Get Rid of Your Over 90 Days Past Due Problem

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Published: Thursday, June 08, 2023 06:00

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. 

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Is Your Finance Operation 
Due for a Transformation?

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Published: Tuesday, May 09, 2023 07:21

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. 

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Due for a Transformation?

5 Ways to Guarantee Master Data Management Failure

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Published: Tuesday, April 25, 2023 07:21

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.

 

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  1. Often-Overlooked Ways to Reduce Corporate Costs
  2. ITSM Change Management: Establishing a Regular Cadence for Change
  3. Communicating Change in a Way that Avoids Confusion and Conflict
  4. Is Your IT Organization Winning?

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