The planned target criteria are clarified and, in case of deviations, the program is adjusted.
Monitoring and evaluation of achieved results.
The final stage includes monitoring the achievement of target indicators, analysis of the information received and results, and preparation of a final report on the work performed.
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Dmitry Svistunov
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4 typical mistakes in management accounting during restructuring
When a company is restructured, its financial and organizational structures change, which can lead to hidden problems:
Lack of a unified chart of accounts, reference books and accounting policies
When integrating new business areas or companies into your enterprise structure, there is a risk of distorting information about the state of assets and liabilities, income and expenses. If these organizations previously carried out business activities, they brought with them data on contractors, goods and raw materials, which were combined into reference books and databases.
How to proceed:
develop and implement a unified accounting policy;
create and introduce common unified reference books;
apply a single chart of accounts.
If this is not done, each financier will rely only on his own experience. This will make it difficult to automatically determine the volume of accounts receivable and to identify overdue or doubtful debts.
There is no separate accounting of transactions between divisions of the group
The probability of data duplication increases. In most cases, a company with a complex structure has intra-group transactions: divisions sell raw materials, goods, services to each other, provide financial support, exchange assets and perform mutual offsets.
There is no separate accounting of transactions between divisions of the group
Source: shutterstock.com
If clear principles for separate accounting of such transactions are not established during the restructuring of a company, there is a risk of accidental or deliberate omission of this data, which will lead to distortion of the overall information. Therefore, it is critical to organize separate accounting using a special account.
Unable to change cash flow distribution
Problems with this situation:
inappropriate use of loans;
increase in the cost of paying interest on loans;
decrease in income due to placing deposits at less favorable rates;
additional costs for fines and penalties for late payments;
reputational losses and problems with credit history.
When restructuring a company, it is advisable to implement a cash flow management system. If the accounting system allows for consolidation of information, centralized planning of cash flows within a group of companies will allow for obtaining loans on more favorable terms (as a major borrower and by redistributing collateral), which will reduce interest expenses.
Lack of unified tools for analysis
Errors in comparative analysis caused by differences in approaches can lead to incorrect management decisions. Accounting data serves as the basis for analysis. With the same methods for calculating profitability and turnover ratios, the interpretation of individual elements of these may vary.
To ensure that operating profit and operating margin/profitability are compared correctly, a group of companies must adhere to a uniform approach to income and expense recognition, costing, and cost allocation.