汽车公司财务信息系统介绍英文版课件.ppt

1、1ROB PHEBUSCFO,FORD LIO HO26+YEARS EXPERIENCE WITH FORD2The mission of Ford Finance is to contribute to the success of Ford Motor Company by being the most dynamic,efficient,and high-quality organization of its kind.Ford Finance people strive for excellence and continuous improvement in the quality,

2、effectiveness,and efficiency of the services they provide to internal and external customers.FINANCE MISSION&KEY RESPONSIBILITIES3Professional-Intelligence,Creativity,Judgment and Communication SkillsPersonal-Integrity,Initiative,Interpersonal Skills and TeamworkFinance Personnel Characteristics 4 D

3、evelop and operate high-quality financial reporting and control systems Develop optimal business practices and processes Provide high-quality analysis to support decisions Make recommendations as Business AdvisorsFinance Roles5FINANCE FUNCTIONS6 Financial Reporting-Financial Statements,Tax Accountin

4、g Operations Accounting-Cost Accounting,Transaction Processing Internal and Systems Auditing Dealer Auditing Supplier Auditing Accounting&Auditing7 Capital Structure and Dividend Planning Cash and Debt Management Foreign Exchange Management Pensions,Insurance,and Employee Payroll&SavingsTreasury8BUS

5、INESS CONTROLTHE CFO PERSPECTIVEON GOVERNANCE9WHAT IS BUSINESS CONTROL?Accounting VerificationsSecurity and LocksInternal and External AuditChecklistsSignaturesAny action taken by management to enhance the likelihood that company objectives and goals will be achieved on a sustained basis10ELEMENTS O

6、F BUSINESS CONTROL11DRIVING FLAWLESS EXECUTIONBusiness control drives achievement of goals!CORPORATE CULTURERISK MANAGEMENTPROCESSES&SYSTEMSMONITORINGManagementACHIEVEMENT OF COMPANYGOALS&OBJECTIVESEmployees12WHERE DO YOU FOCUS?Tax ComplianceDisasterRecoveryAccounts PayableAccountsReceivableAR Colle

7、ctionsSalesRecognitionFacilities SecurityContractManagementEnvironmentalComplianceSafetyEngineeringHealth&SafetyFixed AssetsCredit FinancingInventoryPurchasingVariable MarketingFixed MarketingWarrantyCustomsPayroll&TimekeepingSupplierManagementTreasuryCash ManagementJournal EntriesReconciliationProd

8、uctDevelopmentInsuranceVehicle RemarketingSystem SecurityDistribution&Logistics13CFO TOP SIXvGovernance and EthicsvCash and TreasuryvAsset IntegrityvRevenuevPurchasing and PayablesvAccounting14GOVERNANCE AND ETHICSEstablishing a decision framework for doing the right thingCONTROLSAudit CommitteeClea

9、r Organizational StructureFormal Delegations of AuthorityPolicy LettersInvolvement of OGCProcedures for Reporting Unusual EventsPOTENTIAL RISKS GOVERNANCE-Business Mismanagement-Confusion&Inefficiency ETHICS-Loss of Reputation-Litigation Issues-Asset Loss15GUIDELINES FOR AUDIT COMMITTEESPurposeProvi

10、de Assistance To The Board Of Directors On Its Fiduciary ResponsibilitiesEnsure Reliability Of Accounting And Controls,Reporting Practices,And Quality And Integrity Of Financial Reports16GUIDELINES FOR AUDIT COMMITTEESMembershipTwo Or More Financially Adept DirectorsEach Should be Non-Executive Memb

11、ers Of The BoardCompany CFO And External Auditors Should Attend Meetings But Are Not Committee MembersMeetings Held At Each Board MeetingIndividual Meetings Between Committee And Company CFO And External Auditors At Least Annually17GUIDELINES FOR AUDIT COMMITTEESDuties And ResponsibilitiesAssure Rel

12、iability Of Accounting PracticesAssure Adequate Internal Control ProcessesAssure Compliance With Legal Requirements And Company PolicyAssure Adherence To A Company Code Of ConductAssure Appropriate Risk Management Processes EstablishedReview Appointment And Performance Of External AuditorReport To T

13、he Board On Matters Of The Committee18CASH AND TREASURYProtection and maximum utilization of cash and investment assetsCONTROLSAppropriate Cash Handling Delegations of AuthorityAccount ReconciliationHedging&Risk Transfer Tools Use of Treasury&Risk Management ExpertisePOTENTIAL RISKS POOR CASH MANAGE

14、MENT-Theft or Loss of Cash-Loss of Interest Income POOR RISK MANAGEMENT-Currency,Interest Rate,&Commodity Exposure-Liquidity Risk-Property&Casualty Hazards-Default Risk19ASSET INTEGRITYProtection and usability of Company physical and information assetsCONTROLSPhysical SecurityTagging&Cycle CountsRec

15、eiving/Shipping ProcessesApplication Control ReviewDisaster Recovery PlanPasswordsUser Access ReviewPOTENTIAL RISKS PHYSICAL ASSETS-Loss,Theft,or Damage-Waste&Underutilization INFORMATION ASSETS-Loss,Theft,or Damage-System/Business Failure20REVENUETimely recognition of sales revenue and collection o

16、f receivablesCONTROLSSeparation of Revenue Recognition&Cash HandlingProcedures for Revenue RecognitionAging Follow-upBad Debt Allowance AnalysisAccount ReconciliationPOTENTIAL RISKS Revenue Over/Understated Overdue Receivables Ineffective Collection Process Bad Debt Exposure21PURCHASING AND PAYABLES

17、Purchasing high quality goods and services and paying the right amount at the right timeCONTROLSUse Purchasing ExpertiseBudget ManagementSupplier Database/Preferred Supplier ListingLow Value Purchase ReviewStandard Terms&ConditionsReceipt VerificationPre-Payment ReviewAccount ReconciliationPOTENTIAL

18、 RISKS PURCHASING-Unnecessary Purchase-Price too High-Quality Not to Specification-Contracts that Dont Support Goals PAYABLES-Pay Wrong Amount-Pay for Goods not Received22ACCOUNTINGEnsuring that accounting records are accurate and managed properlyCONTROLSAccount ReconciliationReconciling Item Follow

19、-upJournal Entry Review&ApprovalUp-to-Date Chart of AccountsClosing ProceduresBudgeting&AnalysisPOTENTIAL RISKS ACCOUNTS MISSTATED-Improper Entry Made-Legal Exposure to Shareholders/Regulatory DATA NOT USEFUL-Poor Categorization-Non-Timely DATA NOT USED23EXERCISE:SPECIAL METAL STAMPERS,INC.Method:In

20、dividual ExerciseObjective:Use the CFO Top Six to sift through information and find critical control concernsTime:Complete Before ClassInstructions:You are Robin James,and today you are taking over from John Smith as Controller at Special Metal Stampers,Inc.a wholly owned subsidiary of We Build Cars

21、.As you sit down at your desk,you notice a full in-basket requiring your attention.Review the narrative provided(a summarization of several introductory interviews)and the contents of your in-box.Which three concerns would you tackle first,and why?24BUSINESS CONTROL TOOLSvInternal Control Coordinato

22、rsvModular Control Review Programsv6-SigmavThe GAONow that you know where to focus,what tools can you use to find and address concerns?vCorporate Policies and StandardsvApplication Control Review(ACR)vTraining25BUSINESS CONTROLHow to Build Control into Business Processes26ELEMENTS OF BUSINESS CONTRO

23、L27WHY IN-PROCESS CONTROLS?PLANGOALPLANGOALHit the target every time with Business Process ControlRepeatability SustainabilityWithout ControlWith Control28CREATE A CONTROLLED PROCESSUnderstand the ComponentsOutline the Existing ProcessDetermine Areas of RiskAssess the Existing ControlsRedefine the P

24、rocess291.UNDERSTAND THE COMPONENTSGOALWHERE DO YOU WANT TO GET?INPUTINPUTINPUTINPUTWHAT DATA FEEDS YOUR PROCESS?Remember can be external or internalWHAT PROCESSES ARE USED?What resources(people and systems)are used to transform the input?OUTPUTOUTPUTOUTPUTOUTPUTWHAT IS THE RESULT OF YOUR PROCESS?Th

25、ink enterprise-wide are your outputs someone elses inputs?302.OUTLINE THE PROCESSvState the Goal-Is it Measurable&Specific?vDetail the Process-How do Inputs Outputs?Identify Process Steps(Sequence/Dependency)When are Decisions Required?Watch for“Dead Ends”End Should Equal OutputLook across Organizat

26、ions Understand HandoffsDraw a FlowchartINPUTINPUTINPUTINPUTOUTPUTOUTPUTOUTPUTOUTPUTGOAL313.DETERMINE AREAS OF RISKvAssess Goal AlignmentHas the goal changed?Does the output support the goalvDoes Failure(of any process step)Impact Achievement of Goals?What is the consequence of failure?What are the

27、odds it could fail?vLook for Red Flags323.DETERMINE AREAS OF RISKvSome Possible Red FlagsHolding Areas(e.g.overdue payments,unmatched receipts,incomplete orders)Key Communication Points Transitions(handoffs,transitions,etc.)Key Decision PointsManual/Paper ProcessesAnything That Cant Be ExplainedLong

28、 Delays in Retrieving InformationReliance on Detective vs.Preventative Controls334.ASSESS EXISTING CONTROLSvIDENTIFY EXISTING CONTROLSPreventive Reduces likelihood of consequenceDetective Identifies and(if possible)corrects undesired resultsDirecting Encourages a desirable behavior to occurvASSESS C

29、ONTROL vs.RISKWhich risks require additional mitigation?Is there a Company standard/guideline?What type of controls make sense?ProcessRisksControls345.REDEFINE THE PROCESSvBuild New Controls into ProcessvMatch Resources to Risk LevelvEnsure Agreement with StakeholdersINPUTINPUTINPUTINPUTOUTPUTOUTPUT

30、OUTPUTOUTPUTNEWPROCESSDocument and CLEARLY Communicate Process AND Roles and Responsibilities35ELEMENTS OF BUSINESS CONTROL36WHY MONITOR YOUR PROCESS?vProcess sets up a sequence of steps things can get stuckvMonitoring is a red flagDeal with exceptionsAddress root cause in the upstream processABFCDE

31、PLANGOAL37HOW DO YOU MONITOR?vIdentify Key Control Points in the Process vDetermine Metrics for those Points&OutputsvEstablish Targets,Triggers,and Variance GuidesvReview Metrics Frequently in and across DepartmentsCBG/GECBusiness Process Control Health ChartTarget1 2 3 4 Although consistent,steady

32、improvement was evidenced in months 2 and 3,a decline in control was identified in month 4.Investigation of causal factors identified a change in personnel training for new employee has been prioritized.Transactions 90 daysCost/Transaction1/012/013/014/015/016/017/018/01 Cost has not stabilized,and

33、is consistently above budget.38WHAT HAPPENS WITHOUT CONTROL?No robust termination process Termination feesnot paid Cash$1.3 millionThe absence of a robust termination process impacted the Companys ability to recover payments owed.The Model E program was launched to provide employees with access to t

34、he Electronic Age by offering a computer and internet access for$5 per month.Employees agree to pay a termination fee if they left the Company prior to the 36-month contract end.160,000 employees participated.39.Local Laws&Regulations.Corporate Guideline.Functional Guideline.Checking ListInternal Au

35、dit-Audit PlanComply with Local Laws&Regulations and Corporate Guideline?Gernal Audit OfficeEnd of Process ControlCorrect ActionsExternal Audit-CPA FirmRe-exam?YesNOFlow Chart for Internal ControlYesNO40 Profit Analysis and Business Planning Forecasts and Budgets,Business Planning Process,Joint Vent

36、ures and Acquisitions Operations Analysis-Product Development,Manufacturing Cost Analysis Market-Related Analysis Shareholder Value PlanningFinancial Analysis41Shareholder Value Added(SVA)is a measure of how much value a company is creating for its shareholders42.Cost to use investors money to buy A

37、ssets.The return shareholders require from their investment 43444546Michael Porters Five Forces Model is a great way to see the big picture in any industry.According to Porter,the state of competition in any industry depends on five basic forces:the rivalry among industry competitors the threat of p

38、otential entrants the power of suppliers the pressure from substitute products the power of customers4748While seeing the big picture is important,it is also necessary to understand local conditions if you want to act strategically.Understanding local conditions means understanding your costs,compet

39、ition,customers,distribution channels,products,prices,and promotional activities.Seeing the big picture and understanding local conditions gives us the background for our most important strategic task positioning ourselves optimally within our environment.495051SuperiorShareholderReturnsWorlds Leadi

40、ngConsumer Company thatProvides AutomotiveProducts and ServicesTransformation andGrowthStrong globalBrandsCONSUMER FOCUSSuperiorConsumerSatisfaction&LoyaltyBest Total ValueTo CustomersNimbleOrganizationWith leadersAt all levelsCorporateCitizenship52To act strategically you need to see the big pictur

41、e understand local conditions position ourselves optimallyFords Vision and Strategy Pyramid is an example of a large step toward the goal of coordinated strategic action and optimal strategic positioning.However,to turn Strategic Vision into a Strategic Reality,all actions must support and improve t

42、he overall strategic position of the company.5354555657Decreasing costs lets you make more money off of each product that is produced.Decreasing costs through improved processes can also lead to improved quality and less waste.58Increasing Customer Satisfaction makes more people want to buy your pro

43、ducts.Increasing Customer Satisfaction also gives customers options that they are willing to pay for.5960Follow The Money ConceptsCreate Business Units of OneEstablish Profit Centers for Different Business ChannelsDivide Business into Smaller Manageable SubsetsMake Every Salesperson Responsible for

44、a Direct Business61Follow The Money ConceptsKnow the Profit of Everything You SellKnow the Variable Profit of Every Product and Service You SellKnow the Variable Profit by Major Series and Options within a Product LineKnow the Profit of Every Region,Zone,and Distribution ChannelFocus Resources on Im

45、proving Profit62Follow The Money ConceptsLeverage Production ProgrammingKnow the Profitability of Product PortfolioProgram Aggressively on High-Margin Products and Conservatively on Low-Margin ProductsWork with PD and Manufacturing to Grow High-Margin BusinessManage Product Allocation to Minimize Ma

46、rketing And Maximize Profits63Follow The Money ConceptsGrow Non-Traditional Business ChannelsRun the Channel as a Profit CenterMaximize Total Profit for Every Definable Sub-segmentPursue Win-Win Opportunities with These Customers on High-Margin Products and ServicesWork on Unique Product Opportuniti

47、esFocus on Service and Make Yourself IndispensableManage Residual Values64Follow The Money ConceptsBusiness Regional Sales StaffEstablish Businesses for Each Zone ManagerMake Sure They Know the Profit of Every Product and Service They SellDevelop Regional Profit Improvement Plans that Exploit Growth

48、 Opportunities on Profitable BusinessFocus on Dealer“Turns”to Improve Wholesale VolumesLeverage Regional Resources on High-Margin Production with Open Capacity65Follow The Money ConceptsLeverage Retail MarketingKnow the Profit of Every Product for Every Type of FinancingEstablish Process to Prioriti

49、ze Marketing on High-Margin ProductionFocus on Filling Open Capacity on High-Margin ProductsDrive Synergies with Supporting Adjacent BusinessesBalance Out Old Products EarlyTarget Marketing by Region and CustomerProtect Residual Values66Follow The Money ConceptsPrice Strategically to Improve Margins

50、Know the Profit of All Products,Options,and PackagesUse Pricing as a Tool to Increase Value on High-Profit Products(or Options)Price Aggressively to Improve Margins on Low-Margin ProductsReduce Complexity and Simplify Product Offerings(Validate with Market Research)Price Often to Minimize Market Eff