The Controller's Function: The Work of the Managerial by Steven M. Bragg

By Steven M. Bragg

The go-to source managerial accountants can flip to for maintaining their company's aggressive advantageFrom flex budgeting to detailing the extra subtle abilities like throughput research for capital investments and the quick shut for public businesses, The Controller's functionality, Fourth version bargains various real-world examples, expertly balancing either the technical and managerial facets of the job.Provides an summary of the services and obligations of the controller/management accountant in a corporationExplores how controllers can greater practice their jobsOffers a pretty good starting place should you are new to this areaComprehensive and useful, this publication totally defines the function, services and obligations of the managerial accountant in an organization.

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A number of invoices arrive after month-end that are related to services and for which an accrual should be made. The easiest way to be assured of making these accruals is to create a list of recurring invoices, with their approximate amounts, and use it as a check-off list during the closing process. If the invoice has not yet arrived, then accrue for the standard amount shown on the list. Automate or sidestep the matching process. The most common way to establish the need for a payment to a supplier is to compare an incoming supplier invoice to the authorizing purchase order and to receiving C02 11/25/2010 10:8:11 34 & Page 34 Internal Control documentation to ensure that the item billed has been accepted.

Verify that cash receipts from asset sales are properly handled. Employees may sell a company’s assets, pocket the proceeds, and report to the company that the asset was actually scrapped. This control issue can be reduced by requiring that a bill of sale or receipt from a scrapping company accompany the file for every asset that has been disposed of. 8. Verify that fixed assets are being utilized. Many fixed assets are parked in a corner and neglected, with no thought to their being profitably sold off.

An easy way to spot these changes is to create and regularly review a report that compares the unextended cost of each product to its cost in a prior period. Any significant changes can then be traced back to the underlying costing information to see exactly what caused each change. The main problem with this control is that many less expensive accounting systems do not retain historical inventory records. If so, the information should be exported to an electronic spreadsheet or separate database once a month, where historical records can then be kept.

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