Best Practices

Shortcuts to the CFO Practical Tips Series (PTS)

PTS 1. Chart of Accounts ideas 12-24-15 (Word) Chart of Accounts Possibilities 12-24-15B

Higher education is both data and example rich.  There are best practices for a litany of processes and activities.  The problem is both knowing and applying – how do we get there from here?  Beyond merely copying whatever others have done there are “next” practices that have yet to be shared with peers.  In a world that is changing rapidly, how do we keep up? Better yet, how do we lead?

No CFO can possibly keep up with the rapid evolution of practices and processes that dot the landscape.  Gratefully, CFO Colleague has worked closely with a variety of institutions, identifying what is exemplary and encouraging a move away from less than ideal practices.  Certain institutions seem to have amassed a great number of process improvements.  Others have fewer instances of outstanding performance but we have found that every institution has something to share. We freely borrow so that our clients get beyond talking about what would be nice, deploying what is proven instead.

We are collectors of best practices, we have likely seen examples of those who have created a way to deal with your situation – and well.  For most, it was a process of trial and error over a period of years.  We’d like to save you the frustration of that and put in place what is best at the start.

Then, there is the matter of data collection.  While available reports and analyses seem comprehensive, CFO Colleague has found that many needed processes, particularly related to costing activities, are conspicuous in their absence.  The well-tested accounting metrics we have developed from the world of manufacturing provide the foundation for a comprehensive, marginal revenue system covering each layer of aggregation – the course, department, school and institutional division are accommodated within this process, making it much more clear which programs are worth investing in and those that either need to be reduced or eliminated altogether.  Can you afford not to have a handle on these characteristics?

We’re ready to assist.  The time and the cost to make this happen are minimal, particularly when compared with the benefits from having greater levels of useful information at your command.

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