JANUARY 17, 2019

Power Growth: Crush Your Time Wasters

Deborah Defer and Sarah Sullivan

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With you today

DEBORAH DEFERManaging Director

234 466-4165ddefer@bdo.com

SARAH SULLIVANSenior Manager

703 893-7833ssullivan@bdo.com

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Crush Your Time Wasters Failure to

delegate

Viewing financial data througha reactive lens

Not documentingprocesses

Overlooking existing

capabilities

Not harnessinganalytics and

the cloud

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1. Failure to delegate

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You can do anything, but you can’t do everything.

-David Allen

”

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How does failure to delegate result in lack of engagement and focus?

Prone to burn out Undervalued and underutilized resources Cluttered minds

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CLEARING THE CLUTTERHow to delegate

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Evaluate & identify tasks to delegate “down”

REVIEW EVERYDAY TASKS AND FOCUS ON THE TASKS

ONLY YOU CAN DO

IDENTIFY “NON-ESSENTIAL” TASKS FOR DELEGATION

FIND THE RIGHT RESOURCE TO TAKE ON TASKS

CONSIDER ADDITIONAL HIRES

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Identify tasks to delegate “UP” or “OUT”

Identify tasks not “in your wheelhouse”• I.e. bookkeeping, taxes, HR

Consider bringing in a specialist to work on this if the expertise doesn’t live in-house

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Prepare for the delegation

1. Provide how-to documentation.

2. Establish monitoring procedures.

3. Confirm understanding .

4. Check-in but avoid micromanaging.

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Delegation requires the willingness to pay for short term failures in order to gain long term competency.

- Dave Ramsey

”

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Celebrate successes

Be intentional with positive feedback.

Show appreciation.

Find ways to reward success/hard work.

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2. Viewing financial data through a reactive lens

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Determine the best accounting systems for your business.

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Key Considerations

Are you effectively leveraging technology? Are you capturing KPIs specific to your industry? Do you have a business strategy and tactical plan? Are you addressing questions before they become an issue? Are you receiving real-time financial management

information?

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Being proactive means being reactive – ahead of time.

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Pre-accounting

otherwise known as…

bookkeepingAs we leverage technology, the daily automation of transactions can be placed into the accounting system, and then, the accounting happens with your trusted advisor.

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ANYTHINGapps | APIs | things | data

ANYWHEREon premises| cloud| hybrid

ANYTIMEbatch| streaming| real-time

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Cloud based and hosted accounting solutions

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3. Not harnessing analytics and the cloud

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CHANGE is the only constant

• Invest time and resources to make changes

• Embrace the discomfort of the unknown

• Say goodbye to the former organizational process

• Save significant time in the long run

• Accomplish strategic goals

• Transform operations to gain financial success=+

+

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It isn’t the strongest of the species that survives nor the most intelligent that survives. It is the one that is most adaptable and responsive to change.

-Charles Darwin

”

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Incentivizing change

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Thinking in real time

What is “meaningful” data?• BAD DATA is worse than NO

DATA. Faster reporting through a more

efficient close cycle. Insight to gain operational

excellence. It’s more than reporting, it’s

analytics.

Pairing continuous accounting and analytics

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4. Overlooking existing capabilities

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Do you know all the capabilities of your organization, including technology and people?

ORGANIZATIONAL

CAPABILITIES

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Look inside your organization…and beyond

Provide valuable insight and

perspective.Provide on-going advice

and solutions.

Help navigate the

decision making process.

Identify alternatives

to better suit their needs.

Ensure they avoid making

bad decisions.

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90% of the world’s

data has been created within the past 3 years..

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Data Automation Advanced Analytics

Transforming data into actions that provide for impactful change.

AI and advanced analytics

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Prepare Your People

Map Cross-Functional Processes

Figure OutFinancing

Assess Your Maturity

Define Your Vision

Set Up Your Pilot

Engage Stakeholders

Implementation roadmap

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5. Not documenting processes

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Why is lack of documentation a productivity killer?

Knowledge loss

No standardization

Inefficiencies go unidentified

Risk of noncompliance

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How you carry out a business process within your organization. It includes:

What is process documentation?

CHECKLISTS POLICIES SCREENSHOTS

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Steps for process documentation

IDENTIFY PROCESSES

ASSIGN PROCESS OWNERS

IDENTIFY INPUTS & OUTPUTS

IDENTIFY PLAYERS

DOCUMENT PROCESS STEPS

GET FEEDBACK FINALIZE & ESTABLISH

REVIEW PROCEDURES

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1. Keep it simple and concise.

2. Consider your audience.

3. Store in a central and secure location.

4. Use job titles, not names.

5. Provide screenshots and examples.

Tips and tricks for proper documentation

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Wrap Up

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Crush Your Time Wasters

Failure to delegate

Viewing financial data througha reactive lens

Not documentingprocesses

Overlooking existing

capabilities

Not harnessinganalytics and

the cloud

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Questions?

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