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Benchmark data about finance department
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Benchmark data about finance department
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Hello everyone,
I am currently trying to obtain some benchmark data for finance staff to employee ratios. I am looking for the method of communication (paper-based, computer...) and the different f
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Forums » Topic Forums » General Forum » Benchmark data about finance department
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Benchmark data about finance department
posted at 2/24/2011 3:48 AM EST
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Posts: 45
First: 1/13/2011 Last: 4/14/2011 |
I wouldn't say it is useless I would say you need to define the process better. That can only be done by first mapping out the finance operations process and building from there. In the long run it could be a very useful project but it will be labor intensive.
If you are having challenges with mapping out the process think "flow-chart." That may help. From there you can look at volume and determine reasonable metrics for the operation you are researching. Just keep it "hill size" and don't go building "mountain ranges." |
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Benchmark data about finance department
posted at 2/24/2011 4:15 AM EST
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Posts: 544
First: 9/27/2004 Last: 9/13/2011 |
Think about some of the reasons why you can't find any information and then focus on trying to satisfy the reasons "why" they want this information. Some people want benchmarks to support their own world view or to justify a policy or decision.
When I was an intern I worked on compiling benchmark metrics, it was very hard and time consuming but what worked for us was to identify other entities like our own and share information. That took a few years because we had to identify the characteristics we wanted to match, find entities that matched these characteristics, reach out to them and then try to build trusting relationships. We eventually got there, but I was working for a local government so our information and the information from the entities we partnered with was public (technically, but you would be surprised how hard even public information is to access). I remember there were affiliation groups that helped us network. Maybe a professional society can help you? HR folks work with SHRM and ASTD, but is there an equivalent society for financial professionals? |
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Benchmark data about finance department
posted at 2/24/2011 3:45 PM EST
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Posts: 6
First: 2/21/2011 Last: 3/8/2011 |
The problem is that I just have I week left until I have to present my results. So I can't start developing my own benchmark...I have to find already existing numbers.
Simulanously I have to find companies which offshored (internally) parts of their Finance department recently and how they did it. First I thought thats an easier task, but I still can't find decent results. You see, my time is limited. With "kind of financial transactions" I mean the processing type of these actions (paper or electronic) like this for hole finance department: http://blog.iappnet.org/2010/07/electronic-invoicing-gains-momentum.html Thanks again, the Intern |
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Benchmark data about finance department
posted at 2/27/2011 3:12 PM EST
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Posts: 6
First: 2/21/2011 Last: 3/8/2011 |
Hello,
yes, I wrote an e-mail to all of them and additionally APQC and IOMA. Unfortunatly most of them haven't replied or told my I could purchse some reports from them. Perhaps I will call some of them, although it will be expensive (I'm in Thailand). I also tried to find some white paper, but it's very difficult to find accurate information as well. I just found this graph, wich I can harly read. http://www.thehackettgroup.com/studies/ap2010/ |
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Benchmark data about finance department
posted at 2/28/2011 4:41 AM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
Being in Thailand makes a HUGE difference. Wish you had stated that in the beginning. Most posters on here are from the United States. Unless you are trying to get information specifically from US based companies, some of these suggestions will be useless. I suspect corporate culture will be much different and, again unless you are looking to recreate a US model, worthless.
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