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Articles from Executive Education


Pricing for Profitability: Why the Company with the Best Cost Accountant Wins.

By John L. Daly, Executive Education
and Craig Carrel - President, Team 1 Plastics

"One of the great legends of college football was Woody Hayes, coach of the Ohio State Buckeyes from 1951 to 1978. Woody’s Buckeye teams were famous for their running game. “Three yards and a cloud of dust” was the style of most Big Ten teams in those days. Hayes might tell you that he did not like to pass because “there are three things that can happen, and two of them are bad”.

The same is true of product pricing. Three things can happen in pricing – and two of them are bad. A company’s reward for a price set too low is an unprofitable sale. Their reward for a price set too high is a lost sale that would have been profitable at a lower price. Only some place between these two numbers. ... " Click to read full article (PDF file 118K) .

Succeeding as the OFO (Only Financial Officer): Four Tips for the Accountant Who Must Do it All

By John L. Daly
Executive Education, Inc.

"While many accountants in the corporate world have a business card reading “Chief Financial Officer” (CFO), this title is not necessarily an accurate description of their job. The word “Chief” implies that there is more than one. However, many of us are the only degreed accountant working in small and medium-sized businesses. In such cases, the title Only Financial Officer (OFO) seems a lot more appropriate. ..." Click to read full article (PDF file, 177k)

IFRS for Small and Medium-sized Entities (SMEs)

By John L. Daly
Executive Education, Inc.

"The July 2009 release of International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs) is a major event in the adoption of international standards by U.S. companies. Since the AICPA’s May 2008 recognition of the International Accounting Standards Board (IASB) as a standard-setting body, IFRS for SMEs automatically becomes an acceptable basis for accounting in the United States. ..." Click to read full article (PDF file, 169k)

Creating the Strategic Road Map: Becoming a Full Partner in the Process

By Dan Chenoweth
Executive Education, Inc.

"I’ll never forget our company President’s wonderful speech vividly painting a compelling vision for the future of our business. He hit all the right notes for those of us in the audience --- his direct reports. “We are the best kept secret in our industry.” “We can be #1 in our industry if we just apply ourselves.” “Let’s look at where we could be, where we should be in our marketplace, and shoot for the stars!” After the speech, he pointed to each of us, one-by-one, and asked “Do you believe we can do it?” And one by one we all replied, “Yes brother, hallelujah, I believe!” And we did! At least in that glorious moment.

An hour or two later when we saw each other informally in the hall we began to quietly voice our doubts. While the company’s future, as the President articulated, was indeed inspiring, we never discussed exactly HOW we were going to get from here to there. ..." Click to read full article (PDF file, 90k)

Lean Accounting

By John L. Daly & Dan Chenoweth
Executive Education, Inc.

"Lean thinking is not new. Business people have always known that efficient organizations can serve their customers better and make more money. However, the term 'Lean' is just over 20 years old. In 1988, a graduate student at MIT first coined the term in an article describing the Toyota Production System (TPS). While initial research into lean involved lean manufacturing, people studying these techniques quickly realized they could also apply lean thinking to all other business activities including running an accounting department. ..." Click to read full article (PDF file, 139k)

Implementing the Quick Close

By John L. Daly, MBA, CPA, CMA, CPIM
Executive Education, Inc.

"Performing a quick close is not easy. Some accountants think they must sacrifice cost and accuracy to close quickly. Some companies “cheat” by cutting off some kinds of transactions five or six days before period end. Companies that do this are merely camouflaging their slow closing process rather than actually improving it. I advocate that companies do not sacrifice accuracy for speed. We should accept nothing less than processes that will enable us to perform our closings faster, better and cheaper. ..." Click to read full article (PDF file, 110k)

IFRS Adoption: The First Wave in an Inevitable Tide of Change for All Companies

By William F. O’Brien, MBA, CPA
Santa Clara University
Executive Education, Inc.

"In November 2008, the Securities and Exchange Commission announced a Roadmap for implementing International Financial Reporting Standards by public companies in the United States. The SEC’s November 14, 2008 release set 2014 as the “most likely” date for mandatory IFRS usage with adoptions as early as 2010 available to qualifying firms. Even though 2014 is over five years away, early adoption and multi-year financial statement presentation requirements effectively accelerate IFRS conversion into the 2010-2011 timeframe—a mere two years from today. ..." Click to read full article (PDF file, 104k)

Preparing for a CFO Role

By John L. Daly, MBA, CPA, CMA, CPIM
Executive Education, Inc.

"What is your current level of learning toward CFO level skills? There is a lot more to know to be an effective CFO than most accountants imagine. Anyone aspiring for a high‐level job of any type should embark on a personal mission of lifelong learning. ..." Click to read full article (PDF file, 101k)

The Skills that Accountants Need Most

By John L. Daly, MBA, CPA, CMA, CPIM
Executive Education, Inc.

"Almost twenty years ago, the 'Big Eight' accounting firms published their famous white paper on accounting education. In it, the first deficiency mentioned was communications skills. Studies that are more recent continue to draw the conclusion that accountants need to improve their writing skills. ... Despite these conclusions, most of us have not taken a business-writing seminar in years. Most of us probably do not think we need to take a writing class. ..." Click to read full article (PDF file, 68k)

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