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Nick joined BMA in 2002. Prior to joining BMA, Nick was CFO for various manufacturing companies that implemented lean practices and has also worked in public accounting.
As a CFO, Nick has led companies in the implementation of lean accounting practices such as performance measurements, value stream costing, lean decision-making and the elimination of traditional standard cost systems. As a senior consultant with BMA, Nick uses this experience to assist clients in lean accounting implementation by working closely with clients resolve the real-world issues they face in implementation. These issues include removing traditional cost-based performance measurement systems in favor of lean performance measurement systems, migrating from a traditional income statement to a value stream costing income statement, creating a transaction elimination maturity path and working with management to create new business decision making models based on lean accounting practices.
- Facilitated over 30 kaizen events in 18 months resulting in reduction in wait time, improved quality, safety and productivity
- Facilitated current and future state value stream mapping events
- Facilitated performance measurement kaizen events for 8 value streams
- Conducted lean training in continuous improvement, standard work, leader standard work performance measurements and value stream mapping
Lean Accounting Training and Implementation
- Conducted over 60 lean accounting training workshops
- Assisting over 75 companies implement lean and lean accounting (performance measurements, value stream P&L, capacity analysis and transaction elimination) through training workshops, kaizen events and consulting
Experience Implementation and Development of a Lean Business Strategy
- Architect of corporate performance measurement system to support strategy of a 100-year old company that increased sales 41% and profits 300% in 3 years
- Participated in the development of lean performance measurement system that improved customer service 52%, lead time 84%, inventory turns 700%, productivity 45% and reduced waste 63% in 5 years
- Implemented value stream costing and lean decision making, which led to increasing sales 41% and profits 300% in 3 years
- Implemented simplified inventory valuation system and eliminated standard costing system
Proactive Leadership in Development and Implementation of Lean Practices in Accounting Processes
- Reduced month end close of 4 companies an average of 60% in one year
- Reduced operating and capital budget cycle of 3 companies an average of 70% in 2 years
- Eliminated waste in financial processes of a manufacturer resulting in the transfer of 10 transactions processing employees into production and decision support positions in 3 years
- Simplified a manufacturer’s cost accounting system which resulted in a 50% reduction of the departmental budget
- Created uniform purchasing process for a $75 million company with 5 business units which resulted in a 10% reduction in total purchases in the first 6 months since implementation
Nick is the co-author of “The Lean Business Management System: Lean Accounting Principles and Practices Toolkit” (2007) and is currently at work on a new book about leadership and lean accounting.
Click here for a printable biography of Nick Katko.