By Institute of Management and Administration (IOMA)
Fee aid and keep watch over top Practices offers monetary manages with no-nonsense, balanced, and functional concepts which are being designated and used national for controlling bills by way of millions of businesses in parts corresponding to human assets, reimbursement, merits, paying for, outsourcing, use of specialists, taxes, and exports. those most sensible practices are in keeping with the trenches adventure, examine, proprietary databases, and specialists from the Institute of administration and management (IOMA) and different top specialists of their fields.* offers top practices and strategies for controlling expenses inside of an organization* New chapters concentrate on outsourcing bills, downsizing, specialists' expenditures, and company tax charges* presents the newest thoughts businesses re utilizing to manage expenses
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Additional info for Cost reduction and control best practices: the best ways for a financial manager to save money
8 on a scale of 1 (poor) to 10 (best). Companies that are unhappy with their process cite the following problems: • • • • “Gaming” of the process Special treatment of certain capital investments (such as information technology projects) The effect of executive incentive bonuses on investment decisions The treatment of implementation and uncertainty risks by the project appraisal process Also, only about half of the companies examined conduct postinvestment reviews. However, when such reviews do get done, the primary intentions are perceived to be to learn lessons from investment decisions and to improve forecasting.
Are our capacity measures valid? Sometimes, overspending is a direct result of poor measurement. Example: Copeland did consulting work for a cable company whose measurements indicated that a cable was fully utilized if one in a bundle of optical fibers was carrying information. The problem was that the measure pushed the company to spend on new cable capacity, even though each bundle contained 11 fibers. Source: Thomas Copeland, Monitor Group Rooting Out Corporate Fat During the Capital Budgeting Process 29 on their controllers to ensure that the remaining 80% of capital spending contains no profit-consuming corporate fat.
Decrease Company Health Benefit Expenditures by Raising Cost Sharing. Challenge: Action: Increase cost sharing for health benefits. We have been moving over the last several years to higher cost sharing with employees. Our goal is to reach 20% on medical and 40% on dental and retiree medical. We also increased cost sharing by employees who use tobacco products. Here, we used an honor system and offered a discount for nontobacco users. Over 47% of employees indicated that a covered person used a tobacco product.