Get Rid of Your Over 90 Days Past Due Problem

Get Rid of Your Over 90 Days Past Due ProblemBy Sean Hickey, Senior Consultant

Every company where I have done SOX (Sarbanes-Oxley Act) compliance testing has the same problem: Their over 90 days past due accounts receivable stunk. In fact, they all seemed to think that having 5% over 90 (and sometimes even close to 10%!) is normal. 

These same companies also had a sea of revenue recognition journal entries on the backend of their order-to-cash process, and saw this as a normal and acceptable practice as well. 

Most importantly, they failed to see the connection between these two things.

I’m here to tell you that all of those revenue recognition journal entries are neither normal nor acceptable … and if you change your order-to-cash business processes in a way that eliminates them, the percentage of your A/R that’s over 90 days will plummet. 

Read more: Get Rid of Your Over 90 Days Past Due Problem

Is Your Finance Operation 
Due for a Transformation?

communicating changeBy Sean Hickey, Senior Consultant

A few weeks ago I was at a local business event, having a discussion with a couple of CFOs on ways to improve their company’s results. After discussing a variety of transformative business strategies that all relate to other functions within the business, they were surprised when I said, “What about your finance operations?” They had been so focused on ways to improve other company-wide horizontal processes – order to cash, procure to pay, etc., – that finance had taken a lower priority as a downstream process vs. being a horizontal process for the company as well. 

Read more: Is Your Finance Operation 
Due for a Transformation?

5 Ways to Guarantee Master Data Management Failure

communicating changeBy Ken Norland, Associate and Lonnie Sanders III, Associate

Are you eager to sabotage your organization's Master Data Management (MDM) initiative, drive inefficiency and compromise data quality? While we hope this isn't your intention, there are certainly pitfalls that can lead to MDM failure, derailing the success of an otherwise well-conceived project. In this discussion, we'll explore five proven ways to ensure your MDM endeavor falls flat, providing valuable lessons on what not to do. Instead, you can avoid these common traps and chart a course to MDM success.

 

Read more: 5 Ways to Guarantee Master Data Management Failure

CIO Professional Services LLC is a top-rated IT consulting firm, based in the San Francisco Bay Area, specializing in strategic IT consulting and business / IT alignment. Companies come to us seeking assistance with their information technology strategy as well as to source interim CIO / CTO employees or fractional CIO / CTO's. Our IT experts can assist with integrating IT into your business processes - better - up to and including 'project rescue' in areas such as ITSM / ITIL, IT service strategy, and IT outsourcing. Business / IT strategy projects we have worked on include upgrading ERP systems, cybersecurity and IT consulting, IT assessment and organizational change. Cloud computing and business IT remain critical in today's business systems, and beyond that to the migration to the cloud of business IT. Our IT consultants can assist with all aspects of business / information technology alignment. Contact us today for a free phone consultation - we service clients not only in San Francisco or San Jose, but throughout the United States.

Copyright 2022. CIO Professional Services, LLC. All Rights Reserved. View our Privacy Policy.