FINAMBITION

Financial Function Quick Scan:
You can perform a quick scan of the quality of your company’s financial management in just a few minutes. All you need to do is to decide whether a dozen simple statements are either true or false. The answers will tell you precisely where you stand. If you reckon that more than six statements are 'FALSE', you have a problem and should be worried. If you classify between three and five statements as 'FALSE', you can, and should do, better.

Of course, we’d be more than glad to help you improve your score. Not simply in order to gain a better score, but because a good score enables you to run your business efficiently and helps you take the right decisions at the right time. A good system of financial management is your company’s backbone and pays for itself many times over.

We’d be delighted to help you undertake a much more detailed review and prepare a comprehensive improvement plan. If you like, we can also implement the recommended improvements for you.

If you reckon that all the statements are "TRUE”. You clearly don’t need our help in this area!

Quick scan:

1.	You receive monthly business reports within 10 working days as planned.	True False
2.	The year-end closing and statutory audit doesn’t take much longer than a quarter-end closing.	True  False
3.	The financial figures never (or rarely) contain any big surprises.	True  False
4.	The quarterly closing report includes a balance sheet, a year-end estimate and an analysis of budget overshoots.	True  False
5.	You don’t spend excessive amounts of money on lawyers and tax consultants (whether internal or external) as a consequence of a very complex legal and tax structure.	True  False
6.	Figures prepared by the management team of a business unit are easy to reconcile with your company’s official financial figures and the reconciliation as such is not the subject of debate.	True  False
7.	Departmental and business unit budgets are: ♦ prepared by department /BU managers; ♦ analysed by a corporate financial officer; ♦ adopted by the management board after proper discussion; ♦ target-setting.	True  False
8.	You hold regular (planned in advance) review meetings with heads of departments /BU managers about their activities and their progress in meeting budget targets.	True  False
9.	Your monthly reports include non-financial Key Performance Indicators (KPIs) and somehow measure capital employed by activity.	True  False
10.	Investments and quotations in excess of a given threshold are supported by a business case, are analysed and reviewed by a corporate financial officer, and are discussed with (and subsequently approved by) the management board before your company enters into any third-party commitments.	True  False
11.	The financial managers of your business units report to their BU managers. There is a strong line of functional authority with your CFO or Finance Director.	True  False
12.	There is a normal turnover rate among your financial officers.	True False

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