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Finance process Improvements

Finance process Improvements. Date Submitted: 07/25/2011. 1 - Separate Payroll & Severance Accounting. Leader: Doug Bennett. Team Members: Rob Brobeil , Kris Robinson. Area Affected: Payroll. Priority: Short Term. Target Date: 7/31/2011. Project Description:

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Finance process Improvements

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  1. Finance process Improvements Date Submitted: 07/25/2011

  2. 1 - Separate Payroll & Severance Accounting Leader: Doug Bennett Team Members: Rob Brobeil, Kris Robinson Area Affected: Payroll Priority: Short Term Target Date: 7/31/2011 Project Description: Separate Payroll and Severance Accrual accounting within the chart of accounts and strengthen review processes of balances Impact: Expected Cost Type:In IS 2011 Plan(Y/N): N

  3. 2 - Validation Process for Large AP Accruals Leader: Doug Bennett Team Members: RGP-Mike Wolfenden, Travis Wilcox, Rob Brobeil Area Affected: Payables, GL, Cost Priority: Short Term Target Date: 7/31/2011 Project Description: Develop a validation process for large AP accrued items to ensure accurate reporting Impact: Expected Cost Type:In IS 2011 Plan(Y/N): N

  4. 3 - Communicate Controls Importance Leader: Karen Strauss Jay Potter Team Members: Mike McCullough, Doug Bennett Area Affected: Control Environment Target Date: 8/31/2011 Priority: Short Term Project Description: Communicate importance of controls to broader organization Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  5. 4 - Optimize AP Process Leader: Doug Bennett Team Members: PIT – Roger Tsai, Ravi Jakula, Travis Wilcox, Dana Bilski, Joe Ceccoli, Sandra Rogers Area Affected: Payables Priority: Short Term Target Date: 9/30/2011 Project Description: Optimize AP process to reduce processing lag times and minimize risk of unrecorded liabilities Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  6. 5 - Excess and Obsolete Inventory Policy Leader: Kasey Harris Team Members: RGP-Mike Wolfenden, Bryan Whitaker, Kasey Harris, Vince Reed, IS – Ravikanth Vedantham (Oracle) Unidata?, Mike Oravec, Susan Schucraft, Bob Winterhalter Area Affected: Inventory Priority: Short Term Target Date: 9/30/2011 Project Description: Harmonize excess and obsolete inventory policy and align with new Masco Accounting Policy. Need to develop assumptions in Oracle, Unidata and Syspro based on Masco Policy. Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  7. 6 - Risk Assessment Leader: Mike McCullough Team Members: Vince Reed, Jim Olczak, MIAD – Jay Oklu, RGP-Bruce Boutin, Kasey Harris, Rob Brobeil, Brenda Rickman, Travis Wilcox Area Affected: Control Environment Priority: Short Term Target Date: 9/30/2011 Project Description: Risk assessment and necessary actions to eliminate potential for measureable control deficiencies ($1,000,000 or more potential misstatement of financial statements) Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  8. 7 - Balance Sheet Reconciliation Leader: Rob Brobeil Team Members: RGP - Bruce, Vince Reed, Jim Olczak, Bill Anderson, GL Team, IS – Rao Chukkapalli , Ravikanth Vedantham Area Affected: Control Environment Target Date: 9/30/2011 Priority: Short Term Project Description: Ensure significant balance sheet accounts are appropriately reconciled Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  9. 8 - Payroll Assessment Team Members: Bill Anderson, My Service Center – Pam Gabel, Susie Campbell, Sean Durocher, Toni Wigington Leader: Doug Bennett Area Affected: Payroll Priority: Short Term Target Date: 9/30/2011 Project Description: Perform assessment of payroll process and accounting practice as well as associated controls including future move of Payroll to My Service Center Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  10. 9 - Purchasing Training Leader: Bob Terhune Team Members: Brenda Rickman, Rob Brobeil, Contract Review Center – Susan Carpenter, Mike McCullough, Joe Ceccoli Area Affected: Training Priority: Short Term Target Date: 9/30/2011 Project Description: Initiate training for all personnel who purchase goods/services regarding standard terms, contract review, capital definition and approval processes Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  11. 10 - Business Process Review Thresholds Leader: Doug Bennett Team Members: RGP-Bruce Boutin and Mike Wolfenden, Bill Anderson, Kasey Harris, Rob Brobeil Area Affected: Month End Close Priority: Short Term Target Date: 9/30/2011 Project Description: Set defined measurable thresholds for business process reviews for balance sheet and income statement over which investigation and corroboration will be required Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  12. 11 - Side by Side Processes Leader: Doug Bennett Team Members: RGP-Bruce Boutin and Mike Wolfenden, Kasey Harris, Rob Brobeil, IS – Rao Chukkapalli Area Affected: Month End Close Priority: Short Term Target Date: 9/30/2011 Project Description: Identify areas where processes are operating side by side and determine priority to address to standardize processes and procedures, etc. Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  13. 12 - Finance Training Leader: Doug Bennett Team Members: Rob Brobeil, Kasey Harris, HR – Dan Peters & Ana Grbic, Jim Ramsey, Bob Turco, Mike McCullough Area Affected: Training Target Date: 10/31/2011 Priority: Medium Term Project Description: Assess training needs within the Finance organization and develop tailored plans for each employee Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  14. 13 - Manual Journal Entries Leader: Rob Brobeil Team Members: RGP-Mike Woldenden, Mona Carmody, Matt Angle, Roger Tsai, Mark Oleskiewicz, Susie Campbell, IS – Rao Chukkapalli, Holly Goodwin Area Affected: Month End Close Target Date: 10/31/2011 Priority: Medium Term Project Description: Consolidate or eliminate manual journal entries where possible Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  15. 14 - Freight Charges Leader: Bob Terhune Team Members: Logistics – Ron Drenski?, Cost - ?, Jim Olczak, Travis Wilcox, Doug Bennett, IS – Ravi Jakula Area Affected: Payables Target Date: 11/30/2011 Priority: Medium Term Project Description: Standardize process for handling freight charges. Have all freight processed by Nolan and Cunnings Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  16. 15 - Inventory Transfer Leader: Kasey Harris Team Members: Jim Olczak, Mark Oleskiewicz, IS (DTS?, Rao Chukkapalli), RGP – Mike Wolfenden, Operations?, Bob Winterhalter Area Affected: Inventory Priority: Medium Term Target Date: 12/31/2011 Project Description: Automate or simplify current manual processes associated with transfer of inventory between locations with different ERP systems (Syspro, Legacy AS400, Oracle, Unidata, JDE) Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  17. 16 - Retire Legacy Time Keeping Leader: Doug Bennett Team Members: External Consultants, Bob Greig, Capital Funding, My Service Center, Kris Robinson, Susie Campbell, Operations, HR Area Affected: Payroll Priority: Long Term Target Date: Q2, 2012 Project Description: Retire legacy timekeeping system in former BCG facilities (Lakewood, Merillat Plants, Quality Plants, branches, Ann Arbor, Adrian) and implement Kronos for hourly employees Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  18. 17 - KraftMaid A/R to Oracle Leader: Jim Ramsey Team Members: IS, Capital Funding Area Affected: ERP Target Date: Q2, 2012 Priority: Long Term Project Description: Transition A/R for the KraftMaid Brand to Oracle from Legacy Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  19. 18 - Component Plants to Oracle Leader: Tom Luttrell Team Members: IS, Cost, Operations Target Date: Q4, 2012 Area Affected: ERP Priority: Long Term Project Description: Implement remaining 3 former BCG component plants in Oracle from legacy Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

  20. 19 - Countertops on Oracle Leader: Tom Luttrell Team Members: IS, Capital Funding (approved), Operations Area Affected: ERP Priority: Long Term Target Date: Q2, 2013 Project Description: Implement countertop business in Oracle from Syspro Impact: Expected Cost Type:ExpenseIn IS 2011 Plan(Y/N): N

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