Beverly Davis on LinkedIn: How To Perform An Internal Controls Assessment (2024)

The synergy between Procurement and Finance matters. Aligned finance and procurementcan deliver a business savings of up to 25%How can finance & procurementbetter collaborate?- Align KPIs- Discuss Inventory- Collaborate on Payment Terms- Align Reporting- Align Technology- Practice Open Communication Some key higher performance, and more profitable outcomes companies see when finance and procurement are in alignment.1.) Cost Efficiency: When working together, procurement can negotiate better deals with suppliers, while finance ensures optimal spending and budget adherence. This synergy maximizes cost savings and enhances financial performance.2.) Risk Mitigation: Joint efforts help identify and mitigate financial risks associated with procurement decisions. Whether it's supplier stability or market volatility, proactive collaboration ensures robust risk management strategies.3.) Strategic Alignment: Aligning procurement goals with financial objectives drives strategic initiatives. This alignment fosters a unified approach towards achieving business targets, from profitability to sustainable growth.4.) Data-Driven Insights: Leveraging data analytics shared between procurement and finance provides actionable insights. This empowers informed decision-making, improving forecasting accuracy and operational efficiency.5.) Compliance and Transparency: Collaborative efforts strengthen compliance with regulatory requirements and internal policies. Transparent communication ensures ethical sourcing practices and financial integrity.In essence, when procurement and finance collaborate effectively, they create a powerful synergy that optimizes resources, mitigates risks, and drives strategic growth. ____________________Please share your thoughts in the commentsFollow me for finance insights#Procurement #Finance #Controller #BusinessStrategy #CorporateFinance #SupplyChainManagement

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How To Make Business Finance Decisions:Having a structured framework helps...Making sound financial decisions is crucial to maintain cash flow and for sustainable growth. Whether you're a startup founder or a seasoned executive, having a structured framework for financial decision-making can significantly enhance your ability to navigate challenges quickly and in-line with your objectives.Here are a few reasons why a financial decision-making framework is essential:1.) Clarity and Consistency: A well-defined framework provides clarity on the factors influencing your decisions and ensures consistency in how financial choices are evaluated across the company.2.) Risk Management: It helps in assessing risks associated with financial decisions more effectively, allowing you to mitigate potential threats and optimize returns.3.) Resource Allocation: By prioritizing investments based on strategic goals and financial metrics, a framework enables efficient allocation of resources, maximizing their impact on business outcomes.4.) Transparency and Accountability: Establishing a framework promotes transparency in decision-making processes, fostering trust and ensuring accountability for financial outcomes.5.) Adaptability: A flexible framework allows for adjustments in response to new information or shifts in business priorities, enhancing agility and resilience.At Davis Financial Services, we believe in the power of informed financial decisions to drive growth and innovation. I help clients integrate a structured framework into their financial strategy to empower management teams to make data-driven choices that align with their mission and long-term vision.________________Please share your thoughts on decision making frameworks in the comments!Follow me for more finance insights#Business #Finance #Entrepreneur #Founder #BusinessFramework

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Financial Governance, Risk and Compliance are finally being discussed as essential pillars to success. Here's why:1.) Governance: Establishing robust governance frameworks ensures transparency, accountability, and ethical conduct across all financial activities. It lays the foundation for strategic decision-making and fosters trust.2.) Risk Management: Identifying and mitigating risks proactively is crucial to safeguarding assets and maintaining financial stability. Effective risk management enables businesses to navigate uncertainties and seize opportunities with confidence.3.) Compliance: Adhering to regulatory requirements and industry standards is non-negotiable. Compliance ensures legal integrity, protects against penalties, and enhances reputation, bolstering investor and consumer confidence.Together, GRC frameworks empower businesses to operate efficiently, mitigate potential threats, and sustain long-term growth. It's the businesses responsibility to champion these principles, and drive operational excellence by prioritizing Financial GRC, integrating it into our company DNA to build resilient, ethical, organizations. __________________Please share your thoughts in the comments.Follow me for more finance insights#FinancialGRC #Governance #RiskManagement #Compliance #Business #Finance

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CFOs and Finance Professionals: Removing silos in finance strategy ensures alignment with overall business objectives, fostering cohesive organizational growth. How well your financial strategy is aligned with the company's overall objectives matters.Here's my key insights on Aligning Financial Strategy With Business Goals https://lnkd.in/eR2Jme46

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Alignment of financial strategy with business goals is not just beneficial but by aligning your financial strategy with your business goals, you not only enhance financial performance but also drive overall organizational success.Here's my key insights on Aligning Financial Strategy With Business Goals https://lnkd.in/eR2Jme46

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Aligning Financial Strategy with Business Goals Alignment of financial strategy with business goals is not just beneficial but by aligning your financial strategy with your business goals, you not only enhance financial performance but also drive overall organizational success. It's about ensuring that every financial decision contributes directly to the growth and sustainability of your business.Here are a few insights on achieving this alignment effectively:1.) Understand Your Business Objectives: Start by clearly defining your business goals and objectives. Whether it's growth, profitability, market expansion, or innovation, your financial strategy should directly support these ambitions.2.) Integrated Planning: Integrate financial planning seamlessly with your overall business planning process. Ensure that financial forecasts, budgeting, and resource allocation are all in sync with your strategic priorities.3.) Risk Management: Assess and mitigate financial risks that could impact your ability to achieve business goals. This could involve hedging strategies, contingency planning, or optimizing capital structure.4.) Performance Metrics: Establish relevant KPIs and performance metrics that measure progress towards your business goals. Financial metrics such as ROI, cash flow projections, and cost efficiency ratios should align with these targets.5.) Regular Evaluation and Adaptation: Continuous monitoring and evaluation of your financial strategy are crucial. Regularly review and adapt your approach based on changing market conditions, internal factors, and new opportunities.6.) Communication and Collaboration: Foster open communication and collaboration between finance teams and other departments. Ensure that everyone understands how their contributions align with the broader business strategy._________________Please share your insights in the comments below!Follow me for more finance insights#FinanceStrategy #Finance #StrategicPlanning #CorporateStrategy

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Frameworks are the key to great financial presentationsIf you don't have a framework, build one. I you have one, regularly refine it.As a CFO or Finance Leader presenting a financial forecast to stakeholders, having a robust framework to break the data down into highlights is crucial to communicate the most important information with clarity. Your framework should help distill complex financial data into insights and metrics that stakeholders can easily grasp and interpret. I encourage clients to focus on providing a clear narrative around financial performance, challenges, and opportunities, that are aligned with broader business objectives. Also, a well-defined framework of key highlights enhances credibility and trust with stakeholders and internal teams. Here's ten key points I would highlight when presenting a financial forecast to stakeholders:1.) 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐏𝐫𝐨𝐣𝐞𝐜𝐭𝐢𝐨𝐧𝐬: Clear and realistic projections of expected revenue streams to show growth potential, broken down by product lines or segments if applicable.2.) 𝐂𝐨𝐬𝐭 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞: Detailed breakdown of costs including variable and fixed, highlighting any significant changes or cost-saving initiatives. 3.) 𝐏𝐫𝐨𝐟𝐢𝐭 𝐌𝐚𝐫𝐠𝐢𝐧𝐬: Forecasted gross and net profit margins, show rends and explain any expected changes based on market conditions or strategic decisions.4.) 𝐂𝐚𝐬𝐡 𝐅𝐥𝐨𝐰 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭: Overview of projected cash inflows and outflows, emphasizing liquidity positions and any anticipated cash needs.5.) 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐄𝐱𝐩𝐞𝐧𝐝𝐢𝐭𝐮𝐫𝐞𝐬: Planned investments in assets such as property, plant, and equipment, and how these align with business strategy and expected returns.6.) 𝐃𝐞𝐛𝐭 𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠: Discuss existing debt levels, upcoming repayments, and any planned financing activities including interest rates and the impact.7.) 𝐊𝐞𝐲 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫𝐬 (𝐊𝐏𝐈𝐬): Highlighting critical metrics that track operational performance and efficiency.8.) 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐚𝐧𝐝 𝐑𝐢𝐬𝐤𝐬: Analysis of internal and external factors such as market trends, personnel, and regulatory changes that could impact financial performance.9.) 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬: Present alternative scenarios (best-case, worst-case, base-case) to illustrate potential outcomes under different conditions, providing a clearer picture of risk exposure and mitigation.10.) 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬:Explain strategic initiatives or projects that are expected to drive growth, improve efficiency, or enhance market position, along with associated costs and expected returns.Please share if you have a framework for presenting financial data, and if so, what do you include?_________________➕ Follow me for more finance insights#business #finance #forecasting #financialdata #presentations

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Effective budgeting and forecasting empowers businesses to proactively navigate uncertainties and drive growth. But when it comes to budgeting and forecasting, many businesses still face challenges. Here's the link to my Budgeting & Forecasting Guide: https://lnkd.in/eP8ZRdbQ

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