By Institute of Management and Administration (IOMA)
Expense relief and regulate top Practices presents monetary manages with no-nonsense, balanced, and useful innovations which are being exact and used national for controlling bills via hundreds of thousands of businesses in components resembling human assets, reimbursement, advantages, paying for, outsourcing, use of specialists, taxes, and exports. those most sensible practices are in line with the trenches event, examine, proprietary databases, and specialists from the Institute of administration and management (IOMA) and different top specialists of their fields.* presents top practices and methods for controlling expenditures inside of a firm* New chapters concentrate on outsourcing expenditures, downsizing, experts' expenses, and company tax expenditures* presents the newest techniques businesses re utilizing to regulate expenditures
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Extra info for Cost reduction and control best practices: the best ways for a financial manager to save money
This is the focus of the new study, A New View of Capital Planning, which reveals the factors that most differentiate the best from the mediocre. 8 on a scale of 1 (poor) to 10 (best). Companies that are unhappy with their process cite the following problems: • • • • “Gaming” of the process Special treatment of certain capital investments (such as information technology projects) The effect of executive incentive bonuses on investment decisions The treatment of implementation and uncertainty risks by the project appraisal process Also, only about half of the companies examined conduct postinvestment reviews.
A number of the ideas companies are using are particularly worth noting: namely, getting business units more involved, switching to rolling forecasts, and leveraging technology to help the process. Getting Business Units Involved. Getting business units into the process involves pushing more responsibility for the budget down the ranks. “We enhanced our budget process by empowering business units to take ownership of their data,” says a director of financial reporting at a 175-employee leasing firm.
Recommendation: Make sure managers analyze the lease, buy, and maintain options when pushing for the replacement of existing equipment. 3. Is there a lower-cost way to meet our compliance obligations? In their budgets, many managers take a conservative approach to compliance with environmental, health, and safety regulations. They think it is smarter to be safe and overspend on inescapable compliance costs than underspend and be left holding the bag if something goes wrong. ” Recommendation: To avoid unnecessarily conservative and costly compliance spending, ask managers to analyze and report on compliance practices at other companies.
Cost reduction and control best practices: the best ways for a financial manager to save money by Institute of Management and Administration (IOMA)