The use of sophisticated ERP software and related tools creates an opportunity for the Finance Function to take a more pro-active role in the automation and elimination of non-value added work that is present in many support functions including in Finance.

These sophisticated tools are often implemented without a solid understanding and documentation of the organization’s value chain and the processes that underlie the organization’s activities. This hands-on seminar will give both new and experienced financial leaders an opportunity to discover and discuss the implementation of LEAN concepts and tools.

Today’s competitive business environment is rapidly evolving and so are the expectations on leadership of the finance function. CPAs are now expected to participate actively in process improvement and the use of tools and concepts that help the organization achieve process efficiencies.

LEAN concepts have been in use for decades in the core activities of many organizations but are not commonly used or applied in the support functions. A clear opportunity exists to use these same LEAN concepts such as process improvement, Six-Sigma, and value chain analysis in order to help the organization achieve increased efficiencies. ERP and RPA tools are also adding to the complexity of the role of the financial manager.

• describe how LEAN concepts can be applied in the support functions of the organization, specifically in the finance function
• recognize opportunities to help organizations grow while successfully keeping costs of support functions manageable
• explore how RPA is creating significant opportunities to improve many non-value adding functions of the organization
• develop relevant performance indicators for specific business processes and functions
• build a coherent and aligned balanced scorecard for your organization

• Nature and challenges facing the Finance Function in the era of rapid digital transformation
• Customer focus – internal and external – as a foundation of the use of LEAN concepts
• The main finance processes – financial accounting and management accounting
• Foundations of the LEAN methodology
  • History of LEAN
  • The Toyota Way and its 14 principles
  • Value-Chain analysis (using the APQC standard model)
  • The 8 Sources of Waste (MUDAS) in traditional functions such as the shop floor
  • The 8 Sources of Waste (MUDAS) in support functions such as finance
  • Process management: SIPOC and VSM models
  • Using Kaizen methodologies and A3 documents
  • Value Stream Mapping
  • 5S, Poka-Yokes and visual control
• Bringing LEAN to the Balanced Scorecard
  • The Kaplan & Norton balanced scorecard framework
• Ideas and examples to improve the efficiency of the main accounting functions (O2C, P2P, PPE, Inventories, Budgets)
• The LEAN attitude and expectations of the Financial Manager
• Individual activities during the course:
  • Is it a Process, an Activity, or a Task
  • Brainstorm Poka-Yokes for the Finance Function
  • 5S for the Office
• Group activities during the course:
  • Case study and Workshop #1: Process Analysis. Using a SIPOC model to analyze a process
  • Case study and Workshop #2: Digital transformation. Identify some of the consequences and trends impacting the finance function because of digital transformation and use of tools like RPA
  • Case study and Workshop #3: Sources of Waste. Identifying sources of waste in a business process using the 8 MUDAS
  • Case study and Workshop #4: Linkages of LEAN to the Balanced Scorecard.  Build a coherent and aligned Balanced Scorecard using the Kaplan & Norton 4 quadrants, plus indicators for ESG and Governance not imagined in the K&P model

Course Content Created: September 2023

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About This Product

On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Slides and any corresponding handout materials are included where available.These titles are eligible for Verifiable CPD Hours – in order to claim these hours as verifiable, you will be required to successfully complete a short quiz. You will be able to print or save your electronic certificate of completion.

Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.

Please note that not all on-demand courses include downloadable materials such as course notes or slides.

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