves time and decreases the risk of error in high visibility financial reports.
 
Interview with: John Vaughan, Managing Director, InfoCube Consulting



FOR IMMEDIATE RELEASE


Chief Financial Officers (CFOs) can use Financial Reporting software to gather, analyse and report information in a standardised manner for output to multiple media simultaneously, with the ability to update values and commentary in a controlled, automated manner, says John Vaughan, Managing Director, InfoCube Consulting. “This working environment is both flexible and highly structured, is a controlled workflow process, is simple and easy to use and results in a lower risk, higher quality outcomes,” he adds.


From a sponsor company at the marcus evans CFO Summit 2013, in the Gold Coast, in Queensland, Australia, 10 – 12 March, Vaughan discusses how CFOs can use smart software specifically designed for financial reporting, including commentary and analysis in addition to the obvious financial statements.


How can financial reporting software contribute to the performance of the finance function?


The traditional way of manually collecting information for a complex financial report, such as an annual report or monthly management pack, creates many problems. It is very time consuming and creates a high risk of non-reliable information being used, as data, in many cases, has to be manually entered and then has to be cross-checked by the finance team. Software can be utilised to get the most recent data from financial systems loaded into the reporting environment on a monthly basis.


Reporting software enables multiple people to work co-operatively on reporting and analysis using information collected from core financial and operational systems where all reports can be refreshed against that source data automatically.


This working environment can be highly structured, preventing a user from changing formulas or breaking alignments. It also makes use of Microsoft Office tools for preparation, enabling the flexibility of those tools where required. Default calculation methods are built into the environment to ensure consistent analysis right across the organisation.


Can you give an example of the use of Financial Statement Reporting software?


A Finance Team might be producing a monthly report pack for management or board consumption that could be dozens of individual reports, from different systems, all compiled into a single document and published. In many organisations these reports are manually created in spreadsheets and are prone to data entry, reconciliation and formula error. All these reports, both commentary and numeric analysis, can be included and updated automatically in a tightly controlled workflow enabled environment.


What is the benefit for CFOs?


That is easy. The ROI on Financial Statement Reporting tools is typically measured in months. This is achieved through direct saving of senior accounting staff. In addition the greater efficiency, the CFO’s team will be more effective in providing their expertise to the business and will operate in an environment that has lower credibility risk because of errors in the published reports.


Isn’t this just Business Intelligence (BI) rebadged?


Absolutely not. BI is primarily focussed on analytics, dashboards and operational reporting and sometimes, management accounting reporting. You would not prepare your Annual Report, your ASX or ASIC filing, an Investor briefing with a BI tool. Likewise, you won’t use BI to prepare your monthly board pack or senior management review pack.


How can these systems assist with compliance?


Many organisations struggle with regulatory compliance reporting. Financial Statement Reporting systems can directly ensure compliance is maintained with up to date, accurate information that is directly consistent with all other uses of the same data set. As the reporting procedure is standardised, the results are more accurate and less prone to error. For example, certain pieces of information, such as revenue, or profit by division, have tags associated with them. This tag is used everywhere revenue or profit is required and updated accordingly as the underlying data changes. The reporting process helps ensure compliance and enables information to be locked once it has been audited.


Any final thoughts?


Using Financial Statement software can dramatically increase efficiency, increase effectiveness and lower the risk of error all in an easy to use standard Microsoft Office environment.



Contact: Maria Gregoriou, Journalist, marcus evans, Summits Division


Tel: +357 22 849 400
Email:
press@marcusevanscy.com



About the CFO Summit 2013


This unique forum will take place at the RACV Royal Pines Golf Resort & Spa, Gold Coast, Queensland, Australia, 10 – 12 March 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on ensuring structural consistency, utilising digital and social media to boost financial results and improving the quality and speed of decision making to deliver improved outcomes.


For more information please send an email to info@marcusevanscy.com or visit the event website at www.cfo-anz.com


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.












 

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


About InfoCube Consulting


InfoCube is a Sydney based management accounting consultancy, specialising in applying IBM Cognos technology for accounting and finance solutions. InfoCube’s primary area of expertise is Corporate Performance Management, including:


• Rolling Forecasts
• Budgeting
• Planning
• Data Warehousing
• Management Reporting
• Scorecards and Dashboards
• Analysis
• Business Intelligence
• Consolidations
• Financial Statement Reporting


www.infocube.com.au


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

Chief Procurement Officer Summit: Thom McLeod Interview


Managing Supply Chain Vulnerability











Thom McLeod of Tenzing Consulting, a solution provider at the marcus evans Chief Procurement Officer Summit 2013, on managing supply chain risk.

Interview with: Thom McLeod, Founder and Managing Director, Tenzing Consulting


FOR IMMEDIATE RELEASE


Supply chains are now more vulnerable than ever,” says Thom McLeod, Founder and Managing Director, Tenzing Consulting. “Being able to systematically manage supply chain risk is a very important issue today, because Boards of Directors are waking up to it. Audit Committees are now required to look at overall enterprise risk, and the supply chain is often an area where there is a tremendous amount of business risk to be managed,” he explains.


As a solution provider attending the marcus evans Chief Procurement Officer Summit 2013, in Atlanta, Georgia, April 22-23, McLeod takes the focus to supply chain risk management, and discusses why procurement is relevant to every function in an organization.


Why is supply chain vulnerability a big issue today? Where is this vulnerability coming from?


Companies are only now starting to understand where supply chain risk fits into overall enterprise risk. Many organizations look primarily at financial and market risks, without giving the supply chain the attention it needs. The first challenge for supply chain-dependent organizations is to make sure that supply chain risk is elevated to and visible at an executive or Board level.


The effort that procurement and supply chain organizations have invested to improve productivity, reduce cost, and become leaner have paid big dividends. But in many respects, these improvements have made supply chains more vulnerable than ever. Cost reduction has driven a lot of supply offshore, making the supply chain more vulnerable to geographic, weather, security, and political risks. Many companies have also leveraged the volume of their purchases, consolidating to fewer suppliers or even sole sourcing, resulting in more single points of failure in the supply chain.


Lean principles, rightly, emphasize keeping inventories low, but doing so without a full view of supply chain risk can deplete the inventories that act as a “shock absorber” for supply chain disruptions.


What should they look at first?


Really understanding how a supply chain is put together is the first critical step, because a supply chain is only as strong as its weakest link. Many organizations look at their first-tier suppliers and manage the largest of them vigorously, but a smaller second- or third-tier supplier can be a major single point of failure, leaving them extremely vulnerable. For example, one of our clients found that many of its first-tier suppliers were buying sub-components from the same manufacturing location of a single third-tier supplier. The entire supply chain could collapse if that single site were disrupted. 


Once a company knows where it is vulnerable, becoming more resilient is the next step.  This involves constantly monitoring events and conditions that may disrupt the supply chain, and taking proactive steps to address them, such as positioning inventories, informing customers, and switching to secondary suppliers. The best practice is that even these actions should not be improvised. Rather, they should be part of a “playbook” developed in advance and ready to put into action when disruptions occur or are imminent. This is what drives better resiliency.


How can procurement become relevant to every function in the organization?


The procurement as a service function has to successfully and effectively reach out to all key stakeholders in the organization. In other words, it must export the value of procurement to other functions in ways that clearly align with those stakeholders’ mission, objectives, and measurable business value. Marketing is a good example of a function that can be a challenge to partner with as a procurement team. Marketing sees its mission as driving revenues and sees itself as a high-ROI investment for the company. Rather than approaching marketing to help them “save” money, as many procurement professionals do, it is better to focus on procurement strategies that drive greater value from their investments and higher effectiveness from suppliers in supporting marketing’s mission. If they save money, too, who can complain?


Do you have any final words of advice?


Become completely invaluable as a partner to every functional executive and senior executive in the company. That means reaching out to those people, understanding their business and how they need to accomplish what they do, then figuring out how your procurement organization can deliver on that. The biggest challenge is making sure your procurement team has the skills and temperament for this mission – great communication, listening and problem solving skills are more important to accomplishing this than the technical knowledge we often emphasize in hiring.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the Chief Procurement Officer Summit 2013


This unique forum will take place at The Ritz Carlton, Buckhead, Atlanta, Georgia, April 22-23, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                               


Please note that the Summit is a closed business event and the number of participants strictly limited.


About Tenzing Consulting


Tenzing Consulting is a management consulting firm that delivers results across the value chain from procurement through supply chain and operations. Our senior, expert consultants work shoulder to shoulder with our clients at all levels as “player coaches.” We bring the insights and execution support necessary to achieve client objectives while helping build their capability to sustain those results in the future.


www.tenzingconsulting.com
 
About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


 

Chief Procurement Officer Summit: Thom McLeod

Managing Supply Chain Vulnerability










Thom McLeod of Tenzing Consulting, a solution provider at the marcus evans Chief Procurement Officer Summit 2013, on managing supply chain risk.

Interview with: Thom McLeod, Founder and Managing Director, Tenzing Consulting


FOR IMMEDIATE RELEASE


“Supply chains are now more vulnerable than ever,” says Thom McLeod, Founder and Managing Director, Tenzing Consulting. “Being able to systematically manage supply chain risk is a very important issue today, because Boards of Directors are waking up to it. Audit Committees are now required to look at overall enterprise risk, and the supply chain is often an area where there is a tremendous amount of business risk to be managed,” he explains.


As a solution provider attending the marcus evans Chief Procurement Officer Summit 2013, in Atlanta, Georgia, April 22-23, McLeod takes the focus to supply chain risk management, and discusses why procurement is relevant to every function in an organization.


Why is supply chain vulnerability a big issue today? Where is this vulnerability coming from?


Companies are only now starting to understand where supply chain risk fits into overall enterprise risk. Many organizations look primarily at financial and market risks, without giving the supply chain the attention it needs. The first challenge for supply chain-dependent organizations is to make sure that supply chain risk is elevated to and visible at an executive or Board level.


The effort that procurement and supply chain organizations have invested to improve productivity, reduce cost, and become leaner have paid big dividends. But in many respects, these improvements have made supply chains more vulnerable than ever. Cost reduction has driven a lot of supply offshore, making the supply chain more vulnerable to geographic, weather, security, and political risks. Many companies have also leveraged the volume of their purchases, consolidating to fewer suppliers or even sole sourcing, resulting in more single points of failure in the supply chain.


Lean principles, rightly, emphasize keeping inventories low, but doing so without a full view of supply chain risk can deplete the inventories that act as a “shock absorber” for supply chain disruptions.


What should they look at first?


Really understanding how a supply chain is put together is the first critical step, because a supply chain is only as strong as its weakest link. Many organizations look at their first-tier suppliers and manage the largest of them vigorously, but a smaller second- or third-tier supplier can be a major single point of failure, leaving them extremely vulnerable. For example, one of our clients found that many of its first-tier suppliers were buying sub-components from the same manufacturing location of a single third-tier supplier. The entire supply chain could collapse if that single site were disrupted. 


Once a company knows where it is vulnerable, becoming more resilient is the next step.  This involves constantly monitoring events and conditions that may disrupt the supply chain, and taking proactive steps to address them, such as positioning inventories, informing customers, and switching to secondary suppliers. The best practice is that even these actions should not be improvised. Rather, they should be part of a “playbook” developed in advance and ready to put into action when disruptions occur or are imminent. This is what drives better resiliency.


How can procurement become relevant to every function in the organization?


The procurement as a service function has to successfully and effectively reach out to all key stakeholders in the organization. In other words, it must export the value of procurement to other functions in ways that clearly align with those stakeholders’ mission, objectives, and measurable business value. Marketing is a good example of a function that can be a challenge to partner with as a procurement team. Marketing sees its mission as driving revenues and sees itself as a high-ROI investment for the company. Rather than approaching marketing to help them “save” money, as many procurement professionals do, it is better to focus on procurement strategies that drive greater value from their investments and higher effectiveness from suppliers in supporting marketing’s mission. If they save money, too, who can complain?


Do you have any final words of advice?


Become completely invaluable as a partner to every functional executive and senior executive in the company. That means reaching out to those people, understanding their business and how they need to accomplish what they do, then figuring out how your procurement organization can deliver on that. The biggest challenge is making sure your procurement team has the skills and temperament for this mission – great communication, listening and problem solving skills are more important to accomplishing this than the technical knowledge we often emphasize in hiring.
Written: Sarin Kouyoumdjian-Gurunlian, Press Manager


Contact: Jennifer Keljik, marketing manager
Tel: 312.540.3000 x6592
Email: j.keljik@marcusevansch.com



About the Chief Procurement Officer Summit 2013


This unique forum will take place at The Ritz Carlton, Buckhead, Atlanta, Georgia, April 22-23, 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event.


The Manufacturing and Innovation Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.


                        


Please note that the Summit is a closed business event and the number of participants strictly limited.


About Tenzing Consulting


Tenzing Consulting is a management consulting firm that delivers results across the value chain from procurement through supply chain and operations. Our senior, expert consultants work shoulder to shoulder with our clients at all levels as “player coaches.” We bring the insights and execution support necessary to achieve client objectives while helping build their capability to sustain those results in the future.


www.tenzingconsulting.com
 
About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com

CFO Summit 2013: Alison Harrop News Release


Knowing the Trends to Make the Best Financial Decisions







 

Alison Harrop, a speaker at the marcus evans CFO Summit 2013, discusses why keeping up with digitisation will help make the most of business opportunities.


Interview with: Alison Harrop, Chief Financial Officer, Australia Post



FOR IMMEDIATE RELEASE


Chief Financial Officers (CFOs) must be more attuned to where the industry is going and what new global trends are on the horizon, so that new business can be developed around these,” says Alison Harrop, Chief Financial Officer, Australia Post. Forward-looking strategies should be created to take advantage of every possible business opportunity, she adds.


A speaker at the marcus evans CFO Summit 2013, in the Gold Coast, Queensland, Australia, 10 – 12 March, Harrop touches on why communicating the business goals with the finance team will create a more motivated environment.


How can risk be managed and the right decision matrix implemented?


Risk must become an intricate part of the business by being embraced as a part of the organisational culture. Risk management should be done within the business, so that it is understood and collectively owned by the organisation. Financial and business models are more likely to be aligned if risk is dealt with on a daily basis and talked about within the organisation.


What would enable long-term sustainability?


As the world becomes smaller with digitisation, CFOs have to understand what phase their business is in and look to the future with this knowledge in mind. This digital era is changing consumer patterns, creating new businesses and ways of generating revenue. This is why creating forward-looking strategies is now so important.


CFOs must be more attuned to where the industry is going and what new global trends are on the horizon, so new business can be developed around these. Moving with the times will make sure that the most is being made of business opportunities. It is no good being asleep at the wheel, as business now evolves quicker and the broader world is developing into new areas much faster.


How can performance measures be redefined for more successful outcomes?


In times of volatility and economic uncertainty, CFOs are in search of greater detail in performance measures. These details will provide lead indicators about where the business or the environment surrounding the business might be headed.


What incentives can be put in place to build a high-performing finance team?


Communicating with the team about the business strategy, and how their role fits into this, will make them more engaged, motivated and committed.


Finance teams should be given the right training and tools in order to do their jobs properly. They must also leverage investments in the technological environment, to be able to perform to their best.



Contact: Maria Gregoriou, Journalist, marcus evans, Summits Division


Tel: +357 22 849 400
Email:
press@marcusevanscy.com



About the CFO Summit 2013


This unique forum will take place at the RACV Royal Pines Golf Resort & Spa, Gold Coast, Queensland, Australia, 10 – 12 March 2013. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on ensuring structural consistency, utilising digital and social media to boost financial results and improving the quality and speed of decision making to deliver improved outcomes.


For more information please send an email to info@marcusevanscy.com or visit the event website at www.cfo-anz.com


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.












 

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com