Matthew Felzke
Is Forecasting the Most Important Piece of your Planning Pie?

This article discusses the importance of forecasting in the context of planning processes.

I’ve written about Forecasting versus Budgeting before, but in the face of the apparent trend of forecasting becoming more and more popular and impactful, I wanted to examine its place in the task of planning.  Is it true that forecasting is the most important process for corporate performance management today – why or why not?  What is the difference between a business plan, a forecast, and a budget?  When should you be planning for your business, forecasting, and/or budgeting?  What does each entail?  This article will zoom in on planning today for your organization’s success in the future.

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Daniel Havey
Balanced Scorecards for Banks

This article will focus on Balanced Scorecards for Banks.

 

Image taken from Shutterstock.

Definition:  According to TechTarget, a performance scorecard is a graphical representation of the progress over time of some entity, such as an enterprise, an employee or a business unit, toward some specified goal or goals. Performance scorecards are widely used in many industries throughout both the public and private sectors. The performance scorecard is an essential component of the balanced scorecard methodology.

 

The focus of this article will be on balanced scorecards for banks.  Implementation of the balanced scorecard for banks and financial institutions is a very tricky thing, according to BSC Designer, as there is huge temptation to focus on financial indicators only.  We all know that banks work with money to make more money.  So, it is very easy to ignore non-financial indicators that have a direct impact on financial performance of banks.

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Daniel Havey
Dashboards for Banks

This article will focus on the many types of Dashboards for Banks that are being used today to improve bank performance.

dashboardforbanksDefinition:  According to Wikipedia, dashboards often provide at-a-glance views of KPIs (key performance indicators) relevant to a particular objective or business process (e.g. sales, marketing, human resources, or production).  In real-world terms, “dashboard” is another name for “progress report” or “report.”

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Daniel Havey
What should I be looking for in a Performance Management Tool for Banks?

This article will focus on what you will be looking for in a Performance Management Tool for Banks.

 

Image taken from Shutterstock.

Image taken from Shutterstock.

What is Performance Management?  According to the Harvard Business School, performance measurement focuses on four main areas:

-Communicating with external investors to ensure that a firm’s securities are fairly priced and that they are able to access capital

-Measure and evaluate a firm’s economic performance

-Improve resource allocation and strategy implementation within a firm

-Build accountability for performance through effective external and internal governance

 

The emphasis of this article will be on improving resource allocation and strategy implementation, specifically for banks.  Though banks have evolved over time, their basic function is to take in deposits and reinvest those funds back into the community in the form of loans for such things as houses, cars, education, and infrastructure.

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Daniel Havey
Best Management Reporting Tools for Banks!

This article will focus on Best Management Reporting Tools for Banks.

 

 reportingWhat am I looking for?  At first, this article was going to be about the Best Reporting Tools for Banks.  I then realized that there are many different types of reporting needs for banks that tools focus upon.

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Daniel Havey
Financial Reporting for Banks is Not Just Looking Backwards Anymore!

This article will focus on how Financial Reporting for Banks has changed overtime to be more forward looking.

Tell me what happened:  When I first started out as an Accounting Manager for a large regional bank, my job was to create monthly financials for each branch and tell them what they did last month.  Payroll, loan, and deposit information were already at the branch level in the general ledger; but not much else.

To improve the Financial Reporting for the bank, my job was to allocate all the other costs such as rent, FDIC insurance, funds transfer pricing, loan charge offs, and more to the branches.  This process took a team of five people a minimum of three weeks each month to accomplish.

Once everything was posted to the general ledger, my team would dump everything into a huge Microsoft Access database.  We then wrote a macro that would step through all four-hundred branches to create Excel workbooks on a hard drive.  Once created, we would print every report and send through interoffice mail.

By the time the branch network received their reports and started asking questions, we were already on the next month’s cycle.  Branches were always asking what happened and never got timely information to take corrective action.  It was just an endless cycle of number crunching and tree cutting.

Let’s speed things up:

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Matthew Felzke
Data Warehousing for Healthcare Companies using Sage 100

Image taken from Shutterstock

This article will explore the benefits of a data warehouse for Healthcare organizations using Sage 100.

All organizations rely on data to identify and meet goals, with plans for growth and development budgeted.  Data warehousing is a powerful option to structure and enrich business intelligence (BI) and corporate performance management (CPM) analytics.  A data warehouse (DW), by definition, is a multi-dimensional database that can house a significant amount of information, deriving from an assortment of sources within an organization, used to make good management decisions.  Your information in DWs can be used in reporting, routine budgeting and forecasting, and dashboards – or big picture performance data questions.  A DW organizes by subject, focusing interactions through topics, like financials, patients, services, or clinics.  If you’re a Healthcare organization using Sage 100, this article will highlight the impact of a DW for your team.

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Daniel Havey
How Microsoft Excel Reporting for Banks Has Evolved

This article will focus on Microsoft Excel Reporting for Banks and how it has evolved over time.

Origins:  I met Harold as my new boss in 1989 when I became Controller for a small subsidiary of a bank.  At the time, I was a Lotus 1-2-3 disciple.  I was great at writing macros and spitting out reports.  The one thing I hated about Lotus, however, was its poor printing capabilities.

Harold introduced me to Microsoft Excel and its ability to set and preview the print area made me convert overnight.  Harold said he loved the ability to type numbers into Excel every month, so he could get a good feel for the financials.

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Hanna Kim
The Benefits of Dashboards in Your Month-end Financial Presentations

This article focuses on using dashboards in monthly financial presentations for stronger decision-making.

Image taken from Shutterstock.

Image taken from Shutterstock.

Graphics are everywhere. They are literally everywhere we go, filling our kitchen pantries and even the clothes we wear. Red Crow Marketing Inc. mentions that “digital marketing experts estimate that most Americans are exposed to around 4,000 to 10,000 advertisements each day.” If we’re drawn to visuals, doesn’t it make sense to apply visuals to your financial reports and presentations? Think about receiving multiple pages of spreadsheets full of data. Is this how you best extract your financial analysis at the end of every month? This is where a dashboard comes in handy. Dashboards are defined as charts, graphs, and scorecards that convey data trends, successes, and problem areas with key performance indicators (KPIs), whether you are looking at a store, region, product, and a corporate department in particular, or the entire organization. A dashboard presents key data from various financial and operational sources on a single page, and uses graphs and tables to summarize a large amount of data. In this article, Solver Controller Gina Louie will talk about her experiences in presenting month-end financial presentations to the management team.

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Hanna Kim
The Power of Good Drill-Down in Dynamics NAV Reports

This article focuses on the importance of the drill-down function in your reporting tool.

gooddrill-downHave you looked at the summary page on your bank statement and not been able to recall a transaction you made? Or has your department made a large transaction and nobody in your team was able to figure out what the company’s money was spent on? This is where a drill-down feature in your reporting will benefit you. A drill-down is a feature that can be found in your reporting tool, and it allows the end user to see details of the transactions the user is reporting from. If you are relying on Microsoft Dynamics NAV for your business, this article will focus on what you need to know regarding drill-down features to expand your reporting processes. Continue reading