The controller position has many responsibilities, which can seem overwhelming to someone new to the job. This course eases the transition into the controller role by describing each responsibility, noting which ones are the most critical, and showing you how to manage them properly.
Instructor Steven Bragg addresses the key management aspects of the job, including the management of cash, billings, collections, inventory, fixed assets, accounts payable, payroll, and management of the accounting department as a whole. All aspects of reporting, such as closing the books, financial statements formats, extra reports to be issued by a publicly-held company, and a variety of management reports are covered in depth. Planning considerations, with discussions of the entire system of budgets and capital budgeting, are discussed, along with how to select and install an accounting computer system.
Upon successful completion of this course, participants will be able to:
- Note the roles of the controller and the chief financial officer
- Identify activities to address during the controller’s first days on the job
- Identify key elements involved in the accounting for cash, including how to reconcile, administer petty cash, forecast and invest, and set up a system of cash controls
- Note the measurements that can be applied to the credit and collection processes
- Identify techniques and accounting used for credit and collections
- Recognize the methods for creating and issuing customer invoices, as well as how to account for them
- Identify the types of inventory tracking and costing systems available, noting their characteristics and use as well as how to manage the systems
- Identify ways to track fixed assets, noting the characteristics and usage of each method
- Recognize the accounting for fixed assets, noting fixed assets controls, record keeping, and audit requirements
- Identify major accounts payable processes, noting how to manage the accounts payable function and set up a proper system of controls for it
- Recognize the key elements in accounting for equity, noting terminology and how to account for basic equity-related transactions such as stock and dividends
- Identify techniques used in the processing of payroll, noting key characteristics for payroll cycle durations and timekeeping
- Specify ways to improve the processing of payroll, including the key characteristics and usage for each method
- Note the proper way to account for common payroll transactions
- Identify various payroll controls, noting the characteristics of each type of control
- Identify the methods and techniques available for establishing a system of management over the accounting department, noting benefits and drawbacks associated with each
- Identify the various steps needed to close the books and issue financial statements, noting key characteristics of each step as well as important issues to consider
- Identify the different types of available financial reporting formats, noting key characteristics and usage, account classifications, and preparation requirements for each
- Recognize the additional financial reporting requirements and subsequent tests for publicly-held companies related to interim reporting, segment reporting, and earnings per share
- Identify the role and responsibilities of the controller and chief operating decision makers
- Note the key elements in the public company closing process, including the additional steps needed to close the books, required forms, and disclosures for non-GAAP information
- Identify the types of management reports to issue, noting common line items and reporting concerns
- Calculate the selling price variance given a set of circumstances
- Identify the ratios that can be used by the controller, noting the characteristics of each type of ratio as well as applicable differences
- Recognize the components that comprise a company’s budget, noting how the various components are assembled to create a complete budget package
- Identify the main methods used to investigate requests for capital spending, noting the characteristics, focus, and usage of each
- Note the intent and usage of a post installation review
- Recognize the steps required to select and install an accounting computer system, noting important topics to consider
- Note the nature of a bidders conference
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