20050722 Barrett Peterson Special Rreport

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Finance and Data for Dummies Smart People, by Barrett Peterson, C.P.A. 1

847.259.2878 Published February 2005

Finance and Data for Dummies Smart People

Some Ways to Use Financial, Accounting,

And Other Data to Improve Business

Processes and Profitability

Barrett Peterson, C.P.A.

847.259.2878

[email protected]

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Finance and Data for Dummies Smart People Introduction Follow the Money Know Your Metrics Changed Systems Require Changed Processes and Changed People The Many Faces of Cost – Price is Not Cost Different Costs for Different Decisions The ABC’s (and GPK’s) of Knowing Your Costs Achieve Excellence by Thinking Marginally The KISS Rule Lives Where’s Herbie? Let’s Make a Trade (Off) Know Your Debts Controls and Counting What Counts Do Diligence About the Author Appendix

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Finance and Data for Dummies Smart People

Introduction: We all know a company without a clear mission won’t go anywhere. Once is has its mission, it next has to get the word out to the right people or it still won’t go anywhere. Lastly, once the word is out, people need an efficient, reliable system to run the business day to day and achieve that mission and serve both customers and employees. But, how do you know, really, that it’s all working right? Numbers! We all know the “bottom line” is a good indicator of how successfully a business is running, but that’s just one of many important numbers. There’s an ART to numbers. Numbers sometimes show what is working or what needs attention. Sometimes, however, they hide the problems and the ways to correct them. Numbers are my friend, and I love them. I have 22 (speaking of numbers!) “observations” about numbers in business. These “observations” can reveal hidden pools of money, dangerous money “leaks”, business lessons, and all kinds of other information. Here are a baker’s dozen of my favorites. I hope the baker’s dozen collection of “rules’ in this report can help numbers become your friend too. The remaining nine are listed in the appendix on page 12.

Follow the Money: Sometimes, very basic concepts can get lost in the complexity of modern business accounting. One is that we want to expand an initial sum of cash. Accrual rules sometimes confuse, and more complicated long-term items like pension plans can make business planning more difficult. However, fundamentals remain. One example is minimizing non-cash assets and assuring their conversion back to cash. All non-cash assets recorded under accounting rules bear some risk of being turned to cash for less than recorded amounts. This rarely happens to recorded (or unrecorded, discussed in Know Your Debts below) liabilities. To “earn their keep,” assets need to be actively used to generate profits, either directly or by helping to minimize the cost of needed functions. Having more assets than needed is like putting cash in your mattress. Just like money in the mattress, these assets produce no income and can be stolen, lost in fire, or damaged by accidents or even normal deterioration. “Excess” assets are frequently found in property and equipment and in working capital, particularly inventory and accounts receivable. Excess property and equipment can include vacant space and unused or under-utilized equipment. Whether these items are “owned” (assets) or leased (see Know Your Debts), they are equally costly. Sell or sublease unneeded property and underused equipment to minimize costs and provide cash for more useful equipment.

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Minimize inventory and accounts receivable. Having “Too much” inventory or accounts receivables increases the risk of collecting less than its full value due to discounts, allowances, and disputes for receivables, and damage, deterioration, obsolescence, or market changes for inventory. When I went to work for a printing company, I found that they had an average of 100 days sales in receivables - $1.5 million more that 30 days worth. They suffered losses from disputes, forgotten “agreements”, and allowances larger than needed. I instituted procedures to clarify terms at the time of order, and made sure each customer received a call 10 days after billing, both to resolve issues and to act as a reminder. Within six months, the company eliminated that $1.5 million excess. That same company had inventory on the books at twice the industry average, an excess of $500K. Part of the problem involved raw materials (paper); the other part was work-in-progress. The excess paper accumulated from orders involving non-standard paper. “Left over” partial rolls were put back in inventory at full value. There were no plans to use the partial rolls. I insured that job pricing reflected all the paper to be bought, for good product (yield) plus make-ready and production waste. We charged the customer for all paper purchased. The left over partial rolls were recorded at $1 each to allow tracking and insure eventual disposition. We then systematically used or scrapped the partial rolls to minimize storage needed and prevent use of the “wrong” paper on a later job. The work-in-process accumulation resulted from printed rolls waiting for “finishing.” My solution was to re-think the scheduling model and realize the company was not (just) a “printer” and that finishing time cycles were longer that printing cycles (a different rhythm). This required components added during finishing to be ready much closer to the start of printing. Do you have underperforming capital tied up?

Know Your Metrics: Most businesses use performance measures of efficiency for operations and profitability for financial results. Each measure is intended to focus on a key performance driver, but each also has its limits. It is critical to focus on advancement of company-wide performance, rather than just on optimizing a local process. Such optimization can actually be detrimental to the company’s overall profitability. Let’s look at two categories of metrics: production efficiency measures and return measures.

Production efficiency metrics – While measuring utilization, speeds, and production output per unit of time is useful, this can result in unintended problems. These include: excess inventory from accumulated work-in-process; production of unwanted product items because they are quick and easy to make; overproduction of easily-made low margin items; quality problems resulting from too much speed and too little attention to output quality; and ignoring equipment maintenance in order to improve short-term statistics at the expense of longer-term performance. An important principle is that machine or operation maximization is not always the same as maximizing margin and profit (please see the upcoming discussion in Achieve Excellence by Thinking Marginally). Measurements of profitability are critically dependent on the base (the denominator), as well as “appropriate” definitions of income. Recorded accounting values are often unreliable measures of capital invested or replacement capital requirements. For example, they will favor older facilities which are more extensively depreciated for accounting purposes. But, such facilities may be inefficient, inflexible, and require far more maintenance. Return measures can also discourage

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proper equipment maintenance and needed research and improvements to products, processes, and information systems. The cost incurred for such activities often benefit future periods or other business units. Return measures are best applied to larger units in the company. Many operating facilities or departments are better measured by two metrics: margin dollars generated per unit of time and adjusted total margin divided by estimated replacement capital costs (See Achieve Excellence by Thinking Marginally).

Changed Systems Require Changed Processes and Changed People: New and improved information systems are a significant component of programs to improve performance and profitability. Too often, the focus is inappropriately placed on the software, and computer and other hardware While good choices of software and hardware are important, it is critical to identify and plan how these changes will affect operating processes, the interaction of people and organization units, and the skills required of the employees. Operating processes and organizational structure may require significant change. Training is nearly always required to reduce fears and gain acceptance of change. Some people may prove unable or unwilling to adapt despite training, and must be replaced When I started with a contract manufacturing company, it had very limited, basic accounting systems and had operated at essentially break-even throughout its nineteen-year life, with one bankruptcy about seven years before I arrived. The company had a faulty mechanism for product pricing and quoting, a haphazard and inconsistent production planning system, and inconsistent purchasing management. There was no data on product, product class, channel, or customer profitability. Product sales volume data was available but unused. Here are some of the steps I took to address these issues:

Designed a product pricing model which calculated “target” price using both a purchased material plus mark-up approach, and a purchased material plus resources required – using informal estimated activity based cost data – approach for management use.

Devised a database and series of reports to analyze product sales by sku, product class, and customer.

Devised a database and series of reports to analyze purchased material components required.

Devised an intermediate-term production plan and a short-term production scheduling system.

Developed purchasing requirements and plans, together with monitoring reports, to enable best practical price/quality acquisition.

Developed analyses of outbound logistics patterns to assure shipping load efficiency and explore freight cost reductions.

Held numerous training and planning meetings to teach and instill the revised focus in the management team.

My efforts over a twenty month period, were key to positioning the company to make pre-tax income of $400K per year, and enabled the company to remain in business. These efforts required a revision to the business model and operating concepts of the people in the organization, and required an anticipatory focus rather than a vague awareness, combined with a reactive approach as problems emerged. Concurrent development of a system for documentation of the manufacturing process to meet FDA regulations reinforced the importance of the new conceptual focus and business model. Replacement of one of seven people was needed to complete the transition.

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The Many Faces of Cost: Cost measurement, cost management, and cost accounting are elements of crucial business decisions often made more difficult by misconceptions, faulty analyses, and reliance on outmoded practices. It is important to understand that cost is not just a single “thing,” the price of purchase. Rather, purchase decisions can, and should be, analyzed from different perspectives. Some accounting conventions and practices ignore important factors. For example, cost accounting conventions regarding cost allocations developed and used for financial reporting to capital suppliers and for tax compliance are not useful in determining, and are often seriously at variance with, a more realistic determination of “actual” costs for process management and pricing. Price is Not Cost - We “know” this, but often forget it. The price tag on an item is often much different than the cost of using it. Examples abound from manual razors to ink jet printer where the cost of the base item is not the expensive part: the consumable supplies are. Electricity for businesses is often purchased on an “industrial” rate schedule under which more than half the bill for light manufacturing and commercial properties can be for the “demand charge” and not the direct price of energy (KWH) used. Leased assets often cost more than the stated rental. There may be a “click” charge for photocopiers, or taxes, automatic escalators, and operating expenses (watch the management fee), in addition to property rental. Purchased material converted in manufacturing can cost far more than price if the quality is inadequate and final product is wasted or production processes slowed or interrupted. The cost of employee time used is always higher than their pay rate due to paid time off, including breaks, as well as payroll taxes, benefits, worker’s compensation, and support costs. Property and equipment purchases often require significant shipping and installation costs, as well as financing costs and impacts on property taxes and insurance costs. Understanding the interplay of these elements helps with purchasing resources for the lowest total cost to the organization over time. The purchasing plan for the contract manufacturer described in the section above included disqualifying the lowest bid bottle supplier for one bottle size because of the supplier’s inability to provide consistent satisfactory quality. The company had incurred higher costs because of the regular high waste rate and repeated line stops or slow-downs. Different Costs for Different Decisions – Frequently, we can ask the obvious question: the cost of what? Popular notions of cost tend to focus on the things that are acquired (objects of expenditure), which along with organizational units like departments, divisions, and companies often form the basic structure of accounting systems. A second popular focus is “the” cost of a product or service, which typically requires allocation of the cost of items or activities not directly or obviously attributable to the product or service. The methods providing for the allocation of costs form the basis for confusion over the determination of costs relevant to a particular decision. Accounting records built around “objects of expenditure”, reporting by organizational units, and the need to allocate costs to products are often an unreliable source for decision making. The key idea is to identify the cost of the applicable elements of the issue or activity (cost object) for which a decision is needed. A large multi-plant manufacturing company with several facilities was considering closing or selling the weak performers. My analysis, however, provided unexpected results. It turned out that some of the weak performers were actually positive contributors to earnings and cash flow if certain costs were correctly evaluated. What hadn’t been previously considered was that certain costs would continue whether or not these facilities were open. Instead of closing two facilities that had been selected for closing, my analysis showed that it was more profitable to keep them open and improve their operations.

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ABC’s (and GPK’s) of Knowing Your Costs - Cost accounting and cost analysis has been around a long time with a history of focus on product costing by employing an “object of expenditure” account structure organized by organization unit and supported by one or more “pools” of costs to be allocated. All costs are for something (the object) and incurred for a reason (an activity). The “reason” is usually part of the actions needed to obtain or make the product or service to be sold. The “simplification” made by traditional cost accounting is to remove the reasons – activities – from the system and to assign the costs of things to products and services by direct assignment and broad averaging allocation. This “simplification” worked reasonably well for manufactured items when marketing and distribution were less a factor and direct manufacturing labor comprised the majority of “things” needed and acquired. Today, organizations are larger, production and distribution more sophisticated, product selections more varied, customers more numerous and more geographically dispersed, and sources of supply increasingly geographically distributed. As a result, direct labor has become a much smaller component of products and services. The continued use of the historical techniques has resulted in increased distortion and error in the system which informs pricing and other business decisions, as well as just the “cost accounting” results. To compensate for these distortions, Activity Based Costing (ABC) and its extension Activity Based Management (ABM) have been developed. This body of practice and theory arose from practices in Japan and usage by large multi-national companies The basic notion is to assign costs directly to activity “drivers” (units of measure like orders processed, set-ups completed, invoices processed, calls handled, etc.) and then assign activities to cost objects – products and services being one – based on their use of the activities’ drivers. The similar German method – built into SAP for instance – is called Grenzplankostenrechnung (GPK); try saying that three times at any speed! Allocation still exists as there are still activities that support organization units – facilities, divisions, channels, companies – and have no identifiable basis for direct assignment to products and services. Development of the pricing model and the production planning system described above in Changed Systems Require Changed Processes and Changed People employed an initially informal “back of the envelope” design of activity measurements built from observations, conversations with operating personnel, and estimates to obtain better estimates of resources used in product manufacturing in order to better calculate “target” prices. Refinements of these initial measurements contributed to both the improvement of the pricing model and to improved capability for the production planning and scheduling systems developed. One insight from activity based analyses is the high cost of production machine make-ready as a component of manufacturing cost. One commercial printer recognized that changing print cylinders – large metal rollers of different circumferences used in applying ink - was a large cost, and changing the inking stations for changing colors from job to job was fairly costly. We addressed this cost and scheduling problem by revising the production scheduling to run jobs using common cylinder sizes sequentially and further trying to minimize the number of ink stations that required changing. This change both reduced costs and improved total plant output contributing substantially to the turn-around to break-even of an operation which had been losing $1.3 million/year on $13 million of sales.

Achieve Excellence by Thinking Marginally: Margin analysis is time frame driven with much of the more frequently employed analyses focused on “short” time frames, often a year or less. Margin analyses combine concepts from direct/indirect cost ideas and variable/fixed ideas (arguably a “special case” of direct/indirect). The principal premise is that certain costs – indirect especially if they are “fixed” – will change little if at all during the time period under consideration, while other costs and revenues will vary, usually with output or sales levels. Profits can be increased by increasing margin dollars relative to the unchanging level of

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indirect costs. Profitability can be improved by expanding average margin per unit by changing price, cost, or mix, or increasing the units sold. The principal caution to keep in mind is to avoid making short-term practices permanent or to cause an adverse long-term effect. Another caution is to not ignore those “unchangeable” indirect costs. A third is to be aware that increasing direct margin per unit by replacing direct cost with indirect /fixed costs increases the level of sales (units) required to break-even. Pricing of one-time efforts, particularly for non-standard products or services can focus on adding some contribution margin without having to fully reflect allocations of indirect costs. Care needs to be taken to not harm market pricing or push too much volume to lower priced/lower margin sales. This latter process, repeated, can develop into a “death spiral” Large public accounting firms once priced “off-season” work, particularly for non-traditional clients, at lower hourly rates to add margin dollars to a full price base which was seasonal, while staff levels were unchanged throughout the year. These discounts disappeared over time as seasonality decreased significantly, in part due to newly developed services which were not as tied to the calendar as were audits. Margin analysis at a folding carton manufacturer encouraged the company which had a significant bottleneck operation (a cutting press was their “Herbie”) to market a product mix tilted toward higher margin offerings even at the expense of individual production department efficiency measures (machine driven). An analysis of pricing and margins at the contracting manufacturer discussed above in Changed Systems Require Changed Processes and Changed People identified marketing opportunities to shift emphasis from one sku to a nearly identical sku with the same production efficiency but a somewhat better contribution margin after considering direct manufacturing, customer service, and freight costs.

The KISS rule lives: When overwhelmed with accumulated numbers – the illness known as rampant collection and compilation – solutions become more complex and more difficult to ascertain. Often the “right hand” is working in opposition to the “left hand”. Carefully selected and simpler numbers beget simpler solutions. My favorites include margin dollars per hour and a reasonable measure of return – think EVA (economic value added) – based on replacement [not book] value of capital used.

Where’s Herbie? (From The Goal by E. Goldratt) Numbers used properly can suggest where bottlenecks are wasting time, money, and customer goodwill. It’s not when the biggest, strongest, fastest guy finishes – it’s when the last guy gets to the end and what’s slowing him down.

Let’s Make a Trade-Off: Business operations and decisions are full of trade-off considerations. Greater short-term efficiency can sometimes be obtained at the cost of higher maintenance or more frequent break-downs. Quality requirements and measures are often based on trade-offs between initial costs and “lifetime” or total costs of ownership considerations. Capital outlays for process improvements, including cost reduction and quality improvement, are trade-off decisions. Inventory management frequently requires balancing out-of-stock effects versus obsolescence, damage, and capital carrying costs impacts. Margins analysis, as discussed above, frequently evaluates trade-offs. The contract manufacturing company discussed earlier (Changed Systems Required Changed Processes and Changed People) had historically been reluctant to spend capital dollars or to schedule “heavy” maintenance apart from a break-down.

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The solution to one seasonal large sale’s production for a single customer, however, illustrated the reasons to move away from those old mind-sets. During my second week, we made a “snap” decision to make a moderate purchase of capital improvements to a filling line after a review of the prior years’ waste of finished product, production slow-downs, and delivery delays for that customer’s order. This decision improved the profitability of the work for that customer’s large annual order by greatly reducing wasted product and permitting efficient filling operations. We also greatly improved customer satisfaction by delivering when promised. We later scheduled major maintenance at times when production requirements were as minimal as possible, keeping our machines running at design speeds without jams and other problems.

Know Your Debts: Cash and cash flow is the foundation measure of business operation, and its life blood, as previously discussed in Follow the Money. Pursuing the goal of expanding cash acquired/on hand requires a thorough understanding and measurement of required cash outlays for items and services acquired. These items can be acquired for cash or pursuant to some contractual form requiring future payment. Accounting principles and financial reporting rules can obscure the commitments made for outlays to satisfy fixed (and variable) payment obligations. Not all are defined as “debts” required to be reflected on the balance sheet. The problem of visibility has been greatly increased by twenty-five years of development of new and increasingly complex contracts, financial products and agreements, forward contracts, and mathematical model based financial products. These are illustrated by collateralized debt obligations (CDO’s), special purpose entities (SPE’s) and other structured finance products. An older and more common (with some new wrinkles) contract form is the lease. All these forms of financing agreements are more complex that the original historical structure of buying (acquiring title to) an item and issuing a note (“debt”) for the price. Accounting rules development has experienced great difficulty keeping up with these more complex agreements. These agreements all provide use of an item expected to be useful, and payments are not dependent on the actual utility or use of the item or right acquired. While not recorded as “debt”, these agreements require cash outlays just as predictable as other agreements that are recorded as debt. A company operating a group of retail stores had significant lease obligations for their store space. These “triple net” agreements also contained periodic increases (escalation) provisions for the base outlays (rent), imposing increases in outlays in later years of the agreement. The business, accordingly, faced increased costs for their space (rent, not depreciation) in addition to rising property taxes and facility operating costs (including an owner management fee) which were billed as add-ons. The company had to develop a plan to increase their margin dollars generated by either increased prices or increased volume - more sales per square foot. In a very low inflation environment, this structure can produce adverse economic results.

Controls and Knowing What Counts: Internal controls have achieved high visibility in the past four plus years following several huge, high profile corporate failures and a rash of scandals. These failures required restatements of reported financial results and exposed dubious business practices and weakened audit procedures. While complex transaction structures, unclear, ambiguous, and insufficient rules, and very questionable judgments have frequently been involved, the failure to employ, or comply with control procedures and standards is a common theme. Passage of the Sarbanes-Oxley Act of 2002 and the establishment of the Public Company Accounting Oversight Board (PCAOB) has established, for public companies (initially), requirements

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to document, test and evaluate, and report on the effectiveness of their internal controls over financial reporting, as well as imposing penalties on certifying officers for willful violations and failure to perform due diligence. Auditors must report on management’s evaluation of the company’s controls over financial reporting. Controls on financial reporting are part of the company’s system of controls and rest on the operation of other controls over:

identification of transactions and reportable events,

authorization and approval of transactions,

timeliness, completeness, and accuracy of transaction processing,

access to and use of company assets and resources,

limitations on incurring obligations,

reconciling balances to detail,

monitoring results to plans,

providing training,

establishing organizational controls like segregation of duties, and

reviewing operations. The new requirements rest on a long history of development of standards and practices which culminated in INTERNAL CONTROL – AN INTEGRATED FRAMEWORK published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), itself an outgrowth of the Treadway Commission established in 1985 after a series of high profile financial reporting scandals. Both were preceded by the Foreign Corrupt Practices Act (arising from a public scandal) and a body of accounting and auditing literature, parts of which reflected historical audit failures. The contract manufacturing company discussed earlier had a significant recorded amount for its (bottle) label inventory when I arrived. A physical inspection clearly indicated a large amount of old, apparently obsolete or unused labels. Further investigation revealed that the recording of receipts was often inaccurate and regular physical inventories had been confined to confirming a box of labels was present without verifying its contents. The procedures were inadequate, and the few present were not properly followed. This circumstance prompted three concerns. Approximately one-third of the labels present were unusable or obsolete, requiring a write-off; there was no reliable system to prevent a recurrence; and label control was an important required manufacturing procedure under FDA rules to which the company was subject, creating a risk of regulatory sanctions for non-compliance. Revised procedures for label ordering, receiving, rotation, and physical inventory counting were put in place, and the useless labels destroyed. The quality control function was charged with closer supervision of label handling and record keeping. These actions prevented a further build-up, and avoided criticism at our next FDA inspection.

Do Diligence: Performance of due diligence is an important part of completing significant “one-time” transactions and in developing reliable and effective vendor relationships. Due diligence includes identifying and evaluating the people you are dealing with, negotiating the needed structure for the transaction/relationship, evaluating financial capability and reliability, and insuring the appropriate document correctly reflects the negotiated structure and is completed and in place. Many transactions call for effective financial analysis which may be done by company personnel and/or selected external experts. Management needs to be sure such work, including that of the experts, is done thoroughly and effectively. In recent years we have seen a decline in effective due diligence driven by sales concerns, time pressures, perceived pressures to satisfy market interests, a choice to ignore fraud possibilities, and an over-reliance on verbal assurances and appearance aspects. Due diligence may lack glamour, but done properly can minimize significant adverse surprises, including those financially fatal to an organization.

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One bankruptcy “estate” I worked on was a specialized consumer products manufacturer which failed about five years after being acquired in a highly leveraged transaction. A review of the original transaction documents quickly revealed seriously questionable revenue as well as cost savings assumptions, partly attributable to a purely financial/accounting oriented analysis. Revenue growth assumptions were very high and based on a much broader product category than the smaller, more limited market in which the company operated. The likelihood of achievement originally was poor, as events eventually proved. The projected costs savings included double counting – specific items which were also components of allocated cost pools assumed to be eliminated – and a failure to exclude allocated indirect costs from activities expected to be eliminated. Interest requirements on the transaction debt incurred by the company were never covered by operating income, eventually leading to the company’s demise five years later. By comparison, a $1.1 billion leveraged acquisition of an integrated paperboard manufacturer and converter presciently foreshadowed one of the regular pricing “up ticks” in a very large market, correctly assessed the impact of very large capital outlays nearing completion for one of the company’s primary virgin containerboard mills, and accurately gauged administrative consolidation opportunities resulting in a dramatic growth in earning in two years which enabled re-financing the deal debt at more favorable rates, further improving earnings. A few misunderstandings of the acquired organization structure caused minor problems in the payroll system and receivables system conversions, but did not seriously impair the progress of the consolidations. The success of this transaction rested on combining financial and accounting skills with a solid knowledge of business operating processes and drivers, elements the financial reporting is intended to describe, and a disciplined, planned, and thorough review of both business processes and reported financial details.

About the Author: These observations are based on my career in business and volunteer work for non-profit organizations built on a core expertise in finance and data management, organizational management, and working with people. They are drawn from a collection of concepts which have worked in a variety of situations in different businesses and organizations, and have included the basis for turn-around and strong improvements. Business needs combine both unique requirements and fundamental concepts discussed in my guidelines which can be used in simplified forms or as an elaborate and sophisticated part of complex organizations with complicated information systems. My observations reflect knowledge and skills acquired through a life of work experience and learning patterned on the model immediately below:

Skill level Description

Strategic Business strategy, data warehouse and mining systems, capital structure planning and transaction execution, Activity Based Management, IFRS/IAS expertise

Advanced GAAP expertise, international financial reporting/accounting standards (IFRS/IAS) familiarity, special analyses for acquisition or divestiture, process change and improvement, Activity Based Costing, enterprise management systems design and installation, capital structure options

Intermediate Budgeting/planning, strong understanding of GAAP, application systems design and installation, controls documentation, enterprise management systems operation

Basic Transaction processing, controls compliance, basic financial reporting, general understanding of GAAP, applications systems operation

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Appendix: Other Topics Saved for the Sequel: Getting Rhythm Time is Money Communicate by (Format) Design The Cutting Edge Causes Pain Is Fair Value Fair? Balanced Scorekeeping Is Precision Accurate? The Gap(s) in GAAP Surviving Your Audit – Do You Have GAAS Pains?

20050722 Barrett Peterson Special Rreport

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