福特汽车财务系统介绍

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1. *THE FINANCE ROLE IN BUSINESS TODAY
2. *ROB PHEBUS CFO, FORD LIO HO 26+ YEARS EXPERIENCE WITH FORD
3. *The mission of Ford Finance is to contribute to the success of Ford Motor Company by being the most dynamic, efficient, and high-quality organization of its kind. Ford Finance people strive for excellence and continuous improvement in the quality, effectiveness, and efficiency of the services they provide to internal and external customers.FINANCE MISSION & KEY RESPONSIBILITIES
4. *Professional --- Intelligence, Creativity, Judgment and Communication Skills Personal --- Integrity, Initiative, Interpersonal Skills and Teamwork Finance Personnel Characteristics
5. *Develop and operate high-quality financial reporting and control systems Develop optimal business practices and processes Provide high-quality analysis to support decisions Make recommendations as Business AdvisorsFinance Roles
6. *FINANCE FUNCTIONS
7. *Financial Reporting -- Financial Statements, Tax Accounting Operations Accounting -- Cost Accounting, Transaction Processing Internal and Systems Auditing Dealer Auditing Supplier Auditing Accounting & Auditing
8. *Capital Structure and Dividend Planning Cash and Debt Management Foreign Exchange Management Pensions, Insurance, and Employee Payroll & SavingsTreasury
9. *BUSINESS CONTROLTHE CFO PERSPECTIVE ON GOVERNANCE
10. *WHAT IS BUSINESS CONTROL?Accounting VerificationsSecurity and LocksInternal and External AuditChecklistsSignaturesAny action taken by management to enhance the likelihood that company objectives and goals will be achieved on a sustained basis
11. *ELEMENTS OF BUSINESS CONTROLRisk ManagementCorporate CultureProcesses and SystemsMonitoring
12. *DRIVING FLAWLESS EXECUTIONBusiness control drives achievement of goals!CORPORATE CULTURERISK MANAGEMENTPROCESSES & SYSTEMSMONITORINGManagementACHIEVEMENT OF COMPANY GOALS & OBJECTIVESEmployees
13. *WHERE DO YOU FOCUS?Tax ComplianceDisaster RecoveryAccounts PayableAccounts ReceivableAR CollectionsSales RecognitionFacilities SecurityContract ManagementEnvironmental ComplianceSafety EngineeringHealth &SafetyFixed AssetsCredit FinancingInventoryPurchasingVariable MarketingFixed MarketingWarrantyCustomsPayroll & TimekeepingSupplier ManagementTreasuryCash ManagementJournal EntriesReconciliationProduct DevelopmentInsuranceVehicle RemarketingSystem SecurityDistribution & Logistics
14. *CFO ‘TOP SIX’Governance and Ethics Cash and Treasury Asset Integrity Revenue Purchasing and Payables Accounting
15. *GOVERNANCE AND ETHICSEstablishing a decision framework for doing the right thingCONTROLSAudit Committee Clear Organizational Structure Formal Delegations of Authority Policy Letters Involvement of OGC Procedures for Reporting Unusual EventsPOTENTIAL RISKSGOVERNANCE Business Mismanagement Confusion & Inefficiency ETHICS Loss of Reputation Litigation Issues Asset Loss
16. *GUIDELINES FOR AUDIT COMMITTEESPurpose Provide Assistance To The Board Of Directors On Its Fiduciary Responsibilities Ensure Reliability Of Accounting And Controls, Reporting Practices, And Quality And Integrity Of Financial Reports
17. *GUIDELINES FOR AUDIT COMMITTEESMembership Two Or More Financially Adept Directors Each Should be Non-Executive Members Of The Board Company CFO And External Auditors Should Attend Meetings But Are Not Committee Members Meetings Held At Each Board Meeting Individual Meetings Between Committee And Company CFO And External Auditors At Least Annually
18. *GUIDELINES FOR AUDIT COMMITTEESDuties And Responsibilities Assure Reliability Of Accounting Practices Assure Adequate Internal Control Processes Assure Compliance With Legal Requirements And Company Policy Assure Adherence To A Company Code Of Conduct Assure Appropriate Risk Management Processes Established Review Appointment And Performance Of External Auditor Report To The Board On Matters Of The Committee
19. *CASH AND TREASURYProtection and maximum utilization of cash and investment assetsCONTROLSAppropriate Cash Handling Delegations of Authority Account Reconciliation Hedging & Risk Transfer Tools • • • Use of Treasury & Risk Management ExpertisePOTENTIAL RISKSPOOR CASH MANAGEMENT Theft or Loss of Cash Loss of Interest Income POOR RISK MANAGEMENT Currency, Interest Rate, & Commodity Exposure Liquidity Risk Property & Casualty Hazards Default Risk
20. *ASSET INTEGRITYProtection and usability of Company physical and information assetsCONTROLSPhysical Security Tagging & Cycle Counts Receiving/Shipping Processes Application Control Review Disaster Recovery Plan Passwords User Access ReviewPOTENTIAL RISKSPHYSICAL ASSETS Loss, Theft, or Damage Waste & Underutilization INFORMATION ASSETS Loss, Theft, or Damage System / Business Failure
21. *REVENUETimely recognition of sales revenue and collection of receivablesCONTROLSSeparation of Revenue Recognition & Cash Handling Procedures for Revenue Recognition Aging Follow-up Bad Debt Allowance Analysis Account ReconciliationPOTENTIAL RISKSRevenue Over/Understated Overdue Receivables Ineffective Collection Process Bad Debt Exposure
22. *PURCHASING AND PAYABLESPurchasing high quality goods and services and paying the right amount at the right timeCONTROLSUse Purchasing Expertise Budget Management Supplier Database / Preferred Supplier Listing Low Value Purchase Review Standard Terms & Conditions Receipt Verification Pre-Payment Review Account ReconciliationPOTENTIAL RISKSPURCHASING Unnecessary Purchase Price too High Quality Not to Specification Contracts that Don’t Support Goals PAYABLES Pay Wrong Amount Pay for Goods not Received
23. *ACCOUNTINGEnsuring that accounting records are accurate and managed properlyCONTROLSAccount Reconciliation Reconciling Item Follow-up Journal Entry Review & Approval Up-to-Date Chart of Accounts Closing Procedures Budgeting & AnalysisPOTENTIAL RISKSACCOUNTS MISSTATED Improper Entry Made Legal Exposure to Shareholders / Regulatory DATA NOT USEFUL Poor Categorization Non-Timely DATA NOT USED
24. *EXERCISE:SPECIAL METAL STAMPERS, INC.Method: Individual Exercise Objective: Use the CFO Top Six to sift through information and find critical control concerns Time: Complete Before ClassInstructions: You are Robin James, and today you are taking over from John Smith as Controller at Special Metal Stampers, Inc. a wholly owned subsidiary of We Build Cars. As you sit down at your desk, you notice a full in-basket requiring your attention. Review the narrative provided (a summarization of several introductory interviews) and the contents of your in-box. Which three concerns would you tackle first, and why?
25. *BUSINESS CONTROL TOOLSInternal Control Coordinators Modular Control Review Programs 6-Sigma The GAONow that you know where to focus, what tools can you use to find and address concerns?Corporate Policies and Standards Application Control Review (ACR) Training
26. *BUSINESS CONTROL How to Build Control into Business Processes
27. *Risk ManagementCorporate CultureProcesses and SystemsMonitoringRisk ManagementCorporate CultureProcesses and SystemsMonitoringELEMENTS OF BUSINESS CONTROL
28. *WHY IN-PROCESS CONTROLS?PLANGOALPLANGOALHit the target every time with Business Process Control Repeatability • SustainabilityWithout ControlWith Control
29. *CREATE A CONTROLLED PROCESSUnderstand the Components Outline the Existing Process Determine Areas of Risk Assess the Existing Controls Redefine the Process
30. *1. UNDERSTAND THE COMPONENTSGOALWHERE DO YOU WANT TO GET?INPUTINPUTINPUTINPUTWHAT DATA FEEDS YOUR PROCESS? Remember – can be external or internalWHAT PROCESSES ARE USED? What resources (people and systems) are used to transform the input?OUTPUTOUTPUTOUTPUTOUTPUTWHAT IS THE RESULT OF YOUR PROCESS? Think enterprise-wide – are your outputs someone else’s inputs?
31. *2. OUTLINE THE PROCESSState the Goal -- Is it Measurable & Specific? Detail the Process -- How do Inputs  Outputs? Identify Process Steps (Sequence / Dependency) When are Decisions Required? Watch for “Dead Ends” – End Should Equal Output Look across Organizations – Understand Handoffs Draw a FlowchartINPUTINPUTINPUTINPUTOUTPUTOUTPUTOUTPUTOUTPUTGOAL
32. *3. DETERMINE AREAS OF RISKAssess Goal Alignment Has the goal changed? Does the output support the goal Does Failure (of any process step) Impact Achievement of Goals? What is the consequence of failure? What are the odds it could fail? Look for Red Flags
33. *3. DETERMINE AREAS OF RISKSome Possible Red Flags Holding Areas (e.g. overdue payments, unmatched receipts, incomplete orders) Key Communication Points Transitions (handoffs, transitions, etc.) Key Decision Points Manual / Paper Processes Anything That Can’t Be Explained Long Delays in Retrieving Information Reliance on Detective vs. Preventative Controls
34. *4. ASSESS EXISTING CONTROLSIDENTIFY EXISTING CONTROLS Preventive – Reduces likelihood of consequence Detective – Identifies and (if possible) corrects undesired results Directing – Encourages a desirable behavior to occur ASSESS CONTROL vs. RISK Which risks require additional mitigation? Is there a Company standard / guideline? What type of controls make sense?ProcessRisksControls
35. *5. REDEFINE THE PROCESSBuild New Controls into Process Match Resources to Risk Level Ensure Agreement with Stakeholders INPUTINPUTINPUTINPUTOUTPUTOUTPUTOUTPUTOUTPUTNEWPROCESSDocument and CLEARLY Communicate Process AND Roles and Responsibilities
36. *Risk ManagementCorporate CultureProcesses and SystemsMonitoringRisk ManagementCorporate CultureProcesses and SystemsMonitoringELEMENTS OF BUSINESS CONTROL
37. *WHY MONITOR YOUR PROCESS?Process sets up a sequence of steps – things can get stuck Monitoring is a red flag Deal with exceptions Address root cause in the upstream processABFCDEPLANGOAL
38. *HOW DO YOU MONITOR?Identify Key Control Points in the Process Determine Metrics for those Points & Outputs Establish Targets, Triggers, and Variance Guides Review Metrics Frequently – in and across DepartmentsCBG / GEC Business Process Control Health ChartTarget1234Although consistent, steady improvement was evidenced in months 2 and 3, a decline in control was identified in month 4. Investigation of causal factors identified a change in personnel – training for new employee has been prioritized.Transactions > 90 daysCost / Transaction1/012/013/014/015/016/017/018/01Cost has not stabilized, and is consistently above budget.
39. *WHAT HAPPENS WITHOUT CONTROL?No robust termination process Termination fees not paid Cash  $1.3 millionThe absence of a robust termination process impacted the Company’s ability to recover payments owed.The Model E program was launched to provide employees with access to the ‘Electronic Age’ by offering a computer and internet access for $5 per month. Employees agree to pay a termination fee if they left the Company prior to the 36-month contract end. 160,000 employees participated.
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41. *Profit Analysis and Business Planning – Forecasts and Budgets, Business Planning Process, Joint Ventures and Acquisitions Operations Analysis -- Product Development, Manufacturing Cost Analysis Market-Related Analysis Shareholder Value PlanningFinancial Analysis
42. *Shareholder Value Added (SVA) is a measure of how much value a company is creating for its shareholders
43. *. Cost to use investor’s money to buy Assets . The return shareholders require from their investment
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47. *Michael Porter’s Five Forces Model is a great way to see the big picture in any industry. According to Porter, the state of competition in any industry depends on five basic forces: • the rivalry among industry competitors • the threat of potential entrants • the power of suppliers • the pressure from substitute products • the power of customers
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49. *While seeing the big picture is important, it is also necessary to understand local conditions if you want to act strategically. Understanding local conditions means understanding your costs, competition, customers, distribution channels, products, prices, and promotional activities. Seeing the big picture and understanding local conditions gives us the background for our most important strategic task – positioning ourselves optimally within our environment.
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52. *Act Strategically: Ford’s Vision and Strategy PyramidSuperior Shareholder ReturnsWorld’s Leading Consumer Company that Provides Automotive Products and ServicesTransformation and GrowthStrong global BrandsCONSUMER FOCUSSuperior Consumer Satisfaction & LoyaltyBest Total Value To CustomersNimble Organization With leaders At all levelsCorporate Citizenship
53. *To act strategically you need to • see the big picture • understand local conditions • position ourselves optimally Ford’s Vision and Strategy Pyramid is an example of a large step toward the goal of coordinated strategic action and optimal strategic positioning. However, to turn Strategic Vision into a Strategic Reality, all actions must support and improve the overall strategic position of the company.
54. *Increase Net Income
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56. *The Customer Value Equation
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58. *Decreasing costs lets you make more money off of each product that is produced. Decreasing costs through improved processes can also lead to improved quality and less waste.Decreasing costs helps to Increase Return on Sales
59. *Increasing Customer Satisfaction makes more people want to buy your products. Increasing Customer Satisfaction also gives customers options that they are willing to pay for. Increasing Customer Satisfaction helps to increase Return on Sales
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61. *Follow The Money ConceptsCreate Business Units of One Establish Profit Centers for Different Business Channels Divide Business into Smaller Manageable Subsets Make Every Salesperson Responsible for a Direct Business
62. *Follow The Money ConceptsKnow the Profit of Everything You Sell Know the Variable Profit of Every Product and Service You Sell Know the Variable Profit by Major Series and Options within a Product Line Know the Profit of Every Region, Zone, and Distribution Channel Focus Resources on Improving Profit
63. *Follow The Money ConceptsLeverage Production Programming Know the Profitability of Product Portfolio Program Aggressively on High-Margin Products and Conservatively on Low-Margin Products Work with PD and Manufacturing to Grow High- Margin Business Manage Product Allocation to Minimize Marketing And Maximize Profits
64. *Follow The Money ConceptsGrow Non-Traditional Business Channels Run the Channel as a Profit Center Maximize Total Profit for Every Definable Sub-segment Pursue Win-Win Opportunities with These Customers on High-Margin Products and Services Work on Unique Product Opportunities Focus on Service and Make Yourself Indispensable Manage Residual Values
65. *Follow The Money ConceptsBusiness Regional Sales Staff Establish Businesses for Each Zone Manager Make Sure They Know the Profit of Every Product and Service They Sell Develop Regional Profit Improvement Plans that Exploit Growth Opportunities on Profitable Business Focus on Dealer “Turns” to Improve Wholesale Volumes Leverage Regional Resources on High-Margin Production with Open Capacity
66. *Follow The Money ConceptsLeverage Retail Marketing Know the Profit of Every Product for Every Type of Financing Establish Process to Prioritize Marketing on High-Margin Production Focus on Filling Open Capacity on High-Margin Products Drive Synergies with Supporting Adjacent Businesses Balance Out Old Products Early Target Marketing by Region and Customer Protect Residual Values
67. *Follow The Money ConceptsPrice Strategically to Improve Margins Know the Profit of All Products, Options, and Packages Use Pricing as a Tool to Increase Value on High-Profit Products (or Options) Price Aggressively to Improve Margins on Low-Margin Products Reduce Complexity and Simplify Product Offerings (Validate with Market Research) Price Often to Minimize Market Effect of Increases
68. *Follow The Money ConceptsEliminate Waste – Focus on Cash Establish Disciplined Process to Eliminate Obsolescence Eliminate Receivables Reduce Company Inventory Create Tax Efficient Processes Manage Currency Risk
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70. *Customers also must be delighted in the services that you offer.No matter which brand people buy, you must make sure that their ownership experiences are worry-free.Service brands that delight customers
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72. * Plays a critical role in the ongoing development of business competencies, one of which is brand marketing. Communications with the media, especially on new brands, help to shape the brand image. Price the product right for the target customer and find ways to reduce cost without negatively impacting the brand. As the primary interface with the vast array of suppliers, Purchasing must ensure that suppliers’ product proposals are in line with the brand. The guardian of quality and workmanship must understand the brand to ensure that cost reductions and process changes do not harm the brand’s essence. Assists the company in developing robust processes, so that we may provide a consistent brand message over time.
73. *Decrease Net Operating Assets
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80. *Why are asset turns important?“In the past, Ford might have thought that certain parts of the business were doing well because they showed positive earnings. SVA, however, suggests that such a simple view does not go far enough”. “It’s possible that those parts of the business actually destroyed shareholder value—with profits not high enough to cover the net operating assets and meet shareholder demands. SVA underscores the importance of creating profits while improving asset turns.”
81. *At first glance, Product B appears to be better for the company because it produces more net income than Product A. Product B however is comparatively more asset intensive. Despite its relatively high net income, Product B actually destroys shareholder value.Example of Asset TurnsProduct A B Net Income$ 500$ 700- Asset Charge 400 800= SVA$ 100$(100)
82. *Inventories generally represent a significant part of net operating assets. The best way to comprehensively reduce inventories is to adopt a Kanban (or “pull”) philosophy. Kanban thinking focuses on maximizing the value-added flow and the efficiency of the overall system rather than an individual process step.Reduce Inventories
83. *Is it in the best interest of the Company?When evaluating actions to increase SVA, remember to consider the complete business impact of your decision. Some actions MAY APPEAR to increase SVA but are either superficial financial engineering or not in the LONG-TERM best interest of the company.Examples Some cost reductions can make SVA higher in the short term, but lead to lower quality, decreased customer satisfaction and lower SVA over the long term. Leasing assets can decrease net operating assets but may not always increase SVA. The associated leasing costs may be greater than the benefit of lower net operating assets.
84. *Business Advisor Planning CycleStrategic Review Business Plan Objective Setting and Management Reporting
85. *STRATEGIC PLANNING PROCESS (1) A customer focus, (2) A clear Vision and Mission, (3) Affordable Business Structures and (4) Goals, strategies and tactics which support customer needs as well as the company Vision and Mission.Provides the backdrop for sound decision-making and business planning. Key elements of the strategic planning process include:
86. *STRATEGIC PLANNING PROCESS ELEMENTSVision: What the organization wants to be in the long run. Mission: What the organization does or needs to do to achieve its Vision. Strategic Plan: The goals that must be achieved and the broad general strategies inherent in those goals for the Mission. Business Plan: Each operation develops specific strategies and general tactics in the form of a business plan that is specifically time-bound to achieve the Strategic Plan. Budget: The current year operating actions in the Business Plan
87. *PRODUCT PLANS ARE AT THE HEART OF THE BUSINESSAffordable Business Structure: Affordability is defined by the market equation and a competitive profit return. Company Financial Requirements: Each major operation is expected to generate sufficient net cash flow to fund its growth and to generate positive SVA. External Market Factors: The external market factors determine the parameters within which you establish the variables for the affordable business structure
88. *FORD’S ANNUAL PLANNING PROCESS AS AN EXAMPLEExternal Factors Study: Establishes the key competitive, economic and governmental scenarios that can affect the business. Cycle Plan: Provides a 10-year outlook for vehicle product programs. Financial Planning Volumes (FPV’s): Represent trend automotive industry and segment volumes used for long-term financial planning.
89. *FORD’S ANNUAL PLANNING PROCESS AS AN EXAMPLEBusiness Plan: Provides the financial quantification of the Operating Plans and Commitments and include key financial targets. Cash and Spending Plan: Summarizes the cash needs of the Operations’ financial plans included in the Operations’ Business Plans. Financing Plans: Are developed by each major legal-entity based on its projections of cash to identify funding needs for the present year and for the business plan period.
90. *FORD’S ANNUAL PLANNING PROCESS AS AN EXAMPLEBudgets: Reflect the current year commitment on the part of operating management to achieve identified key measureables. Profit Forecast: Provides monthly financial information for Corporate and operating management to measure their progress towards budget commitments.
91. *OPERATING CYCLECalendar Year . . . . . . . . . . . .Jan.Feb.Mar.Apr.MayJunJulyAug.Sep.Oct.Nov.Dec.Forecast0+12 12+01+112+103+94+85+76+67+58+49+310+211+1IPV/FPVBusiness PlanningBudgeting
92. *Balanced Scorecard Process Is A Business Planning ToolThat Translates Organization Priorities Into Aligned Objectives And Performance Measures That Establishes A Clear “Line Of Sight” Between Corporate Goals And Employee Contributions
93. *Balanced Scorecard ProcessBasic Elements Of The Process Include Deployment Action Planning Individual Objective Setting
94. *The Balanced Scorecard IncludesKey Focus Areas Priorities To Achieve The Desired Business Results Success Drivers Performance Measures Lead/Support Responsibilities
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96. *Policy DeploymentCommunicates High-Level Priorities Ensures Organizational And Individual Objectives Are Aligned To The Priorities
97. *Are Clear And Specific Objectives That Are Aligned To Deliver The Business PrioritiesSMART Objectives
98. *SMART ObjectivesStretch and SpecificObjectives should challenge you and state exactly what will be achieved.In what way does the objective challenge me? Is the objective clear enough to drive a specific action plan I can deliver?
99. *SMART ObjectivesMeasurableObjectives must be quantifiable so that you will know if you have met the requirements.Can I use data to show I completed this task?
100. *SMART ObjectivesAlignedThere must be a clear link between the objective and the Business Plan/Balanced Scorecard.Do I know how this objective is linked to the overall Business Plan? Does this objective support the team’s objectives?
101. *SMART ObjectivesRealisticWhile objectives should be challenging they should be achievable.Do I have a high degree of confidence that I can deliver this objective? Have I discussed with my supervisor how I will achieve this objective?
102. *SMART ObjectivesTime-TargetedObjectives should specify a completion date and milestones.When will the objective be met? Are there significant timing milestones that should be tracked along the way?
103. *OPERATING CYCLECalendar Year . . . . . . . . . . . .Jan.Feb.Mar.Apr.MayJunJulyAug.Sep.Oct.Nov.Dec.Forecast0+12 12+01+112+103+94+85+76+67+58+49+310+211+1IPV/FPVBusiness PlanningBudgeting
104. *MANAGEMENT CYCLEPlanningExecutionEvaluation
105. *MONTHLY MANAGEMENT REVIEW AND REPORTING PROCESSMeetingsReportsSales ReviewBudget Performance ReportProduction SchedulingIssue to IssueProcurementQuarter to QuarterTaiwan Product Review CommitteeYear Over Year Market Program ReviewCost PerformanceCost ReviewQuality AssessmentsCustomer Satisfaction TeamRisks and OpportunitiesProduct TimingInventory
106. *BUSINESS ADVISOR PLANNING CYCLEIn All Facets Of The Process, Finance Develops Data To Support The Reviews Acts As Advisor To Support Responsive Decision-Making The Process is Dynamic And Continuous
107. *Now Can You Make Money?

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