KE PT A

• Employees in both small and large companies contribute to generating and delivering fantastic value.
• Governance can fail at any level, from small businesses that are Hands-On but lose oversight quickly, to medium-sized businesses that need to move to a more formal structure, to large corporations with formal structures and strict compliance requirements.
• Employees in small companies have to multitask, while employees in large companies have more defined roles.
• Accenture predicts that machine learning will eliminate up to 40 percent of transactional accounting tasks by 2020.
• KPMG is partnered with IBM to create a robo auditor called Ron, which can audit all transactions online.
• NAB is taking out 6,000 employees but plans to employ new ones with different roles, including digital transformation, digital marketers, product developers, business analysts, and Big Data crunchers.
• Clients expect accountants to be on top of understanding disruption, the sharing economy, innovation, and change.
• Accountants can add value by advising small businesses on accounts receivable and payable.
• A very large company, if it's a public company, has got all sorts of other requirements in terms of finances.
• Finances can be complex for small enterprises, as a lot of their money has come from friends, family, and fulls.
• Lloyd's, one of the world's biggest insurance companies, has a formalized approach to strategy development and implementation.
• Small businesses often have a closer relationship with customers than large businesses.
• Ford has a 261-day conversion cycle, meaning it takes them 361 days to get their money.
• Larger companies often lack basic budgeting and forecasting skills.
• Kogan, a medium-sized company, has put in more formal structures as they've grown quickly.
• Large businesses often focus on getting more revenue out of each customer, as they've already achieved growth.
• Jim, running a food truck, makes decisions about strategy in a fluid manner.
• Large organizations often consider mergers and acquisitions as a strategy for growth.
• Amazon has a 25-day conversion cycle.
• In a survey, 43 percent identified as traditional accountants, 22 percent as strategic future perspective, and 35 percent as a combination of both.
• Courtney, from Sage, discusses moving from being a bean counter to an advisor, focusing on strategic support and providing more qualitative information around operations.
• Accountants need to consider that some roles will go, some will stay, but they need to move themselves out of the finance department if they want to get to financial controller levels or CFO.
• Ethics and governance should be considered throughout the whole process, not just in the implementation stage.
• Advisory services involve providing advice and implementing changes to improve outcomes.
• Many large companies are facing security breaches due to internal employees doing the wrong thing or external hackers gaining access to their systems.
• Accounting, Finance, Procurement, Human Resources, Infrastructure, and I.T are all part of the vice across the whole business.
• Advice should be provided across different business functions such as sales, logistics, production, and customer service.
• The review stage in implementation is used to modify implementation actions to improve outcomes.
• Identification, analysis, communication, and implementation are key steps in providing advisory services.
• Accountants provide strategic advice by understanding the remote environment, pastel factors, political, economic, social, technological forces affecting the organization they advise.
• Medium-sized organizations have some support resources in place.
• Large companies have more formalized structures and wider product ranges to manage.
• Accountants provide strategic advice by understanding the positioning, competition, and understanding of five forces.
• Accountants provide strategic advice by preparing financial statements, tax, business structures.
• Accountants provide strategic advice by understanding working capital, asset turnover, inventory management, activity-based costing.
• The way accountants advise small, medium, and large Enterprises will differ due to the different needs and structures of each organization.
• Strategy in a small business is more reactionary and fluid, with a bottom-up strategic process, while a large organization's strategy is more formal, sequential, and can do more detailed analysis.
• Accountants provide strategic advice by considering the size of the organization, which can be small, medium, or large Enterprises.
• Accountants provide strategic advice by understanding risks, controls, process improvement, people management.
• Medium-sized organizations use Market data but generally to a basic level.