Optimizing Back Office Operations: Best Practices to Maximize Profitability by Z

Description: Optimizing Back Office Operations by Zahid Khalid According to industry experts, a typical one billion dollar company spends approximately $27 million on unnecessary working capital and inefficient processing functions because they lack visibility into the financial supply chain. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description According to industry experts, a typical one billion dollar company spends approximately $27 million on unnecessary working capital and inefficient processing functions because they lack visibility into the financial supply chain. Optimizing Back Office Operations: Best Practices to Maximize Profitability uses examples and case studies to show how cost optimization—and not cost reduction—in the core back office operations is the right approach to maximizing profitability and enterprise value. Implementation guidance is provided for Executives, CFOs, and Controllers on transitioning from outdated processes to a fully-optimized financial supply chain. Notes Shows businesses how to optimize their cash flow to achieve greater profitability. Back Cover OPTIMIZING BACK OFFICE OPERATIONS One of the key reasons for a companys failing to meet its profitability expectations lies in its back office. Think about it: a typical billion-dollar company spends approximately $27 million annually on unnecessary working capital and inefficient processing functions when they could be meeting profitability expectations with an increased concentration on their Financial Supply Chain. Changing the focus from profits to profitability, Optimizing Back Office Operations: Best Practices to Maximize Profitability uses examples and case studies to show how cost optimization and not cost reduction in the core back office operations is the right approach to maximizing profitability and enterprise value. Discover how you can put these best practices to work in the areas of: Profits--the reason your business exists Liquidity, growth, and financial flexibility Cost: you get what you pay for Capability: one size does not fit all Financial supply chains Working capital processes Measuring capability Optimizing accounts payable, accounts receivable, purchasing, and treasury operations Other topics of special importance include the profitability equation and related metrics; measuring capability; process benchmarking; process standardization; and enabling technologies. Invaluable cases illustrate that cost optimization is a viable strategy for sustainable profit maximization. For company controllers, assistant controllers, and financial executives, Optimizing Back Office Operations is both an important source of useful, innovative ideas and a handy quick reference for day-to-day use. It is also an indispensable guide for financial analysts, internal auditors, public accountants, and anyone concerned with company financial and accounting operations. Bringing together the science of process im-provement, the art of finance, and the enabling powers of information technology to make the case for a dependable approach to maximizing profitability and cash flow, Optimizing Back Office Operations illustrates the best practices to achieve sustainable profitability. Flap OPTIMIZING BACK OFFICE OPERATIONS One of the key reasons for a companys failing to meet its profitability expectations lies in its back office. Think about it: a typical billion-dollar company spends approximately $27 million annually on unnecessary working capital and inefficient processing functions when they could be meeting profitability expectations with an increased concentration on their Financial Supply Chain. Changing the focus from profits to profitability, Optimizing Back Office Operations: Best Practices to Maximize Profitability uses examples and case studies to show how cost optimization and not cost reduction in the core back office operations is the right approach to maximizing profitability and enterprise value. Discover how you can put these best practices to work in the areas of: Profits--the reason your business exists Liquidity, growth, and financial flexibility Cost: you get what you pay for Capability: one size does not fit all Financial supply chains Working capital processes Measuring capability Optimizing accounts payable, accounts receivable, purchasing, and treasury operations Other topics of special importance include the profitability equation and related metrics; measuring capability; process benchmarking; process standardization; and enabling technologies. Invaluable cases illustrate that cost optimization is a viable strategy for sustainable profit maximization. For company controllers, assistant controllers, and financial executives, Optimizing Back Office Operations is both an important source of useful, innovative ideas and a handy quick reference for day-to-day use. It is also an indispensable guide for financial analysts, internal auditors, public accountants, and anyone concerned with company financial and accounting operations. Bringing together the science of process im-provement, the art of finance, and the enabling powers of information technology to make the case for a dependable approach to maximizing profitability and cash flow, Optimizing Back Office Operations illustrates the best practices to achieve sustainable profitability. Author Biography ZAHID KHALID is Managing Partner at The Hardstone Group, a management consulting practice specializing in helping clients increase profitability through improvements in financial supply chain processes. He has authored numerous articles on finance and technology in various industry publications and is a frequent presenter at events related to working capital optimization. He can be reached via the firms Web site: Table of Contents Preface ix CHAPTER 1 Profits: The Reason a Business Exists 1 Profitability Defined 2 Profitability Equation and Related Metrics 9 Liquidity, Growth, and Financial Flexibility 19 Conclusion 25 CHAPTER 2 Cost and Capability: Strategic Choices 27 Capability: One Size Does Not Fit All 28 Cost: You Get What You Pay For 34 Measuring Capability 41 Conclusion 44 CHAPTER 3 Financial Supply Chain: Entering the Gold Mine 45 What Is the Financial Supply Chain? 45 Working Capital Defined 50 Working Capital Processes 59 Conclusion 65 CHAPTER 4 Platform for Execution: A System for Maximizing Profits 69 Process Benchmarking 74 Process Optimization 86 Process Automation 86 Process Integration 88 Process Standardization 89 Conclusion 92 CHAPTER 5 Optimizing Accounts Payable 95 Implications of A/P Effectiveness 97 Best Practices 99 Enabling Technologies 115 Conclusion 122 CHAPTER 6 Optimizing Accounts Receivable 125 Implications of A/R Effectiveness 126 Best Practices 130 Enabling Technologies 137 Conclusion 144 CHAPTER 7 Optimizing Purchasing 147 Implications of Purchasing Effectiveness 149 Best Practices 152 Enabling Technologies 160 Conclusion 168 CHAPTER 8 Optimizing Treasury Operations 171 Implications of Treasury Effectiveness 175 Best Practices 179 Enabling Technologies 193 Conclusion 200 Epilogue 203 Index 207 Long Description Put your financial supply chain to work for greaterprofitability Historically, most companies have consistently focused on revenue-generating activities and invested heavily in organizational capabilities that support this effort. Its time to focus on the back office to meet the profitability expectations of your company. Destined to become an essential desktop tool in helping you achieve sustainable profitability, Optimizing Back Office Operations provides practical guidance on: Making the transition to a fully optimized financial supply chain from traditional paper-driven, outdated processes How optimizing your back office makes a big, positive impact on your organizations profitability A cost-capability optimization approach to maximizing profitability Created as a result of conversations with several senior executives and colleagues who hold leadership roles in various functions that affect working capital, Optimizing Back Office Operations outlines the best practices and proactive strategies you can use to make the most of your financial supply chain. Filled with case studies and insights, this is the one-stop resource you will turn to for the latest information and know-how on achieving sustainable profitability in the accounts payable, accounts receivable, purchasing, and treasury functions. The science of process improvement, the art of finance, and the enabling powers of information technology come together here to make the case for a dependable approach to maximizing profitability and cash flow all through financial supply chain optimization. Review Text Featured in The Times Higher Education Supplement - 23 February 2012 Times Higher Education review: Medical knowledge is advancing unbelievably quickly, and medical practice has been revolutionised by scientific research that is not only groundbreaking, but well considered and based on sound scientific principles. Not surprisingly, many medical schools now expect students to participate in research projects, and evidence of such work is de rigueur for job applications post-qualification. By examining key developments in medicine we can see the complexities of the theoretical approaches and methodologies used. I find it essential to cultivate this understanding in the medical students I supervise; moreover, it allows them to experience the sheer excitement of medical research. Understanding Medical Research, aimed at the young medical researcher of the future, should therefore be timely, especially given the focus made explicit in its subtitle, The Studies that Shaped Medicine. It is ambitious and covers a wide range of clinical disorders, and the authors of each chapter have chosen publications that contribute most to progress in their medical specialty. Each chapter ends with key questions, which are useful in pointing to further exploration, perhaps through involvement in research projects. This text avoids being a classic review of the literature, but seeks instead to provide a glimpse into the "unique blend of science and pragmatism", to quote the chief medical officer Sir Liam Donaldsons admirable foreword, which can have a profound impact on medical practice. I found the opening chapter on the epidemiological aspect of medicine particularly effective in accomplishing that aim, with its historical context and deft glimpses of the complex interactions between medicine, sociology and political change, and broad-brushstroke sketches of those involved. Likewise, "Patient safety" begins with Florence Nightingale, who was not renowned for "medical research" but who is shown here to have used a meticulous, evidence-based approach in collecting and analysing data; a fine example for anyone starting out in population-based research. I appreciated the inclusion of James Reasons work on accident causation, originally conceived for non-medical problems but which is now an approach that profoundly influences modern medical practice. Other chapters juxtapose different research methods, for example computer modelling and in vivo studies, or describe the revolutionising impact of modern genetics. Research papers often tell a good story, and I was particularly engaged by the chapter "Helicobacter pylori, peptic ulcers and gastric cancer". Understanding normal biology is essential in comprehending disease pathology, as is clearly shown in the chapter "Inherited diseases of haemoglobin", and also in "Transplantation", which focuses on monoclonal antibodies, now routinely used in basic research and chemical pathology. Although there are many other equally fine examples, not all the chapters reach this high level. Overall, I am unsure whether this volume completely addresses the challenge of understanding medical research, which requires appreciation of the researchers thought process, hypotheses and methodologies employed. Certainly I had a glimpse of the studies that shaped modern medicine. Perhaps it would have been more appropriate if the subtitle were the main title. - Isobel Braidman , Senior Lecturer in Medicine, University of Manchester Medical School, and a Higher Education Academy national teaching fellow Pre-publication reviews: "Round the edge of Details ISBN0470531894 Year 2010 ISBN-10 0470531894 ISBN-13 9780470531891 Format Hardcover Subtitle Best Practices to Maximize Profitability DEWEY 658.15 Pages 224 Media Book Short Title OPTIMIZING BACK OFFICE OPERATI Language English Edition 1st UK Release Date 2010-03-19 Publisher John Wiley & Sons Inc Imprint John Wiley & Sons Inc Place of Publication New York Country of Publication United States AU Release Date 2010-03-08 NZ Release Date 2010-03-08 Author Zahid Khalid Publication Date 2010-03-19 Illustrations Tables: 8 B&W, 0 Color; Exhibits: 26 B&W, 0 Color Audience Professional & Vocational US Release Date 2010-03-19 We've got this At The Nile, if you're looking for it, we've got it. 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