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1. Optimizing processes Documenting and standardizing processes to minimize exceptions and improve efficiency. Staff should always be knowledgeable on these processes.

2. Control environment A key finance function objective is protecting assets. Ensuring critical controls, policies and procedures are in place is crucial, while at the same time not creating bottlenecks in the organization.

3. Optimizing available technology Ensuring processes are appropriately enabled by technology and new functionality is constantly incorporated into existing processes in a controlled manner. Staff must be knowledgeable on the technology.

4. Performance management Another key objective of the finance function is creating value. This is possible through appropriate reporting, information visibility and performance measurement systems for the organization.

5. Compliance Robust compliance as efficiently and cost effectively as possible. Identify all compliance and timing, assign responsibilities and providers and monitor.

6. Retaining staff Recruiting and training staff is expensive. Retaining staff is not as expensive. Identify your performers and make plans around each one.

7. Planning for the future Considering appropriate strategies such as outsourcing or shared services to support process and technology requirements, as well as more effectively serve the organization.

8. Managing working capital Monitoring and managing working capital, especially payables, receivables and cash. Ensuring appropriate strategies are in place to minimize working capital with process, technology and controls.

9. Tax management Monitoring all aspects of tax compliance and planning, using external providers efficiently and effectively.

10. Reporting standards Following statutory reporting standards and ensuring the organizations reputation is at all times protected with respect to reporting requirements.

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Jeremy Bolt is the founder of Finance Function Online. This service provides a scaleable finance function toolkit combined with powerful user documents that will empower your organization to get the fundamentals right and develop and implement future strategies for your finance function.

For more information please visit

2006 Jeremy Bolt. All rights reserved. This article may be freely distributed if this resource box stays attached.

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