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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:
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.
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Chapter 0
OVERVIEW
Learning Objectives
The Controller’s course has been designed with the specific objectives in mind:
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
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:
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
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:
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.
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