1、福特汽车财务系统介绍福特汽车财务系统介绍ROB PHEBUSCFO,FORD LIO HO26+YEARS EXPERIENCE WITH FORD2The mission of Ford Finance is to contribute to the success of Ford Motor Company by being the most dynamic,efficient,and high-quality organization of its kind.Ford Finance people strive for excellence and continuous improvem
2、ent in the quality,effectiveness,and efficiency of the services they provide to internal and external customers.FINANCE MISSION&KEY RESPONSIBILITIES3Professional-Intelligence,Creativity,Judgment and Communication SkillsPersonal-Integrity,Initiative,Interpersonal Skills and TeamworkFinance Personnel
3、Characteristics 4 Develop and operate high-quality financial reporting and control systems Develop optimal business practices and processes Provide high-quality analysis to support decisions Make recommendations as Business AdvisorsFinance Roles5FINANCE FUNCTIONS6 Financial Reporting-Financial State
4、ments,Tax Accounting Operations Accounting-Cost Accounting,Transaction Processing Internal and Systems Auditing Dealer Auditing Supplier Auditing Accounting&Auditing7 Capital Structure and Dividend Planning Cash and Debt Management Foreign Exchange Management Pensions,Insurance,and Employee Payroll&
5、SavingsTreasury8BUSINESS CONTROLTHE CFO PERSPECTIVEON GOVERNANCE9WHAT IS BUSINESS CONTROL?Accounting VerificationsSecurity and LocksInternal and External AuditChecklistsSignaturesAny action taken by management to enhance the likelihood that company objectives and goals will be achieved on a sustaine
6、d basis10ELEMENTS OF BUSINESS CONTROL11DRIVING FLAWLESS EXECUTIONBusiness control drives achievement of goals!CORPORATE CULTURERISK MANAGEMENTPROCESSES&SYSTEMSMONITORINGManagementACHIEVEMENT OF COMPANYGOALS&OBJECTIVESEmployees12WHERE DO YOU FOCUS?Tax ComplianceDisasterRecoveryAccounts PayableAccount
7、sReceivableAR CollectionsSalesRecognitionFacilities SecurityContractManagementEnvironmentalComplianceSafetyEngineeringHealth&SafetyFixed AssetsCredit FinancingInventoryPurchasingVariable MarketingFixed MarketingWarrantyCustomsPayroll&TimekeepingSupplierManagementTreasuryCash ManagementJournal Entrie
8、sReconciliationProductDevelopmentInsuranceVehicle RemarketingSystem SecurityDistribution&Logistics13CFO TOP SIXGovernance and EthicsCash and TreasuryAsset IntegrityRevenuePurchasing and PayablesAccounting14GOVERNANCE AND ETHICSEstablishing a decision framework for doing the right thingCONTROLS-Audit
9、 Committee-Clear Organizational Structure-Formal Delegations of Authority-Policy Letters-Involvement of OGC-Procedures for Reporting Unusual EventsPOTENTIAL RISKSGOVERNANCE-Business Mismanagement-Confusion&InefficiencyETHICS-Loss of Reputation-Litigation Issues-Asset Loss15GUIDELINES FOR AUDIT COMMI
10、TTEESPurposeProvide Assistance To The Board Of Directors On Its Fiduciary ResponsibilitiesEnsure Reliability Of Accounting And Controls,Reporting Practices,And Quality And Integrity Of Financial Reports16GUIDELINES FOR AUDIT COMMITTEESMembershipTwo Or More Financially Adept DirectorsEach Should be N
11、on-Executive Members Of The BoardCompany CFO And External Auditors Should Attend Meetings But Are Not Committee MembersMeetings Held At Each Board MeetingIndividual Meetings Between Committee And Company CFO And External Auditors At Least Annually17GUIDELINES FOR AUDIT COMMITTEESDuties And Responsib
12、ilitiesAssure Reliability Of Accounting PracticesAssure Adequate Internal Control ProcessesAssure Compliance With Legal Requirements And Company PolicyAssure Adherence To A Company Code Of ConductAssure Appropriate Risk Management Processes EstablishedReview Appointment And Performance Of External A
13、uditorReport To The Board On Matters Of The Committee18CASH AND TREASURYProtection and maximum utilization of cash and investment assetsCONTROLS-Appropriate Cash Handling Delegations of Authority-Account Reconciliation-Hedging&Risk Transfer Tools-Use of Treasury&Risk Management ExpertisePOTENTIAL RI
14、SKSPOOR CASH MANAGEMENT-Theft or Loss of Cash-Loss of Interest IncomePOOR RISK MANAGEMENT-Currency,Interest Rate,&Commodity Exposure-Liquidity Risk-Property&Casualty Hazards-Default Risk19ASSET INTEGRITYProtection and usability of Company physical and information assetsCONTROLS-Physical Security-Tag
15、ging&Cycle Counts-Receiving/Shipping Processes-Application Control Review-Disaster Recovery Plan-Passwords-User Access ReviewPOTENTIAL RISKSPHYSICAL ASSETS-Loss,Theft,or Damage-Waste&UnderutilizationINFORMATION ASSETS-Loss,Theft,or Damage-System/Business Failure20REVENUETimely recognition of sales r
16、evenue and collection of receivablesCONTROLS-Separation of Revenue Recognition&Cash Handling-Procedures for Revenue Recognition-Aging Follow-up-Bad Debt Allowance Analysis-Account ReconciliationPOTENTIAL RISKSRevenue Over/UnderstatedOverdue ReceivablesIneffective Collection Process Bad Debt Exposure
17、21PURCHASING AND PAYABLESPurchasing high quality goods and services and paying the right amount at the right timeCONTROLS-Use Purchasing Expertise-Budget Management-Supplier Database/Preferred Supplier Listing-Low Value Purchase Review-Standard Terms&Conditions-Receipt Verification-Pre-Payment Revie
18、w-Account ReconciliationPOTENTIAL RISKSPURCHASING-Unnecessary Purchase-Price too High-Quality Not to Specification-Contracts that Dont Support GoalsPAYABLES-Pay Wrong Amount-Pay for Goods not Received22ACCOUNTINGEnsuring that accounting records are accurate and managed properlyCONTROLS-Account Recon
19、ciliation-Reconciling Item Follow-up-Journal Entry Review&Approval-Up-to-Date Chart of Accounts-Closing Procedures-Budgeting&AnalysisPOTENTIAL RISKSACCOUNTS MISSTATED-Improper Entry Made-Legal Exposure to Shareholders/RegulatoryDATA NOT USEFUL-Poor Categorization-Non-TimelyDATA NOT USED23EXERCISE:SP
20、ECIAL METAL STAMPERS,INC.Method:Individual ExerciseObjective:Use the CFO Top Six to sift through information and find critical control concernsTime:Complete Before ClassInstructions:You are Robin James,and today you are taking over from John Smith as Controller at Special Metal Stampers,Inc.a wholly
21、 owned subsidiary of We Build Cars.As you sit down at your desk,you notice a full in-basket requiring your attention.Review the narrative provided(a summarization of several introductory interviews)and the contents of your in-box.Which three concerns would you tackle first,and why?24BUSINESS CONTROL
22、 TOOLSp Internal Control Coordinatorsp Modular Control Review Programsp 6-Sigmap The GAONow that you know where to focus,what tools can you use to find and address concerns?p Corporate Policies and Standardsp Application Control Review(ACR)p Training25BUSINESS CONTROLHow to Build Control into Busine
23、ss Processes26ELEMENTS OF BUSINESS CONTROL27WHY IN-PROCESS CONTROLS?PLANGOALPLANGOALHit the target every time with Business Process ControlRepeatability SustainabilityWithout ControlWith Control28CREATE A CONTROLLED PROCESSUnderstand the ComponentsOutline the Existing ProcessDetermine Areas of RiskA
24、ssess the Existing ControlsRedefine the Process291.UNDERSTAND THE COMPONENTSGOALWHERE DO YOU WANT TO GET?INPUTINPUTINPUTINPUTWHAT DATA FEEDS YOUR PROCESS?Remember can be external or internalWHAT PROCESSES ARE USED?What resources(people and systems)are used to transform the input?OUTPUTOUTPUTOUTPUTOU
25、TPUTWHAT IS THE RESULT OF YOUR PROCESS?Think enterprise-wide are your outputs someone elses inputs?302.OUTLINE THE PROCESSp State the Goal-Is it Measurable&Specific?p Detail the Process-How do Inputs Outputs?n Identify Process Steps(Sequence/Dependency)n When are Decisions Required?n Watch for“Dead
26、Ends”End Should Equal Outputn Look across Organizations Understand Handoffsn Draw a FlowchartINPUTINPUTINPUTINPUTOUTPUTOUTPUTOUTPUTOUTPUTGOAL313.DETERMINE AREAS OF RISKAssess Goal AlignmentHas the goal changed?Does the output support the goalDoes Failure(of any process step)Impact Achievement of Goa
27、ls?What is the consequence of failure?What are the odds it could fail?Look for Red Flags323.DETERMINE AREAS OF RISKSome Possible Red FlagsOHolding Areas(e.g.overdue payments,unmatched receipts,incomplete orders)OKey Communication Points Transitions(handoffs,transitions,etc.)OKey Decision PointsOManu
28、al/Paper ProcessesOAnything That Cant Be ExplainedOLong Delays in Retrieving InformationOReliance on Detective vs.Preventative Controls334.ASSESS EXISTING CONTROLSIDENTIFY EXISTING CONTROLSPreventive Reduces likelihood of consequenceDetective Identifies and(if possible)corrects undesired resultsDire
29、cting Encourages a desirable behavior to occurASSESS CONTROL vs.RISKWhich risks require additional mitigation?Is there a Company standard/guideline?What type of controls make sense?ProcessRisksControls345.REDEFINE THE PROCESSp Build New Controls into Processp Match Resources to Risk Levelp Ensure Ag
30、reement with StakeholdersINPUTINPUTINPUTINPUTOUTPUTOUTPUTOUTPUTOUTPUTNEWPROCESSDocument and CLEARLY Communicate Process AND Roles and Responsibilities35ELEMENTS OF BUSINESS CONTROL36WHY MONITOR YOUR PROCESS?p Process sets up a sequence of steps things can get stuckp Monitoring is a red flagn Deal wi
31、th exceptionsn Address root cause in the upstream processABFCDEPLANGOAL37HOW DO YOU MONITOR?p Identify Key Control Points in the Process p Determine Metrics for those Points&Outputsp Establish Targets,Triggers,and Variance Guidesp Review Metrics Frequently in and across DepartmentsCBG/GECBusiness Pr
32、ocess Control Health ChartTarget1 2 3 4 Although consistent,steady improvement was evidenced in months 2 and 3,a decline in control was identified in month 4.Investigation of causal factors identified a change in personnel training for new employee has been prioritized.Transactions 90 daysCost/Trans
33、action1/012/013/014/015/016/017/018/01 Cost has not stabilized,and is consistently above budget.38WHAT HAPPENS WITHOUT CONTROL?No robust termination process Termination feesnot paid Cash$1.3 millionThe absence of a robust termination process impacted the Companys ability to recover payments owed.The
34、 Model E program was launched to provide employees with access to the Electronic Age by offering a computer and internet access for$5 per month.Employees agree to pay a termination fee if they left the Company prior to the 36-month contract end.160,000 employees participated.3940 Profit Analysis and
35、 Business Planning Forecasts and Budgets,Business Planning Process,Joint Ventures and Acquisitions Operations Analysis-Product Development,Manufacturing Cost Analysis Market-Related Analysis Shareholder Value PlanningFinancial Analysis41Shareholder Value Added(SVA)is a measure of how much value a co
36、mpany is creating for its shareholders42.Cost to use investors money to buy Assets.The return shareholders require from their investment 43444546Michael Porters Five Forces Model is a great way to see the big picture in any industry.According to Porter,the state of competition in any industry depend
37、s on five basic forces:the rivalry among industry competitors the threat of potential entrants the power of suppliers the pressure from substitute products the power of customers4748While seeing the big picture is important,it is also necessary to understand local conditions if you want to act strat
38、egically.Understanding local conditions means understanding your costs,competition,customers,distribution channels,products,prices,and promotional activities.Seeing the big picture and understanding local conditions gives us the background for our most important strategic task positioning ourselves
39、optimally within our environment.495051SuperiorShareholderReturnsWorlds LeadingConsumer Company thatProvides AutomotiveProducts and ServicesTransformation andGrowthStrong globalBrandsCONSUMER FOCUSSuperiorConsumerSatisfaction&LoyaltyBest Total ValueTo CustomersNimbleOrganizationWith leadersAt all le
40、velsCorporateCitizenship52To act strategically you need to see the big picture understand local conditions position ourselves optimallyFords Vision and Strategy Pyramid is an example of a large step toward the goal of coordinated strategic action and optimal strategic positioning.However,to turn Str
41、ategic Vision into a Strategic Reality,all actions must support and improve the overall strategic position of the company.5354555657Decreasing costs lets you make more money off of each product that is produced.Decreasing costs through improved processes can also lead to improved quality and less wa
42、ste.58Increasing Customer Satisfaction makes more people want to buy your products.Increasing Customer Satisfaction also gives customers options that they are willing to pay for.5960Follow The Money ConceptsCreate Business Units of One Establish Profit Centers for Different Business Channels Divide
43、Business into Smaller Manageable Subsets Make Every Salesperson Responsible for a Direct Business61Follow The Money ConceptsKnow the Profit of Everything You Sell Know the Variable Profit of Every Product and Service You Sell Know the Variable Profit by Major Series and Options within a Product Line
44、 Know the Profit of Every Region,Zone,and Distribution Channel Focus Resources on Improving Profit62Follow The Money ConceptsLeverage Production Programming Know the Profitability of Product Portfolio Program Aggressively on High-Margin Products and Conservatively on Low-Margin Products Work with PD
45、 and Manufacturing to Grow High-Margin Business Manage Product Allocation to Minimize Marketing And Maximize Profits63Follow The Money ConceptsGrow Non-Traditional Business ChannelsRun the Channel as a Profit CenterMaximize Total Profit for Every Definable Sub-segmentPursue Win-Win Opportunities wit
46、h These Customers on High-Margin Products and ServicesWork on Unique Product OpportunitiesFocus on Service and Make Yourself IndispensableManage Residual Values64Follow The Money ConceptsBusiness Regional Sales StaffEstablish Businesses for Each Zone ManagerMake Sure They Know the Profit of Every Pr
47、oduct and Service They SellDevelop Regional Profit Improvement Plans that Exploit Growth Opportunities on Profitable BusinessFocus on Dealer“Turns”to Improve Wholesale VolumesLeverage Regional Resources on High-Margin Production with Open Capacity65Follow The Money ConceptsLeverage Retail MarketingK
48、now the Profit of Every Product for Every Type of FinancingEstablish Process to Prioritize Marketing on High-Margin ProductionFocus on Filling Open Capacity on High-Margin ProductsDrive Synergies with Supporting Adjacent BusinessesBalance Out Old Products EarlyTarget Marketing by Region and Customer
49、Protect Residual Values66Follow The Money ConceptsPrice Strategically to Improve MarginsKnow the Profit of All Products,Options,and PackagesUse Pricing as a Tool to Increase Value on High-Profit Products(or Options)Price Aggressively to Improve Margins on Low-Margin ProductsReduce Complexity and Sim
50、plify Product Offerings(Validate with Market Research)Price Often to Minimize Market Effect of Increases67Follow The Money ConceptsEliminate Waste Focus on Cash Establish Disciplined Process to Eliminate Obsolescence Eliminate Receivables Reduce Company Inventory Create Tax Efficient Processes Manag
