Allot of us need to provide a weekly status update to our leaders. There is allot of name for this report like, weekly status report, IOI, QMI and ext. I personally like the QMI because it integrates the market with company metrics.
My advice – QMI should not be a reporting tool, it should be performance checklist to your goals and accomplishment.
Sunday, December 28, 2008
Year-end Closing
Preparing for year-end closing is one of most important task for finance organization. Here are few tips how to have a good closing:-
1) Engage in operation and understand the output – because this translates to sales.
2) Review expenses before system cut off and book accruals into sub-system.
3) Plan for all system cut off and manual journal entry.
4) Finally review trial balance and understand the change in YTD.But most importantly make sure all the staff is healthy and the timeline is meet.
1) Engage in operation and understand the output – because this translates to sales.
2) Review expenses before system cut off and book accruals into sub-system.
3) Plan for all system cut off and manual journal entry.
4) Finally review trial balance and understand the change in YTD.But most importantly make sure all the staff is healthy and the timeline is meet.
Monday, December 15, 2008
Negotiating with Vendor
Negotiation with vendor is key for long term contract. We need to start early and make sure all areas are taken into consideration. Also the bidding process will take some time and choosing the right vendor can be very tricky if it is first time purchase. But at the end of the day closing the bid and finalizing the price is most important.
My advice:- Make sure you have a face to face negotiation with the right key person. If there person you are negotiating does not have the authority on pricing then it is a waste of time.
My advice:- Make sure you have a face to face negotiation with the right key person. If there person you are negotiating does not have the authority on pricing then it is a waste of time.
Dealing with Dificult Customer
We spend allot of time working with customer to listen to their problem, but it difficult to meet all their demand. Also some times customer can really drive you against the wall with tough request. From my experience working with internal customers is more difficult then external customer, I belief this is because internal customer understand your cost structure better and demand more from your margin.
My advice:- Have a single contract and price list for both internal and external and offer discount base on volume, payment and ext. By this you will also avoid transfer price issue.
My advice:- Have a single contract and price list for both internal and external and offer discount base on volume, payment and ext. By this you will also avoid transfer price issue.
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