Business Rules vs. Reference Data

This week’s episode of Conversations with Kip discusses the need to maintain lists of reference data values, that then are embedded into various rules, and the impact if those are not valid values. Reference data is typically lists of things, like chart of account numbers, products, services, people or organizations.  These values are maintained independently from the rules. On accounting rules, we are often translating … Continue reading Business Rules vs. Reference Data

Business Rule Structures

This week we begin a series of videos to discuss business rules in the finance system. Today’s episode discusses the general structure of business rules, either table or if-then-else structures, and compares and contrasts those approaches and their use. The following extract from my textbook, Balancing Act, Chapter 59, gives a sense of the choices: Tables are easily thought of as spreadsheets, with rows and … Continue reading Business Rule Structures

Quantum Benefits: A Conversation with Rakesh Kant

In this episode Rakesh Kant, an expert on financial and reporting systems, and I discussed briefly what is likely to propel the quantum benefits needed to transform our financial systems. Quantum benefits are required in order to justify implementation costs for new financial system designs.  Our financial systems were designed to be very cost effective.  Given the focus on cost control by those owning these … Continue reading Quantum Benefits: A Conversation with Rakesh Kant

Financial System Migration Approach: A Conversation with Rakesh Kant

This is the fifth segment of a Conversation with Rakesh Kant, an expert on financial and reporting systems, in Lucknow, India, April 15, 2018, discussing how to overcome the cost of migration to these new systems, and how that is likely to occur. As one thinks about transformation of our financial system landscape, it is not a green field of virgin land upon which one … Continue reading Financial System Migration Approach: A Conversation with Rakesh Kant