You are previewing The Essential Controller: An Introduction to What Every Financial Manager Must Know, Second Edition.
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The Essential Controller: An Introduction to What Every Financial Manager Must Know, Second Edition

Book Description

Quick-reference guidance showing new controllers how to enhance performance while avoiding pitfalls

Designed to give new controllers a firm foundation in the concepts of managing the accounting department, locating GAAP information, and analyzing and knowing what to do with key accounting information, The Essential Controller, Second Edition is the invaluable primer you can turn to for the foundation you need to succeed. Whether your business is large, small, or medium-sized, this volume provides a complete overview of the controller's responsibilities and the role that today's controllers should be playing.

  • Offers new coverage of finance strategy

  • Updates taxation strategy

  • Includes a new controller checklist

  • Quick reference guide that controllers can turn to

  • Also by Steven M. Bragg: The Controller's Function: The Work of the Managerial Accountant, Fourth Edition

The Essential Controller, Second Edition is the go-to handbook that you will use every day for dealing with the everyday issues facing today's controllers.

Table of Contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. Contents
  5. Preface
  6. CHAPTER 1: Accounting in the Corporation
    1. TASKS OF THE ACCOUNTING FUNCTION
    2. ROLE OF THE ACCOUNTING FUNCTION
    3. ROLE OF THE CONTROLLER
    4. IMPACT OF ETHICS ON THE ACCOUNTING ROLE
    5. EVOLVING ROLE OF ACCOUNTING
  7. CHAPTER 2: Controller's Responsibilities
    1. VARIATIONS ON THE TITLE
    2. PLANNING FUNCTION
    3. CONTROL FUNCTION
    4. REPORTING FUNCTION
    5. ACCOUNTING FUNCTION
    6. ADDITIONAL CONTROLLER FUNCTIONS IN SMALLER COMPANIES
    7. CONTROLLER'S JOB DESCRIPTION
    8. RELATIONSHIP OF THE CONTROLLER TO THE CHIEF FINANCIAL OFFICER
    9. FUTURE CHANGES IN THE CONTROLLER'S ORIGINS AND RESPONSIBILITIES
    10. MANAGING RAPID GROWTH
  8. CHAPTER 3: Chief Financial Officer: From Controller to Facilitator of Change
    1. UNDERSTANDING WHAT CHIEF EXECUTIVE OFFICERS WANT
    2. TASK OF THE CFO
    3. DEVELOP AND COMMUNICATE A COMPELLING FINANCE AGENDA
    4. BUILD A COMMITMENT TO CHANGE WITHIN FINANCE
    5. CHANGE EXECUTIVE MANAGEMENT PRACTICES
    6. ENLIST THE SUPPORT OF THE CHIEF EXECUTIVE OFFICER
    7. MOBILIZE THE ORGANIZATION
    8. INSTITUTIONALIZE CONTINUOUS IMPROVEMENT
  9. CHAPTER 4: Operational Accounting *
    1. CREATE DEPARTMENTAL JOB DESCRIPTIONS
    2. CREATE A DEPARTMENTAL TRAINING PROGRAM
    3. CLEAR OUT EXCESS DOCUMENTATION
    4. STREAMLINE THE ACCOUNTING WORKFLOW
    5. DOCUMENT ALL MAJOR PROCESSES
    6. CORRECT THE UNDERLYING CAUSES OF ERRORS
    7. USE BEST PRACTICES
    8. OUTSOURCE SELECTED ACCOUNTING FUNCTIONS
  10. CHAPTER 5: Cost Accounting and Costing Systems *
    1. PURPOSE OF COST ACCOUNTING INFORMATION
    2. INPUT: DATA COLLECTION SYSTEMS
    3. PROCESSING: DATA SUMMARIZATION SYSTEMS
    4. PROCESSING: JOB COSTING
    5. PROCESSING: PROCESS COSTING
    6. PROCESSING: STANDARD COSTING
    7. PROCESSING: DIRECT COSTING
    8. PROCESSING: THROUGHPUT COSTING
    9. PROCESSING: ACTIVITY-BASED COSTING
    10. PROCESSING: TARGET COSTING
    11. OUTPUTS: COST VARIANCES
  11. CHAPTER 6: Ratio and Trend Analysis
    1. HOW TO USE RATIOS AND TRENDS
    2. A CAVEAT
    3. MEASURES FOR PROFITABILITY
    4. MEASURES FOR THE BALANCE SHEET
    5. MEASURES FOR GROWTH
    6. MEASURES FOR CASH FLOW
    7. MEASURES FOR NONFINANCIAL PERFORMANCE
    8. INTERRELATIONSHIP OF RATIOS
    9. SETTING UP A SYSTEM OF RATIOS AND TREND ANALYSES
  12. CHAPTER 7: Internal Control Systems
    1. OBJECTIVES
    2. RESPONSIBILITY FOR INTERNAL CONTROLS
    3. EXAMPLES OF INTERNAL CONTROLS
    4. WHEN TO ELIMINATE CONTROLS
    5. TYPES OF FRAUD
    6. PREVENTING FRAUD
    7. HOW TO DEAL WITH A FRAUD SITUATION
    8. FOREIGN CORRUPT PRACTICES ACT
  13. CHAPTER 8: The Fast Close *
    1. DIFFERENT TYPES OF FAST CLOSE
    2. HOW TO ACHIEVE A FAST CLOSE
    3. ENHANCED CLOSING PROCESS
  14. CHAPTER 9: Internal Audit Function
    1. REPORTING RELATIONSHIPS
    2. COMPOSITION OF THE AUDIT COMMITTEE
    3. ROLE OF THE AUDIT COMMITTEE
    4. INTERNAL AUDIT OBJECTIVES
    5. INTERNAL AUDIT ACTIVITIES
    6. MANAGING THE INTERNAL AUDIT FUNCTION
  15. CHAPTER 10: Recruiting, Training, and Supervision
    1. RECRUITING SOURCES
    2. FACTORS TO CONSIDER WHEN RECRUITING
    3. FACTORS TO CONSIDER WHEN PROMOTING
    4. IMPORTANCE OF REDUCED TURNOVER
    5. IMPORTANCE OF DEVELOPING CAREER PLANS FOR EMPLOYEES
    6. IMPORTANCE OF COMMUNICATIONS WITH EMPLOYEES
    7. HOW TO MOTIVATE EMPLOYEES
  16. CHAPTER 11: Controller's Role in Investor Relations
    1. OBJECTIVES OF THE INVESTOR RELATIONS FUNCTION
    2. EVOLVING NATURE OF THE FUNCTION
    3. COMMUNICATION VEHICLES FOR INVESTOR RELATIONS
    4. INVESTOR RELATIONS MESSAGE RECIPIENTS
    5. INFORMATION NEEDS OF THE FINANCIAL ANALYST
    6. INFORMATION NEEDS OF OTHER GROUPS
    7. DISCLOSURE POLICY
    8. ORGANIZATION STRUCTURE FOR INVESTOR RELATIONS
    9. ROLE OF THE CONTROLLER AND OTHER PRINCIPALS
    10. SOME SUGGESTED FINANCIAL MARKET OBJECTIVES
    11. SOME SUGGESTED METHODS
  17. CHAPTER 12: Taxation Strategy
    1. ACCUMULATED EARNINGS TAX
    2. CASH METHOD OF ACCOUNTING
    3. INVENTORY VALUATION
    4. MERGERS AND ACQUISITIONS
    5. NET OPERATING LOSS CARRYFORWARDS
    6. NEXUS
    7. PROJECT COSTING
    8. PROPERTY TAXES
    9. S CORPORATION
    10. SALES AND USE TAXES
    11. TRANSFER PRICING
    12. UNEMPLOYMENT TAXES
  18. About the Author
  19. Index