Did you read about the comparison between IFRS and US GAAP?
Metrics, metrics, metrics…. we talked about fail points in the last post, did you realize one of the biggest fail points for an overall engagement is actually defining what data you need to capture? That my friend, is a hard truth. If you have not captured the required raw data properly, you will never be a successful outsourcer.
This is quite often a very tricky point. You need to strike a balance what to capture and what not to capture. A whole lot of contracts actually restrict you from capturing client data into your systems. You should ensure that no data which can be subject to misuse should be captured.
Some of the key things not to be captured are:
- Social Security numbers / TIN numbers
- Credit card numbers and pin numbers
- Bank account numbers
- Vendor details (except name and vendor number)
- Customer details (except name and customer number)
- Login IDs and passwords
For business metrics, you can capture the following:
- Invoice / Bill number
- Date of invoice / bill
- Delivery Date
- Delivery Status
- Amount (some clients may not authorize this)
- Item name
- Terms of Invoice / Bill
- Vendor / customer name and number
- Purchase order number
- Sales order number
- Goods received note number and date
Essentially things which may not really be confidential.