David Parmenter

Part 7: Finance-Led Business Transformation This post continues my “learning in public” journey as a finance manager. All concepts and frameworks are attributed to their original creators, primarily David Parmenter, Robert Kaplan, and other thought leaders in the field. Finance as a Transformation Catalyst The finance function has traditionally been viewed as a steward of resources and provider of historical information. However, as David Parmenter emphasises in “The Financial Controller and CFO’s Toolkit,” modern finance leaders are uniquely positioned to drive enterprise-wide transformation. ...

Part 6: Building a High-Performance Finance Team This post continues my “learning in public” journey as a finance manager. All concepts and frameworks are attributed to their original creators, primarily David Parmenter and other thought leaders in the field. The Finance Team Evolution As finance functions transition from traditional accounting and reporting roles to strategic business partnership, the capabilities and culture of the finance team must evolve accordingly. David Parmenter, in “The Financial Controller and CFO’s Toolkit,” emphasises that “winning finance teams” are distinguished not just by technical competence but by their ability to influence business outcomes. ...

Part 5: Month-End Close Transformation This post continues my “learning in public” journey as a finance manager. All concepts and frameworks are attributed to their original creators, primarily David Parmenter and other thought leaders in the field. The Month-End Burden The month-end close process is often one of the most stressful and resource-intensive activities for finance teams. As David Parmenter states in “The Financial Controller and CFO’s Toolkit,” many organisations are trapped in a “month-end reporting death spiral” where teams spend weeks preparing reports that arrive too late to influence decision-making. ...

Part 4: Beyond Traditional Budgeting This post is part of my “learning in public” journey as I transition into my role as a finance manager. All concepts and frameworks are attributed to their original creators, primarily David Parmenter and other thought leaders in the field. The Problem with Traditional Annual Budgets Most organisations still cling to the annual budgeting process despite mounting evidence of its ineffectiveness. As David Parmenter points out in his book “The Financial Controller and CFO’s Toolkit,” traditional budgets often become outdated shortly after completion due to rapidly changing business conditions. ...

The Reporting Paradox Finance teams often find themselves caught in a frustrating paradox: they invest enormous effort into producing detailed reports that executives barely read. A survey by Financial Executives International found that finance departments spend up to 30% of their time on report preparation, yet 65% of executives admit to reading only summaries or conclusions (FEI, 2023). As David Parmenter observes in “Winning CFOs: Implementing and Applying Better Practices” (2012), “Most finance teams are producing a monthly financial pack that is more like a doorstop than a decision support tool.” This disconnect wastes valuable resources and misses the critical opportunity for finance to influence decision-making. ...

The KPI Crisis in Modern Business Most organisations are drowning in metrics while starving for insight. According to research by MIT Sloan Management Review, over 70% of executives believe their KPI systems don’t provide the strategic guidance they need (Neely & Bourne, 2020). This disconnect illustrates a fundamental problem: despite the prevalence of performance measurement systems, few organisations have metrics that genuinely drive improvement. As David Parmenter explains in his seminal work “Key Performance Indicators: Developing, Implementing, and Using Winning KPIs” (2015), “Most organisations have been measuring the wrong things in the wrong way.” The result is what he calls “measurement dysfunction”—where metrics create perverse incentives, drive suboptimal behaviors, or simply fail to influence performance at all. ...

The Stereotype vs. The New Reality For decades, finance professionals—particularly accountants and controllers—have battled the “bean counter” stereotype: detail-oriented, historically focused, compliance-driven, and somewhat disconnected from the operational realities of the business. This perception, while increasingly outdated, persists in many organisations. As David Parmenter notes in his book “The Leading-Edge Manager’s Guide to Success” (2011), “Yesterday’s finance team was renowned for producing financial information that was too late, too detailed, and not focused on what matters to the management team.” This observation captures the fundamental challenge that modern financial controllers must overcome. ...

The Evolution of Finance Leadership When I earned my chartered accountant qualification, I envisioned a career focused primarily on technical accounting principles, financial reporting, and compliance. Fast forward to today, and the role of a finance manager has evolved into something far more dynamic and strategic than I could have anticipated. This transformation mirrors a broader shift in the finance profession—particularly for those in controller and finance manager positions. The days of the financial controller as a mere “bean counter” are long behind us. Today’s financial controllers are expected to be strategic partners, data analysts, risk managers, technology implementers, and forward-looking advisors. We’re tasked not just with reporting what happened financially, but with providing insights that shape what will happen next. ...