Back to basics: how to make the finance function a better business partner

Why is the finance function in a unique position to support the business in becoming more competitive?

Because it has an influential representative in the CFO

Because it controls the money

Because it is usually the largest function

Because it looks right across the business

Which of these is not an area in which the finance function can really support the business?

Six Sigma

HR

Balanced scorecards

Operating cost analysis

Which of these is not a listed way in which accounting software can help management make the business more competitive?

It helps with capacity planning

It can highlight weak areas in comparison to competitor data

It can support benchmarking activities

It helps management to understand the volumes the drive the business

Which of these statements best describes the 'balanced scorecard' approach?

It is a way of seeing which parts of the business are performing weakly and need support

It is a strategy performance management tool

It is a way of scoring each part of the business so that they can be ranked by success

It is a strategy performance management tool that can be used to keep track of execution of activities

Which of these is not a planned benefit of the balanced scorecard approach?

It can isolate underperforming units so that HR can adapt their hiring policies

It provides structure and simplicity to planning

It can help reduce the number of reported KPIs by focusing on the things drive the business

It can re-orient the business towards the measures that really drive value creation

Which of these statements best describes Six Sigma?

It is a fact-based methodology that values prevention over detection

It is a way of driving customer satisfaction

It is a fact-based methodology that values defect prevention over defect detection

It is a six-step way of cutting costs

Which of these is one of the key ways in which management reporting can be streamlined?

Reporting fewer KPIs

Following the balanced scorecard approach

Produce all management information centrally

Reporting only KPIs that are linked to the true value processes in an organisation

Which of these statements describes most accurately why reporting too many KPIs is bad?

Because it is confusing for investors and internally for employees

Because the business is unlikely to meet all of their goals

Because too many KPIs means that the business is likely to be overstretched

Because it demonstrates a fundamental lack of understanding about what drives value in the business

What should finance functions beware of when they open up finance data to the rest of the business?

That they need to roll out appropriate data governance mechanisms

That many employees will not understand the data and therefore not know how to use it

That some disgruntled employees may want to leak the data

That data can be misinterpreted easily if you do not have a good sense of how it has been gathered

Why is measurement so important as part of the Six Sigma process?

Because without measurement there are no meaningful targets

Because it allows management to benchmark and then quantify the level of improvement achieved

Because it ensures that management has a control point and can determine and communicate the absolute level of improvement

Because it is a necessary part of the six steps of the process - without it, the process will not function and management will not get the information it requires

Back to basics: how to make the finance function a better business partner

Why is the finance function in a unique position to support the business in becoming more competitive?

Which of these is not an area in which the finance function can really support the business?

Which of these is not a listed way in which accounting software can help management make the business more competitive?

Which of these statements best describes the 'balanced scorecard' approach?

Which of these is not a planned benefit of the balanced scorecard approach?

Which of these statements best describes Six Sigma?

Which of these is one of the key ways in which management reporting can be streamlined?

Which of these statements describes most accurately why reporting too many KPIs is bad?

What should finance functions beware of when they open up finance data to the rest of the business?

Why is measurement so important as part of the Six Sigma process?

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