Operating levels of the finance function

Question 1

What are Financial, Planning and Analysis Teams?

Answer 1

Help organisations to set, monitor and evaluate their progress in achieving goals and objectives.

Question 2

What are 6 insights provided to decision makers by the FP&A teams?

Answer 2

1.) Suggestions on how best to use surplus assets
2.) Assessment of overall financial health by the organisation
3.) Budgeting, forecasting and data analysis to support major board decisions.
4. ) Analyse economic and business trends as well as past organisational performance.
5.) Analysis of products and product lines to determine which generate the largest portion of net profit
6.) Identifying which products generate highest and lowest profit margins

Question 3

What are 5 things that taxation teams do?

Answer 3

1.) Calculation of corporate tax
2.) Ensuring organisation complies with tax laws including VAT and payroll.
3.) Ensuring financial models and budgets correctly estimate the effect of corporate taxes
4.) Ensuring organisation operates in tax efficient manner by lowering tax due, reducing tax rates, controlling when tax is paid and maximising tax relief
5.) Liaising with tax authorities during investigations

Question 4

What are the insights that Project Management teams provide?

Answer 4

1.) Project plans that include projects scope and required resources.
2.) Communication of project progress and predicted completion dates that can feed into areas of business that are impacted by project
3.) Suggested sequencing of project activities and their impact on business ideas
4.) Creation of project budgets and their monitoring and review
5.) Monitoring of project risks and their impact on business areas.
6.) Post-implementation review of project and lessons learned for wider organisation

Question 5

What are the 5 stages of Project management?

Answer 5

1= Initiation- Need for project is identified and appraised for feasibility
2= Planning - Project plan is created covering issues such as communication, resources needed and establishing measures of success
3= Executing- Project team performs their roles under leadership and co-ordination of project manager.
4= Controlling- Progress, cost and performance are monitored against project plan and corrective action taken
5= Review and close - project is signed off and project team is disbanded. Project review meeting is held.

Question 6

What are the benefits of Strategic Partnering for Value?

Answer 6

• Ensuring senior leadership has the necessary information to make strategic decisions
• Being the voice of reason for senior leadership,bringing potential problems and risk to its attention
• Being a forward thinker by monitoring key business indicators that give advance warning of potential strategic issues coming up, such as economic downturns or failing markets
• Being a trusted source of information and strategic overview for senior leadership
• Increasing agility of organisations to react to threats and opportunities by monitoring the business environment