For those of you that missed April's CFMA meeting in Sioux City, you missed our first ever meeting in Sioux City...and it was a good one! Many of the attendees completed our post meeting survey and the results averaged an 4.75 on a scale of 1 - 5! A special thank you to Renee and Thompson Electric for being outstanding hosts!
Here is a brief overview of the meeting and some of the key notes from a couple of our speakers. We started our meeting with some introductions, followed by speakers Loren VenHuizen, Sean Mayer, and Patrick Fay.
- Loren VenHuizen, partner and B2BCFO, challenged attendees and demonstrated that the "three day close" is, in fact, possible.
- Sean Mayer, a Risk Management Consultant at Marsh & McLennan Agency, talked about some new technology that is impacting the safety and productivity in the construction industry.
- And, Patrick Fay, Retirement Plan Advisor at SilverStone Asset Management, finished the meeting by covering the topic of providing peace of mind to your retirement plan.
Loren's presentation included several practical steps you can do NOW, and his full presentation can be found in the Library page of our CFMA Siouxland site.
- Establish reporting rules within the finance team
- Catch all adjustments in an "overs and unders" schedule
- Avoid a huge wave of accounts payable invoices at month-end
- Early closing of the accounts payable ledger
- Close accruals before the accounts payable cutoff
- Set a materiality rule for accruals
- Avoid inter-company adjustments
- Early closing-off of accounts receivable
- Early capital expenditure cutoff
- Early inventory cutoff
- Review a flash report at the end of Day 1
Sean's presentation touched on each of these 6 technologies that are impacting safety and productivity:
- Worker wearables
- Equipment sensors
- Environmental sensors
- Drones and smart inspections
- Mobile apps
And, last but not least, check out Patrick’s full presentation on the Library page of our website.
We hope to see you at our next meeting…June 19 in Sioux Falls!