AICPA and Hackett Group launch benchmarking effort.

The American Institute of CPAs and the Hackett Group, a Cleveland-based management consulting organization, have undertaken a joint project that will provide information to companies seeking to improve the productivity of their financial management functions.

The project will use and expand a database developed by the Hackett Group containing extensive information on key management practices of more than 50 major corporations and government entities. Benchmarks were developed with the aid of the database, and practices associated with the best-run companies participating in the project were identified.

Individual companies selected to participate in the study will be furnished with a confidential performance analysis that compares their performance with the benchmarks. The process will cover three major areas (core transactions, controls and risk management and decision support) involving 27 accounting functions, including accounts payable, payroll, fixed assets, freight payments, budgeting, cash management, tax planning, internal audit, business performance analysis and cost analysis. As best practices are identified during the study, the AICPA will release the information to the financial community.

CPAs whose companies or clients would like to participate in the benchmarking study should call Clifford H. Schwartz at [phone].