Frustration with project - and lack of help

Sambucus_Nigra · 6 June 2012 at 11:29AM

I'm not actually sure what it is you are having the probs with - having been there myself, with a belligerent accountant to deal with as well - it made me sit down and go through each accounting line for a 2 year reforecasting on 8 projects that I had inherited - with a fine toothcomb.

I was also using Excel, and the main thing I would say is to make sure you have thought of and included everything that you know will happen - and plan for everything that you plan to happen...

Perhaps is you expand a little on the problem someone can give you a pointer as to what to expect/do/look for. In the absence of that, can you just ask this chap - go in with a blank sheet of paper - and note down what it is exactly he does [his workflow, he must have one] and just double check your work against that and against any other financials to see if yours are making sense.

The good thing with excel is that you can add up and do pivot tables that totalise things so that overall financials can be quickly added up and you can compare with other projects to see if you have missed or overestimated anything. It does take time though. Would it help to see one of his past calcs to see how he does it?

Accounting is is essence really simple.

What did you spend, when and what on.
Or
What are you planning to spend, when and what on.

ostrichnomore_2 · 6 June 2012 at 2:24PM

Hello.

Thank you all for your responses. I feel a lot better now I've read all these and I'm getting it back into perspective.

I think I was hurt and frustrated that I was being criticised for my methods but then not offered anything to help me improve my methods. But even though I may have been doing things in a long-winded way, I was getting the right results coming out at the end of it, and that is what matters. It is lack of confidence that is making me get him to check it before I go higher up to report on it and he doesn't have to help me at all. So I can put up with a slightly smug response.

It's mainly the amounts - I'm used to dealing with budgets for tens of thousands. Max. before was about £50k annually. This is over half a million and the responsibility has freaked me out, pure and simple.

It's not even exactly a budget, I can't really go into what it is.

Thanks again for the support and suggestions. I would like to learn more about this type of function as we all have our strengths and weaknesses, and this is where I have a gap. I did study excel but this was about 15 years ago and I don't have full knowledge of anything but the very basics. I do have reasonably good 'numeracy' awareness of how numbers work, which is how I cope with this type of work at the moment but also why I can end up doing things in a rather idiosyncratic way. I think I'll put in a request for some more advanced Excel training at my review.

KiKi · 6 June 2012 at 7:59PM

Hi OP

I would cover your back here. Once it's finalised, send a copy to your senior manager and the project sponsor (or whoever needs to see it), copied to the management accountant guy.

I would make VERY clear that these figures have been reached in conjunction with him, and that you have 'cleared' and 'agreed' these figures with him as part of the process. I would also reiterate that point by mentioning that you used his financial expertise to ensure these figures were correct.

You could also get yourself onto a finance for non-financial managers course (a good one) - it would certainly give you more confidence. It's one thing knowing a process that works; it's quite another when it involves real money that isn't yours!

KiKi

colino · 6 June 2012 at 8:05PM

Remember with all plans and budgets there is, or should be, indicative sensitivity analysis done too. That is, at its barest level, what would happen if say your costs (stock/labour or whatever) costs you 20% more than you planned and at the same time, your income is 20% reduced (spend/profit etc). You then do the reverse, i.e., what if your costs are 20% less and income 20% more.
By the way the percentages have to be linked to your own, realistic scenario and the higher/lower bits, only you will know what is appropriate to select to get a realistic feel on what will make a difference to your project.
Additionally, in the main accountants are historical creatures, they are great at doing the figures to record what happened after the event, but I have only very limited experience of a couple of them who were any use at all in doing a bluesky plan.

Frustration with project - and lack of help

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