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Measure and report what matters

Measure and report what matters. Peter Scott Consulting www.peterscottconsult.co.uk . What is the purpose of financial measurement and reporting? . PETER SCOTT CONSULTING.

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Measure and report what matters

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  1. Measure and report what matters Peter Scott Consulting www.peterscottconsult.co.uk

  2. What is the purpose of financial measurement and reporting? PETER SCOTT CONSULTING

  3. To provide clear information to those running the business to enable them to: - Know what is happening / will happen in the business - Make decisions based on sound knowledge - Take effective action PETER SCOTT CONSULTING

  4. Financial measurement and reporting- create KNOWLEDGE- manage RISK PETER SCOTT CONSULTING

  5. Knowledge Management Risk Management Risk and Knowledge Management

  6. Financial measurement enables you to manage performance PETER SCOTT CONSULTING

  7. If you cannot measure it, you cannot manage it. PETER SCOTT CONSULTING

  8. Is your financial measurement and reporting helping or preventing you achieving your objectives? PETER SCOTT CONSULTING

  9. How do you use financial information? PETER SCOTT CONSULTING

  10. Financial management - whose responsibility is it in a law firm? PETER SCOTT CONSULTING

  11. Do you produce data or information? PETER SCOTT CONSULTING

  12. Avoid financial information overload PETER SCOTT CONSULTING

  13. In a law firm what needs to be measured- and why? PETER SCOTT CONSULTING

  14. What matters?-How can we measure the financial performance of each part of our firm?-How profitable / loss making are our clients?-Which parts of our firm generate good cash flow or soak up cash? PETER SCOTT CONSULTING

  15. Are you measuring and reporting what matters? PETER SCOTT CONSULTING

  16. Is there anything you should measure which you do not currently measure and report on? PETER SCOTT CONSULTING

  17. Do you / your people use everything you measure / report? If not – why do you measure it / report it? PETER SCOTT CONSULTING

  18. Your key performance indicators? PETER SCOTT CONSULTING

  19. Test your KPIs • Why do we produce this information? • Does it tell us what we need to know about our business? • What does it not tell us about our business? • Do we ever use this information? • If not then why do we produce it? PETER SCOTT CONSULTING

  20. Real time or historical information? PETER SCOTT CONSULTING

  21. Your priority financial outcomes?How to measure and report what matters to achieve those outcomes PETER SCOTT CONSULTING

  22. Your desired Outcomes?- Accelerating cash flow?- Improving profitability?- Building performance?- Effective business development?- Managing your risks and compliance?- Others? PETER SCOTT CONSULTING

  23. How to ensure the most effective use is made of your financial reports to achieve required outcomes? PETER SCOTT CONSULTING

  24. “I don’t have a clue about the financial reports I receive” PETER SCOTT CONSULTING

  25. Do your partners / other fee earners have financial knowledge gaps?Do they understand why you provide them with financial reports?Do they understand why you are asking them to take a certain action? PETER SCOTT CONSULTING

  26. Is it enough just to provide reports – or do you need to do more? PETER SCOTT CONSULTING

  27. Who needs what? PETER SCOTT CONSULTING

  28. Hard copy or available on line? PETER SCOTT CONSULTING

  29. Frequency of reporting? PETER SCOTT CONSULTING

  30. Inaccurate reports destroy credibility PETER SCOTT CONSULTING

  31. Would a financial education programme for your firm help to achieve desired outcomes? PETER SCOTT CONSULTING

  32. Your financial measurement and reporting ACTION PLAN? PETER SCOTT CONSULTING

  33. What are you going to take away from here today and put into action? PETER SCOTT CONSULTING

  34. Any questions? PETER SCOTT CONSULTING

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