1 / 27

Adapting in Accounting

Adapting in Accounting. What’s your Agency’s and your AQ?. Alex Diaz. Chief, Financial Statements & Audit Support. October 25, 2019. Agenda. Quotient Refresher IQ EQ IQ and EQ – Is it enough? Introducing the new Quotient New Quotient is part of Success The Blockbuster Examples

vachel
Télécharger la présentation

Adapting in Accounting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Adapting in Accounting What’s your Agency’s and your AQ? Alex Diaz Chief, Financial Statements & Audit Support October 25, 2019

  2. Agenda Quotient Refresher • IQ • EQ IQ and EQ – Is it enough? Introducing the new Quotient New Quotient is part of Success The Blockbuster Examples How does your Agency use these Quotients? Using all Quotients to achieve Success

  3. Quotient – Refresher Throughout our lives and careers we’ve been introduced to different quotients and their importance in our personal and professional development. There are two major quotients most of us are familiar with:

  4. Quotient – Refresher

  5. Quotient – Refresher

  6. IQ and EQ – Is it enough? The concept of IQ has been around for over 100 years and it is an important factor in success. Intelligence is something that can be worked on and continuously developed. In the 1990s, the concept of EQ was popularized as equally important for success. Like intelligence, Emotional Intelligence is something that can be worked on and continuously developed. Recently, a new quotient began gaining popularity and become part of the equation for success.

  7. Introducing - AQ Adaptability or Adversity (AQ) Quotient has been recently added to the list of quotients directly linked to the success of an organizations and its leadership. AQ is the ability for a team, organization, or person to overcome obstacles, have perseverance, be resilient through adversity and change.

  8. Introducing - AQ AQ, or adaptability quotient, is something that is becoming increasingly prevalent as more and more leaders, organizations and industries face constant change. Change is not easy; it’s hard, and knowing what changes to make and when to make them is even harder. AQ is something we continuously work on and develop. AQ helps organizations and leaders thrive when they are quick to read and act on signals of change. High AQ assists with the ability to experiment rapidly and frequently with processes and strategies to improve the organization.

  9. AQ Quotient – Part of Success

  10. AQ Quotient – Part of Success In order to adapt, leaders and organizations must be aware and on the lookout for signals of change from both the internal and external environments. Leaders should be able to decode those signals and quickly act to make the necessary changes and take control of the adversity or situation. To promote adaptation, organizations and leaders need to create environments that encourage risk taking, information sharing, diversity, flexibility and knowledge flow. • Example: UMD and WiFi

  11. The Blockbuster Example We all have great memories of renting videos from Blockbuster back in the 1980s and 1990s. But here is a story on the importance of IQ, EQ, and more importantly AQ: In 2000, Blockbuster began losing revenue. That same year an entrepreneur was able to secure a meeting with the Blockbuster CEO, John Antioco. This entrepreneur proposed a partnership to the CEO of Blockbuster to manage their failing online business. The Blockbuster CEO laughed him out of the room and the meeting went downhill from there. The Blockbuster CEO mentioned to the entrepreneur that he had thousands of stores and millions of existing customers and that they needed to continue their focus on more money. Who was that entrepreneur that met with the Blockbuster in 2000?

  12. The Blockbuster Example Who was that entrepreneur that met with the Blockbuster in 2000? • In 2010, Blockbuster filed for bankruptcy. • What did the Blockbuster CEO fail to do? • How did the Blockbuster CEO use (or not) his IQ, EQ, and AQ? • How would you have reacted back in 2000 to a similar proposal? • Can you think of other examples? • More importantly, how do you and your agency react to the constant change in our Accounting environment?

  13. DISA Vision and Mission

  14. DISA Vision and Mission

  15. How does your Agency Adapt?

  16. How does your Agency Adapt?

  17. How does your Agency Adapt?

  18. How did DISA adapt between FY 18 and FY 19?

  19. Using all Quotients to achieve Success – Property, Plant, and Equipment • Change: Capital Determination is now being performed in DAI prior to the Fund Certification of the package so proper accounting treatment occurs in the source system rather than an on-the-top Journal Voucher.

  20. How did DISA adapt between FY 18 and FY 19?

  21. Using all Quotients to achieve Success - Reconciliations • Change: All reconciliations had to be recreated to use the new Accounting System Data out of FAMIS and DAI.

  22. Account Reconciliation Overview – Example from Legacy Accounting System EXAMPLE

  23. New Account Reconciliation Overview – For DAI EXAMPLE

  24. Using all Quotients to achieve Success - Process Automation – BOTs • Change: Utilize Process Automation to help retrieve artifacts for the Financial Statement Audit and other processes

  25. How can you increase your AQ?

  26. Success

More Related