why omplying with today [s · a 27 year veteran of johnson & johnson as a global director of...

#ACCOUNTEXUSA @accountexusa September 6-8, 2017

Why Complying With Today’s Toughest Financial Regulations

Requires Technology

Judy Bicking Sept 2017


Judy Bicking, APM & ARM

Judy after retiring from J&J, became the owner of Island Décor & More

(retail) in Cape Coral, FL. She is also a consultant, senior certification instructor, public speaker and author who specializes in re-engineering current processes to achieve a policy and procedure that is cost effective, efficient and compliant. A 27 year veteran of Johnson & Johnson as a Global Director of Business Services, she developed and lead two SSC’s to achieve world-class-status. She has spent the last 11 years bringing technical and process performance expertise to all accounting professionals. In 2016 she launched the Women’s Conference on a journey to help women achieve their goals by having the confidence to Bring Their Real Self to Work.. their abilities, ideas, skills, talents and intuition. …. along with her passion in doing mission work at home and abroad.


Accounting: A Major Pain Point • Top 4 Pain Points

– Taxes: many business close due to penalties

– Paperwork: supporting docs, locating, storing, cost

– Cash Flow: readily available cash to run the business

– Payroll


Reality • Laws & Reg’s: Not even on the radar

– Too busy reacting to …..

• Main Focus: – Selling the good/service

• From the beginning: Creating the business – Focused on developing and selling the goods/service

• Result: chaotic process • Wearing too many hats • Accounting is engaged too late in the process


Reality

• So BuSy KEEPING THE LIGHTS ON in a

Highly competitive,

global,

aggressive

business environment


Misconception: • Lack of knowledge

– Financial Expertise: AP, AR, Payroll, Fixed Assets, GL, Financial Reports, banking, audits, Internal Controls, Document Mgmt, Disaster Recovery

– Laws/Reg’s: New Hire Reports, Form I-9, OFAC, SOX, GAAP, SUT, VAT, 1099/1042, W9’s, W8’s, W2’s,W4’s, Dead Beat Parent Law, Minority spend reports, Anti-trust, Privacy Laws, PCI Compliance, Tax filings, Nexus, Escheat, Fire, Health, Chemical….

• Don’t know what records/receipts are critical


Chaotic Process

• Paper based: – Not organized – Can’t locate – Too much paper – What to keep – How long – Product #1… not paperwork

• Effects compliance – Cycle Time – Accuracy


Client Experience

• After-th-fact – Advise

– Council

– Update

– Teach

– Expert

– FIX IT


Accountants Pain Points

• Inaccurate data • Missing documentation • Transactions inaccurately booked • Transactions not booked • Cycle Time • Accounting crunch time • Unethical requests


Laws & Regulations: Are they up-to-speed • Laws & Regulations change ‘whenever’

– Sales & Use Tax Example (timing of reporting)

• OFAC: worry’s me • PCI compliance / Privacy • Escheat • Contractor vs Employee • New Hire Reports, Form I-9, SOX, GAAP, SUT, VAT, 1099/1042, W9’s,

W8’s, W2’s,W4’s, Dead Beat Parent Law, Minority spend reports, Anti-trust, Privacy Laws, Tax filings, Nexus, Fire, Health, Chemicals


Compliance is Complex

• How can a business comply

– Knowledge / Updates

– Timely

– Accurately

– Too Many Touch Points

– How many locations / what countries


Why Technology

• Ensure effective, efficient, compliant cash flow

• Make informed business decisions

– Cash Management

– Budget Control

– Accurate & Timely filings

• WHY: To Get Control


What does technology bring to the table • Provides timely & accurate data

– Uploads from the source

• Document management – Images, workflow, storage

• Accessible • Compliance built in • Validation of data: tables, IRS website, positive pay • Self-service • SaaS: Software as a service (cloud)


How to find the right solution: New or Replacing • Plan: The 3 C’s

– Compliance, Cost, Control

• Build Requirements: Mapping

• Rate Requirements: (Must have / Nice to have)

• RFI to RFQ to Own/Rent

• Demo (with your data): – Benefits, ease of implementation, references


Technology: Robotics • What are the outcomes

– Valid / Compliant or based on “what has been done in the past”

• When are the outcomes required • Any paper that can be transformed into “E” will

– Reduce Cost – Improve efficiencies – Improve Accuracy – Reduce cycle time – Make data available:

• Live, Real Time 24/7

Baseline


Technology = Confusion • What technology: driven by

– Overcoming a Pain – Achieving a gain

• Market Confusion • Language / acronyms • Fear • Metrics / Baseline • Cost Analysis: ROI • Metrics: Proof of ROI


Recap

• Do a walk through *Step most often skipped – Biggest reason implementations fail

• Listen • Recommend: process & technology • Educate • Capture metrics • Key to compliance: don’t change the software


Judy Bicking

why omplying with today [s · a 27 year veteran of johnson & johnson as a global director of...

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