Our fourth CFO Club was another success on April 26. Thanks to everyone who made it out! We had a record turnout, with 15 members in attendance.
Discussion Topic Recap
- Tracking Gas Loss (John D’Amaro facilitator)
- John walked us through a methodology that he uses to track gas losses on a monthly basis
- Audit is only done on the gases that come through their plant (i.e. does not include 3rd Party Bulk)
- Lost gas varies widely by type, but in the whole seems to average between 7-12% in total (goal is to remain under 10%)
- WELDCOA Sur-Fill system allows for automated tracking
- Number are used to educate employees that it’s not simply about filling cylinders, a financial loss can take place during the process as well
- Specialty gases are more challenging to track as it’s a more manual process
- Biggest recommendation for undertaking is to keep the process simply and manageable (can get super granular, but it may not be worth the time)
- AP Portals (Clay Erwin facilitator)
- Growing in frequency
- Large customers demanding the use of their systems
- Looking for ways to automate the process internally – typically takes dedicated resources and adds expense (most are attempting to quantify the additional time/expense)
- Can be pitfalls to automating because the systems can get extremely picky (i.e. which line a number should be input), typically need an experienced person to conduct or at the very least to double check
- Discussion on considering additional fees or needing additional margin to cover the costs (most doing this indirectly through the price of the product)
- Many receive a lot of short pays (taking a discount, despite being late)
- Greenwing is a system that can help automate, ties into Computers Unlimited (CU) system
- Can gain some new business from customers by using their AP Portal (although some have seen kinks with certain charges getting rejected)
Due to the great conversation and growing group, we decided to extend the timeframe of our every other month meeting to 90 minutes. This should allow for an even deeper dive into our discussion topics.
Upcoming CFO Club Meetings
- Please register via the links below. With a day or two of registration you’ll receive a calendar invite from Tony Hopkins for a Microsoft Teams meeting.
- All meetings will be from 11-12:30 EST (10-11:30 CST)
- June 14th
Registration: https://www.thehortongroup.com/welding-gas-cfo-club-june/- Structuring of Staff (members on team for various functions – accounting, HR, IT, Safety, etc.)
- IWDC Benchmarking PAR Report
- August 23rd
Registration: https://www.thehortongroup.com/welding-gas-cfo-club-august/- Topics to be decided during the previous meeting
- October 25th
Registration: https://www.thehortongroup.com/welding-gas-cfo-club-october/- Topics to be decided during the previous meeting
Tony Hopkins
Tony has also realized that talking a good game is not enough. The true mark of a professional is execution. Horton achieves this through a process which consistently delivers on promises made and holding themselves accountable. “Once a plan is established, we are committed to plan execution. Our team functions as an extension of our clients operations; we are just as invested in their success as our own – their goals are our goals,” says Tony.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.
