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AICPA's Annual Update for Controllers

Author/Moderator: James Lindell, CPA, MBA
Publisher: AICPA
Availability: Varies by Format (See Below)
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Description

Get up to date on the latest trends in accounting, corporate finance, treasury management and business systems. Learn all about leading-edge topics in managerial accounting and finance. Ensure you are taking advantage of all the latest financial management developments, trends, tools and techniques as you manage your company's controllership and treasury functions.

Objectives: 

  • Enhance your understanding of current trends in corporate finance and treasury management
  • Utilize new tools for business planning, forecasting, budgeting, and reporting

Prerequisite:  Experience in financial management of a medium or small company.

In the video, James Lindell, CPA, MBA, President of Thorsten Consulting Group, Inc., a Wisconsin-based firm providing strategic and financial consulting, discusses new developments with Ron Rael, CPA, CCC, a Washington state-based author, speaker, facilitator, and trainer.; Francis X. Ryan, CPA, President of the management consulting firm of F.X. Ryan & Associates Ltd. in Lebanon, PA and retired Colonel, USMC; and Eric Wukitsch, CPA, Chief Financial Officer at Vantage Custom Classics, Inc. in Woodbridge, NJ.

*(145-min. video) The DVD disk contains the video presentation and a viewable copy of the Manual.

**The Additional Manual is for group study training only. Unlike other formats, it has no exam answer sheet and cannot be used to earn self-study credit.

Table of Contents

  • Chapter 0 - Overview
    • Learning Objectives
    • Introduction
  • Chapter 1 - Recession Proofing Your Business
    • Learning Objectives
    • Introduction
    • Business Cycles
      • Understanding Economic Cycles
      • Stage 1 - Trough
      • Stage 2 - Expansion/Recovery
      • Stage 3 - Peak
      • Stage 4 - Recession
      • Economic Indicators from the Federal Reserve
      • How to Project Economic Cycles
    • Strategic Planning
      • Comparison to Prior Recessions
      • Scenario Planning
      • SWOT (Strengths, Weaknesses, Opportunities, Threats)
    • Warning Signs: Red Flags that Signal Impending Business Disaster
      • Altman's Z-Score
    • Employees
    • Customers
      • Managing Customer Accounts in a Down Economy
      • Control over the Accounts Receivable
    • Vendors
    • Sales Considerations
    • Cost Reduction
    • Banking, Loans, and Commitments
    • Benchmarking and Ratio Analysis
    • Cash
    • Contingency
    • Questions
    • Appendix - Economic Indicators from the Federal Reserve
      • Examples of Leading Indicators
      • Examples of Coincident Indicators
      • Examples of Lagging Indicators
      • How Indicators Monitor the Four Stages of the Business Cycle
    • Glossary of Selected Key Economic Indicators
  • Chapter 2 - Excel Techniques for the Controller
    • Learning Objectives
    • PivotTable Reports
      • Summarize and Analyze Your Data
      • Add or Remove Data
      • Pivot-Table Process
      • Lay Out the PivotTable Report
    • Improving the Accuracy of Excel Spreadsheets
      • Examples of Spreadsheet Errors
      • How to Improve the Accuracy of Spreadsheets
      • Excel Formula Auditing Tool Bar
      • Ways to "Clean Up Spreadsheets" by Patrick R. O'Beirne
      • Other Auditing Software Tools to Consider
    • Using Subtotals or Consolidate Functions as Alternatives to Pivot Tables
      • Using the Consolidate Function
      • The Power of AutoFilters and Subtotals
    • Saving a Chart as an Interactive HTML File
    • Questions
  • Chapter 3 - Applying Lean Concepts to the Accounting Function
    • Learning Objectives
    • Introduction
    • The Principles of Lean Thinking
      • Value
      • Value Stream
      • Flow
      • Pull
      • Perfection
    • What Is Waste?
      • Overproduction
      • Inventory
      • Defects
      • Extra Processing Time
      • Waiting Time
      • Underutilized People
      • Motion
      • Transportation
    • 5 S's
      • Sort
      • Set in Order
      • Shine
      • Standardize
      • Sustain
    • Kaizen and Kanban
      • Kaizen
      • Kanban
    • Application of the Concepts and Philosophies to the Accounting or Finance Function
      • Lean Data Collection - Eliminating Operational Transactions
      • Lean Performance Measurement
      • Cell Performance Measurements
      • Value Stream Performance Measurements
      • Product Costing
    • Exercise
      • Exercise Questions
    • Questions
    • Appendix - Glossary of Lean Manufacturing Terms
  • Chapter 4 - Dealing with People (Employees)
    • Learning Objectives
    • Introduction
    • Human Resource Global Trends
    • Understanding the Four Main Personality Types
      • Implications for Working with Staff
      • The Culture Index
    • Difficult Behavior
      • The "Sherman Tank"
      • The "Exploder"
      • The "Complainer"
      • The "Clam"
      • The "Wet Blanket"
      • The "Know-It-All"
      • The "Staller"
      • Some Do's and Don'ts for Managing "Difficult" Interactions
    • Managing Team Conflict
    • Handling Difficult Conversations
      • The Seven Principles of Fierce Conversations (based on “Fierce Conversations” by Susan Scott)
      • How to Handle Difficult Conversations (by Douglas Stone and Sheila Heen)
    • Final Thoughts on Dealing with Difficult or Irrational People
      • The Insulter and the Buddha
      • Working with the Difficult Person
    • Generational Issues
      • Four Generations with Four Different Perspectives
    • Practical Implication and Application
    • Questions
    • Appendix - Other Characteristics and Terms to identify Personality Types
  • Chapter 5 - Information Technology Security - What Every Controller Needs to Know
    • Learning Objectives
    • Introduction
    • Update Operating System, Applications, and Firmware
      • Updating Operating System and Applications
      • Updating Firmware
    • Anti-Spyware
    • Hackers Taking Remote Control of Your PC
    • Anti-Virus and Firewalls
    • Anti-Spam
    • Having an Effective Back-up Strategy
    • Physical Security
    • Passwords
    • Domain Policies
    • WIFI Security
    • Use Recent Operating Systems Only
    • Questions
    • Appendix - Phishing Scam
  • Chapter 6 - Controller Presentation Techniques
    • Learning Objectives
    • Communication! Communication! Communication!
      • Financial Statement - Simple Trick, but Very Helpful!
    • Creating More Powerful Presentations and Training Sessions
      • Understanding the Presentation and Receiving Value
      • Making the Presentation More Enjoyable
      • Delivering an Outstanding Presentation
      • Understanding Attention Spans
    • PowerPoint
      • Dos
      • Don'ts
      • Final Comments on PowerPoint
    • Effective Public Speaking
      • Reducing Fear of Public Speaking
    • Questions
  • Chapter 7 - The Fast Close
    • Learning Objectives
    • Introduction
    • Overview
    • Current Forces Affecting the Close
    • Benefits of a Fast Close
    • Users of Financial Statements
    • Surveys - Fast Close
    • Adoption of Best Practices
    • Barriers to a Successful Fast Close
    • Movement to Best Practices
      • Accurately Record Operating Events at the Source
      • Improve, Reduce, and/or Simplify Reconciliations
      • Develop Uniform Policies and Procedures
      • Simplify Charts of Account
      • Create and Utilize Editing and Error Correction Standards
      • Develop or Enhance Subledger Support and Controls
      • Synchronize Table Maintenance
      • Strictly Apply Materiality Guidelines for Accruals
      • Deploy Closing Cycle Procedures Manuals
      • Incorporate Business Changes on a Timely Basis
      • Eliminate Unnecessary Reviews
      • Eliminate Unnecessary Reports
      • Reduce and/or Simplify Allocations
      • Automate, Reduce, and/or Eliminate Process Steps
      • Reduce and/or Simplify Inter-Company Transactions
      • Report Weekly Rather Than Month-End
      • Implement Reporting of Key Financial and Non-Financial Business Indicators
      • Provide On-Line Review and Access
      • Automate Interfaces to the General Ledger
      • Utilize Data Warehouses and Client Servers to Provide Shared Data Across Departments
    • Steps to Improve your Close Process
    • Change Management and Why Employees Resist Change
    • Questions
    • Appendix - Best Practice Listing
  • Chapter 8 - Understanding and Supporting the Sales Function
    • Learning Objectives
    • Introduction
    • The Sales Cycle of your Business
      • Macro Level
      • Micro or Product Level
      • Customer - No Knowledge of Product
      • Customer Has Knowledge of Product
    • Understanding Customer's Needs
    • Selection of Sales Staff
      • The Closing Personality
      • The Consultive Personality
      • The Relationship Personality
      • The Display Personality
    • Compensation of Sales Staff
    • The Use of Sales Metrics
      • Traditional Metrics
      • Predictors/Drivers
      • Sales Force Development
      • Organizational Improvement Contributions
    • Mistakes in the Sales Process
    • Why Do People Make Certain Purchase Decisions?
    • Questions
    • Appendix 8A - Sale's Manager's Checklist
      • Do You Plan to Win?
      • Do You Lead Your Sales Team?
      • Do You Drive Sales Execution?
      • Do You Lead Wider Team Involvement?
      • Do You Exploit Information Technology and Knowledge?
    • Appendix 8B - Example Sales Manager Job Description
  • Chapter 9 - Open Source Software
    • Learning Objectives
    • Introduction
    • Overview
    • Open Source Software - What is it?
    • What Is Required to be Considered Open Source Software?
    • The Benefits of Open Source Software
    • The Risks of Open Source Software
    • Review of OpenOffice.org (One of the Leading Open Source Office Packages)
      • Components
      • Help in OpenOffice
    • Open Source Internet Browsers
      • Firefox
      • The PDF World
      • SeaMonkey
    • Vtiger CRM
      • Overview
      • Features
    • Cost Justification for Open Source
      • Calculating TCO
      • An Example of a TCO Worksheet
      • ROI Measurement
    • Another Look at IT Costs
      • Practical Perspectives on IT Cost Analysis
    • Questions
    • Appendix 9A - Programs Available and Known as "Free Software"
      • Accounting
      • CRM (Customer Relationship Management)
      • Email Clients
      • Encoding, Conversion, and Ripping Tools
      • ERP
      • Filesharing and FTP
      • Graphics-Design and Modeling Tools
      • Media Players
      • Messengers and Communication Clients
      • PDF Drivers and Tools
      • Personal Information and Task Managers
      • Project Management
      • Reporting Tools
      • RSS
      • System Utilities
      • Office
      • Web Browsers
    • Appendix 9B - A Comparison of Linux and Windows
      • Versions of Software
      • Graphical User Interface
      • Text Mode Interface
      • Cost
      • Getting the Operating System
      • Installing Windows and Linux
      • Running from CD
      • Application Software
      • Obtaining Application Software
      • Application Software Installation
      • Viruses and Spyware
      • Users and Passwords
      • Supported Hardware Devices
      • Hardware and OS
      • Multiple Users
    • Networking
  • Chapter 10 - Future Trends Affecting All Aspects of Our Culture
    • Learning Objectives
    • Introduction
    • Welcome to the Future!
      • The Top 25 Inventions of 2007 (Information for this Section Adapted from the History Channel)
      • Intel and Moore’s Law
    • AICPA Technologies to Watch
      • 2008 Top Technology Initiatives
      • Honorable Mention
    • CIOs Weigh-in on Future Trends and Priorities
      • Other Emerging Trends
    • Practical Application - Mind Mapping and Strategic Planning
    • New Tool - Mindjet Mindmapper Pro V 6.0
      • Basic Operation
      • What Is a MindManager Map?
      • Importance in the Business Community
      • Product Benefits
      • Typical Uses of MindManager Pro 6
    • Controlled Mind Mapping
    • Mind Storming
    • Other Thoughts on Strategic Planning
    • Questions
    • Appendix - List of Historical Events and Inventions
  • Chapter 11 - Ethics Focus: Business and Industry
    • Ethics Overview
    • Recent Developments
    • Key Ethical Dilemmas
    • Addressing Ethical Dilemmas
    • Available Resources
  • Chapter 12 - Latest Developments

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Excerpts

Chapter 0

OVERVIEW

Learning Objectives

The Controller’s course has been designed with the specific objectives in mind:

  • Enhance your understanding of current issues that impact the financial stability of your firm.
  • Deal with major trends and accounting, corporate finance, treasury management, and business systems.
  • Utilize new tools for business planning, forecasting, budgeting, and reporting.

The author believes wholeheartedly in attendee participation and the value that each person brings to the class. Attendees are expected to help make this course successful by contributing their experiences, participating in the exercises and enjoying themselves as they learn more about themselves and their organizations

Introduction

Welcome to the annual update for controller’s course. This course has been designed to help controllers of privately held companies with revenues under $250 million. The text has been laid out to present practical approaches to current issues as well as to highlight tools and techniques which can help promote a company’s growth in profitability, and help it to prevent difficult times.

The controller’s job continues to evolve just as the business world continues to evolve. The controller continues to be charged with more responsibilities within the organization. Unfortunately scandals still continue and we are finally at the beginning of the Enron Trials. Sarbanes Oxley is openly questioned as to the benefits vs. the cost of compliance. Our country is still facing strong competition from overseas forces in both manufacturing and services. There does not appear to be any abatement to this pressure. Our economy appears to be growing but there are strong concerns over rising Oil costs and the war in Iraq. The country has a new Chairman of the Federal Reserve and there is uncertainty over interest rate increases. Health insurance increases still are the norm for most companies.

What are the problems that attendees of this course are encountering in their organization?

What are the opportunities that exist for your company even in spite of the items above?

This annual update will help to keep the controller prepared to deal with current problems as well as to be prepared to “look” into the future and used the best possible tools and insights to steer their company to a positive outcome. The course roadmap is as follows:

  • Chapter 1 - Working Capital Management
  • Chapter 2 - Excel Techniques for the Controller
  • Chapter 3 - Applying Lean Concepts to the Accounting Function
  • Chapter 4 - Managing People
  • Chapter 5 - Information Technology Security - What Every Controller Needs to Know
  • Chapter 6 - Controller Presentation Techniques
  • Chapter 7 - Risk Management
  • Chapter 8 - Mergers and Acquisitions
  • Chapter 9 - Hedging
  • Chapter 10 - Future Trends Affecting All Aspects of Our Culture

Chapter 1

Working Capital Management

Learning Objectives

It is easy in our day to day accounting function to overlook the items which may be viewed as simple to manage. Overlooking key components of responsibility for the controllership function is a surefire way for the company to get into trouble. This chapter will examine working capital management as well as highlight working capital best practices which should be adopted. This chapter will also consider the role working capital plays and its importance in the overall health of the organization. This chapter will include the following:

  • Highlight the components of working capital.
  • Identify best practices that are attributable to cash, accounts receivable, inventory, and accounts payable.
  • Understand the use of operating ratios that affect working capital and most importantly understand the relationship that should be established between days sales outstanding and days in accounts payable.
  • Highlight that many bankruptcy indicators are dependent on working capital practices.

Introduction

This chapter examines the significance of working capital and its importance to a successful company. Working capital is important to an organization as it is the means for funding short term operations. An organization that fails to maintain an adequate supply of working capital will threaten its future existence. In this chapter we will consider the best practices for each of the major working capital components. The topics to be discussed are

  • Components of working capital,
  • Ratios that involve working capital, and
  • Best practices for the major components of working capital.

The Significance of Working Capital

To better understand the importance of working capital, we need to take a step back and look at the overall financial picture of an organization. Successful businesses will have many of the following characteristics:

  • Strong leadership
  • Good strategic planning
  • Good employees
  • Marketable products
  • Growing organization
  • Demand for their product
  • Excellent customer and supplier relationships
  • Strong communication of mission, vision, and goals
  • Competitive pricing
  • Value added services
  • Research and development
  • Reinvestment of profits
  • Good working capital
  • Plenty of cash, plenty of cash, plenty of cash...
  • And many other good characteristics

However when a company starts getting into severe trouble (where the company could end up closing their doors) it only needs two items: cash and profitability. When things get to the serious point of closing the doors, the only thing the company needs is cash. Do not be confused about the successful characteristics listed above. They are all necessary for a successful company but when a company gets into trouble, the focus must first be on cash and then on profits. Once the company has created a safety time period to work itself back onto course, then it can refocus on all of the other important items above. Why is this significant? Since the only item that the company needs when it is in trouble is cash, the importance of understanding, tracking, and maximizing working capital becomes evident.

Videocourse Details

NASBA Field of Study: Finance
Level: Update
Recommended CPE Credit: Text -10; DVD/Manual-12
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