Massachusetts Executive Office of Education’s Post

According to Pigment’s Finance Managers Report, 98% of the leaders in financial departments are postponing strategic decision making because of less important tasks, such as administrative work or data reporting. Finance leaders are struggling to find time for more important tasks, but are drowning in low-level responsibilities. Thus, it is certainly unsurprising that more than half of them feel that most of their time is spent on work with no strategic value for the organization they are part of. PaperTrail provides a solution that can reduce administrative work time by almost 80%. Find out more here: https://lnkd.in/dJCupa65

The Art of Reducing Operational Costs: A Personal Journey 📊💼 Throughout my 18+ years in finance and administration, I've learned that cutting costs isn't just about slashing budgets—it's an art form that requires finesse, strategy, and a deep understanding of business operations. Let me share a pivotal moment from my time as a Senior Accountant at Had Al Shuf Trading: We were facing rising expenses and shrinking margins. The easy route? Across-the-board cuts. But I knew there had to be a smarter way. Here's what we did: 1️⃣ Data-Driven Decision Making: We implemented advanced analytics to identify inefficiencies. This revealed that our procurement process was a major cost center. 2️⃣ Streamlined Processes: We redesigned our procurement workflow, reducing approval steps by 40% without compromising quality control. 3️⃣ Leveraged Technology: Introduced an AI-powered inventory management system, reducing overstocking by 25% and minimizing waste. 4️⃣ Negotiated with Vendors: Armed with data, we renegotiated contracts, securing better terms and volume discounts. 5️⃣ Employee Empowerment: Launched a cost-saving ideas program, incentivizing staff to identify efficiencies in their areas. The result? We reduced operational costs by 15% while improving overall efficiency by 10%. Key Takeaway: Cost reduction isn't about cutting corners—it's about working smarter. What's your experience with reducing operational costs? Any strategies you'd add to this list? #OperationalEfficiency #CostReduction #FinancialManagement #BusinessStrategy

🔗 Collaboration between Finance and Programme Colleagues Many years ago, when I was at university, a professor shared an expression that has stuck with me: "It is very simple to make an easy process complex, and it is very difficult to turn a complex process into something easy when explaining it to people.” It often surprises me how challenging it can be for finance professionals to communicate financial aspects to non-finance colleagues and how difficult collaboration can sometimes be. I firmly believe that the finance team exists to serve the primary purpose of the organization and contribute toward its goals. Close collaboration between technical and finance colleagues is crucial. Finance colleagues have a pivotal role in making the lives of their technical counterparts easier. This involves flagging important requirements, explaining consequences, and advising on timely budget revisions and actual projections. From my experience, projects managed with close collaboration between technical and finance teams run more smoothly and efficiently. Business partner relations are very important to me. I adhere to this principle by explaining financial management in simple terms and striving to simplify processes while ensuring alignment with institutional requirements. Let's communicate effectively and work together for better projects and a better world. A special thank you to Rachel Asante-Owusu and Leigh Ann Hurt for your trust over the past years. #Finance #Collaboration #ProjectManagement #EffectiveCommunication #TeamWork #BusinessPartnership #OrganizationalGoals

Our framework for a best in class finance department focuses on five pillars (people, technology, process & controls, financial strategy, & capital strategy). People is the first pillar for a reason. I’m always surprised at how many companies don’t take the time to really understand what is the right roles, tasks, and job descriptions. One thing we’ve spent a lot of time on at Amplēo is helping owners understand every task that should get completed, match those tasks to an owner, then build solid accountability around those tasks. Reviewing and improving each month keeps things sharp.

🔗 Embracing Dual Roles: Accounting & Operations Management In today’s dynamic work environment, versatility is key. As an accountant with added responsibilities in managing staff labor procedures, branch licensing, tenancy, and governance papers, I’ve had the unique opportunity to merge financial expertise with operational management. 💼 Financial Expertise: Managing company finances isn't just about numbers; it’s about providing accurate, data-driven insights that guide critical business decisions. 📋 Operational Management: In addition to my accounting duties, I handle staff labor procedures for nearly 1,000 employees, manage all branches licensing and tenancy agreements, and ensure compliance with governance regulations. These tasks require a deep understanding of both legal and financial frameworks, allowing me to support the smooth operation and expansion of our business. This dual role has allowed me to bridge the gap between financial management and operational efficiency, contributing to the overall growth and stability of our company. I’m excited to continue learning and applying this blend of skills to drive success. #Accounting #OperationsManagement #FinancialManagement #LabourProcedures #Licensing #Governance #CareerGrowth

Lead Our Financial Future: Become the Controller Who Drives Success

Someone asked if I could give an overview of what makes me good at what I do. Old me would have said... "I have over 20 years of experience as a Chartered Management Accountant and Senior Finance Manager across various industries and sectors, with a focus on business intelligence, strategic cost management, and process improvement". Now, I said... Here are the results I've had for others similar to you... this is a quick summary of what I did. One thing I've learnt by working with a lot of companies is that initially, people are more interested in the results you'll get rather than the how, instead wanting a high-level view of what I did. I can go into a lot more detail when it comes to the how, and often do when it gets down to the business end of projects and scoping out the work, but ultimately I'm here to help you take advantage of huge opportunities, help you make informed decisions and make more money!

Our Hiring & Retaining Accounting & Finance Talent report has just launched. The report provides actionable insights to help clients become better aligned with what top talent really want today. Leave a comment on this post and I will send you a copy.

A strong finance manager plays a critical role in the financial health and overall success of an organization. Here are some key reasons why your company should hire you for the finance manager position: Strategic Financial Planning and Analysis: You can develop and implement sound financial plans that forecast future revenue, expenses, and cash flow. This allows the company to make informed decisions about investments, growth strategies, and resource allocation. Financial Expertise and Controls: You possess a deep understanding of financial accounting principles, tax regulations, and risk management strategies. This expertise translates to implementing strong financial controls to safeguard assets, ensure accurate reporting, and minimize financial risks. Cost Management and Profitability: You have a keen eye for identifying cost-saving opportunities and streamlining financial processes. This focus on efficiency helps improve profitability and the company's bottom line. Financial Reporting and Communication: You can clearly analyze and interpret complex financial data, translating it into actionable insights for management and stakeholders. Your strong communication skills allow you to effectively present financial information to both technical and non-financial audiences. Decision Making and Collaboration: You can leverage your financial acumen to provide valuable guidance and support strategic decision-making across the organization. You are also a team player, fostering collaboration with other departments to ensure financial alignment with company goals. By highlighting these aspects of a finance manager's importance, you can effectively demonstrate the value you bring to the table and increase your chances of landing the position.

🎙Keynote: Heading for the Best-in-Class During Rapid Growth (The New Balance Story) With Heather Yates CAPP, Accounts Payable Manager at New Balance. 👟 Heather shares how implementing a partial European shared services centre during a time of unprecedented growth can impact an AP team and the wider business. #sharedservices #accountspayable #changemanagement #growth