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The Master Guide to Controllers' Best Practices, 2nd Edition

Release Date: 2020/07/01
ISBN: 9780996729321
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The essential guide for today's savvy controllers

Today's controllers are in leadership roles that put them in the unique position to see across all aspects of the operations they support. The Master Guide to Controllers' Best Practices, Second Edition has been revised and updated to provide controllers with the information they need to successfully monitor their organizations' internal control environments and offer direction and consultation on internal control issues. In addition, the authors include guidance to help controllers carryout their responsibilities to ensure that all financial accounts are reviewed for reasonableness and are reconciled to supporting transactions, as well as performing asset verification.

Comprehensive in scope the book contains the best practices for controllers and:

  • Reveals how to set the right tone within an organization and foster an ethical climate
  • Includes information on risk management, internal controls, and fraud prevention
  • Highlights the IT security controls with the key components of successful governance
  • Examines the crucial role of the controller in corporate compliance and much more

The Master Guide to Controllers' Best Practices should be on the bookshelf of every controller who wants to ensure the well-being of their organization.

Table of Contents

  1. COVER
  2. ABOUT IMA (INSTITUTE OF MANAGEMENT ACCOUNTANTS)
    1. ABOUT THE CMA® (CERTIFIED MANAGEMENT ACCOUNTANT)
    2. ABOUT THE AUTHORS
    3. CONTROLLER ADVISORS
    4. OTHER ACKNOWLEDGMENTS
  3. WHAT THIS GUIDE WILL DO FOR YOU
  4. SECTION 1: Overseeing Governance, Compliance, Risk Management, and Internal Controls
    1. INTRODUCTION
    2. CHAPTER 1. TONE AT THE TOP AND CORPORATE GOVERNANCE
    3. DEFINING TONE AT THE TOP
    4. IMPLEMENTING TONE AT THE TOP
    5. MCI’S CODE OF CONDUCT
    6. FOSTERING AN ETHICAL CLIMATE
    7. PROMOTING TRUST
    8. CREATING POLICIES AND PROCEDURES FOR YOUR CODE OF CONDUCT
    9. TIPS FOR IMPLEMENTING AND MANAGING AN ETHICS HOTLINE
    10. CORPORATE GOVERNANCE FOR SMALL BUSINESS
    11. EXAMPLES OF COMPANY CODES OF ETHICS
    12. SAMPLE TEMPLATE FOR COMPANY CODE OF ETHICS
    13. UNDERSTANDING THE SARBANES-OXLEY ACT OF 2002 (SOX)
    14. COMBATING CORPORATE AND ACCOUNTING FRAUD
    15. TIPS FOR BETTER FINANCIAL REPORTING AND ANALYSIS UNDER SOX
    16. MAKING GOOD USE OF YOUR DISCLOSURE COMMITTEE
    17. USING AUDITS TO BOOST PERFORMANCE AND REVENUE
    18. ENDNOTES
    19. CHAPTER 2. RISK MANAGEMENT, INTERNAL CONTROLS, AND FRAUD PREVENTION
    20. RISK MANAGEMENT: A NECESSARY FOCUS FOR ALL TYPES OF ORGANIZATIONS
    21. SIXTY PERCENT OF ORGANIZATIONS FACE GREATER RISK IN 2016
    22. RISK MANAGEMENT MODELS
    23. SCENARIO PLANNING
    24. ENTITY-LEVEL CONTROLS
    25. COSO INTERNAL CONTROL—INTEGRATED FRAMEWORK
    26. EXAMPLE OF AN ENTITY-LEVEL INTERNAL CONTROLS QUESTIONNAIRE
    27. THE CONTROLS SELF-ASSESSMENT (CSA) MODEL
    28. INTERNAL CONTROLS FOR PRIVATELY HELD COMPANIES
    29. CEO/CFO QUARTERLY INTERNAL CONTROL CERTIFICATION
    30. ADOPTING A GOVERNANCE, RISK MANAGEMENT, AND COMPLIANCE (GRC) BLUEPRINT
    31. GRC CONVERGENCE
    32. TECHNOLOGY FOR GRC SOLUTIONS
    33. GRC JOURNEY ROADMAPS
    34. CONTINUOUS CONTROLS MONITORING (CCM) AND AUDITING PROCESSES
    35. SARBANES-OXLEY SECTION 404 ON INTERNAL CONTROL MONITORING
    36. AUDITING OF FINANCIAL CONTROLS UNDER AS 5
    37. FRAUD PREVENTION THROUGH INTERNAL CONTROLS POLICIES
    38. EXAMPLES OF FRAUD
    39. INTERNAL CONTROLS POLICY
    40. DELEGATION OF AUTHORITY (DOA) POLICY
    41. SEGREGATION OF DUTIES POLICY
    42. MANAGING THE SEGREGATION OF DUTIES IN AP
    43. SYSTEM ACCESS (SA) POLICY
    44. SAS NO. 99
    45. PREVENTING T&E FRAUD
    46. AVOIDING FRAUD FROM MOBILE TECHNOLOGY USE
    47. FRAUD STATISTICS
    48. MARRYING INTERNAL CONTROLS WITH FRAUD PREVENTION: STANDARDS OF INTERNAL CONTROL
    49. 20 TOP INTERNAL CONTROLS THAT PREVENT FRAUD
    50. HOW ONE CONTROLLER USES SCENARIO PLANNING
    51. BEST PRACTICE TIPS: TAKE A PROACTIVE APPROACH TO RISK MANAGEMENT
    52. ENDNOTES
    53. CHAPTER 3. IT SECURITY CONTROLS
    54. IT SECURITY SCOPE
    55. ROLES AND RESPONSIBILITIES
    56. TOP 10 IT SECURITY AND PHYSICAL IT SECURITY CONTROLS
    57. SECURITY AND PRIVACY AWARENESS TRAINING
    58. IT GOVERNANCE
    59. AREAS OF FOCUS
    60. KEY COMPONENTS OF SUCCESSFUL GOVERNANCE
    61. THE COBIT 5 FRAMEWORK
    62. COBIT 5 AND THE BUSINESS MODEL FOR INFORMATION SECURITY (BMIS)
    63. OTHER IT INTERNAL CONTROL FRAMEWORKS AND CONSIDERATIONS
    64. BREACHES STEMMING FROM MOBILE TECHNOLOGY
    65. PHYSICAL SECURITY
    66. PREVENTIVE, DETECTIVE, CORRECTIVE, AND RECOVERY SECURITY CONTROLS
    67. ISO IEC 17799: 2005
    68. IT SECURITY FOR SMALL BUSINESSES
    69. BUSINESS CONTINUITY PLANNING
    70. BUSINESS CONTINUITY PLANNING DEFINITIONS
    71. DEVELOPING A BUSINESS CONTINUITY PLAN
    72. IT CONSIDERATIONS
    73. MOBILE TECHNOLOGY RISKS
    74. ENDNOTES
    75. CHAPTER 4. THE CRUCIAL ROLE OF THE CONTROLLER IN CORPORATE COMPLIANCE
    76. COMPLIANCE COSTS AND RISKS
    77. THE SARBANES-OXLEY ACT
    78. FINANCIAL REPORTING AND ANALYSIS UNDER SOX
    79. USE SOX AUDITS TO BOOST PERFORMANCE AND REVENUE
    80. DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
    81. SALES AND USE TAX COMPLIANCE, REPORTING, AND AUTOMATION
    82. ONLINE SALES TAXATION
    83. TERMINOLOGY AND APPLICATION OF SALES AND USE TAX
    84. STREAMLINED SALES TAX
    85. TAXABILITY OF DIGITAL GOODS
    86. CALCULATING AND PAYING SALES AND USE TAXES ON PURCHASES AND ACCOUNTS PAYABLE
    87. STATE SALES AND USE TAX TRENDS AND REGULATIONS
    88. STAYING IN COMPLIANCE WITH STATE SALES AND USE TAX LAWS
    89. SALES AND USE TAX COMPLIANCE AUTOMATION
    90. THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)
    91. INTERNAL REVENUE CODE CHAPTER 3 WITHHOLDING-AT-SOURCE UNDER FATCA
    92. PENALTIES FOR FATCA AND CHAPTER 3 WITHHOLDING-AT-SOURCE NONCOMPLIANCE
    93. HOW FATCA AND CHAPTER 3 WITHHOLDING-AT-SOURCE AFFECTS THE FINANCE FUNCTION
    94. FATCA DOCUMENTATION IS CRITICAL
    95. FORM 1099 COMPLIANCE IDENTIFY YOUR PAYEE: U.S. OR NON-U.S. PERSON
    96. REPORTING PAYMENTS ON THE FORM 1042-S
    97. WHAT GETS REPORTED ON THE 1099-MISC
    98. DETERMINING WHETHER A WORKER IS AN INDEPENDENT CONTRACTOR OR AN EMPLOYEE
    99. TAXPAYER IDENTIFICATION NUMBERS (TINS)
    100. BACKUP WITHHOLDING
    101. REPORTING EXCEPTIONS
    102. PAYMENTS TO ATTORNEYS
    103. FILING AND DEADLINES
    104. PENALTIES GETTING HIGHER FOR 1099 FILING ERRORS
    105. ADVICE FOR AVOIDING PENALTIES
    106. 1099 COMPLIANCE CHECKLIST AND YEAR-END REVIEW
    107. THE AFFORDABLE CARE ACT AND HEALTH REFORM COMPLIANCE
    108. COVER KEY ACA BASES TO AVOID TAX LIABILITY
    109. HOW DOES THE ACA ‘CADILLAC TAX’ WORK?
    110. PENALTIES FOR NONCOMPLIANCE WITH REPORTING REQUIREMENTS UNDER THE ACA
    111. CHOOSING COST-EFFECTIVE OPTIONS FOR HEALTHCARE COVERAGE
    112. OVERSIGHT OF UNCLAIMED PROPERTY
    113. COMMON TYPES OF UNCLAIMED PROPERTY AND THE NAUPA CODES
    114. RECORD REVIEW PROCESS FOR UNCLAIMED PROPERTY
    115. UNDERSTANDING THE TERM ‘RECIPROCITY’
    116. CHECKLIST FOR UNCLAIMED PROPERTY
    117. THE CONTROLLER’S ROLE IN REDUCING WORKERS’ COMPENSATION COSTS
    118. TIMELY REPORTING REDUCES WORKERS’ COMPENSATION CLAIM COSTS
    119. COMPLIANCE WITH WHISTLEBLOWER PROTECTION LAWS
    120. SARBANES-OXLEY SECTION 806 AND DISCLOSURE OF CORPORATE FRAUD
    121. THE DODD-FRANK ACT WHISTLEBLOWER PROVISION
    122. THE FALSE CLAIMS ACT: MORE WHISTLEBLOWERS COMING FORTH
    123. IRS WHISTLEBLOWER PROGRAM
    124. PROTECTIONS FOR FEDERAL WHISTLEBLOWERS
    125. THE INTERNATIONAL FINANCIAL REPORTING STANDARD AND U.S. GAAP CONVERGENCE
    126. THE NEW REVENUE RECOGNITION STANDARD
    127. REVENUE RECOGNITION STANDARD CHALLENGES
    128. PREPARING FOR THE NEW STANDARDS
    129. START EARLY FOR COMPLIANCE WITH THE NEW STANDARD
    130. CORPORATE ETHICS AND MANAGEMENT: U.S. SENTENCING GUIDELINES
    131. THE FOREIGN CORRUPT PRACTICES ACT (FCPA)
    132. OFFICE OF FOREIGN ASSETS CONTROL (OFAC)
    133. THE BUREAU OF INDUSTRY AND SECURITY (BIS)
    134. SYSTEM FOR AWARD MANAGEMENT (SAM)
    135. THE OFFICE OF INSPECTOR GENERAL (OIG)
    136. OTHER LABOR LAWS
    137. CONTROLLER’S COMPLIANCE TOOLKIT
    138. ENSURE STRICT COMPLIANCE WITH 1099 REGULATIONS
    139. ENDNOTES
  5. SECTION 2: Business Process Best Practices
    1. INTRODUCTION
    2. CHAPTER 5. PROCUREMENT AND THE MOVE TO P2P
    3. TRENDS IN PROCURE-TO-PAY
    4. PROCUREMENT PROCESS STANDARDS
    5. COST SAVINGS AND PROCUREMENT
    6. KEY PERFORMANCE INDICATORS (KPIS)
    7. END-TO-END PROCESSING
    8. P2P AUTOMATION
    9. ENDNOTES
    10. CHAPTER 6. ACCOUNTS PAYABLE
    11. ACCOUNTS PAYABLE’S ROLE IN THE ORGANIZATION
    12. AP AND P2P
    13. BUILDING A SUSTAINABLE AP OPERATION
    14. AP PROCESS REVIEW
    15. TOP-PERFORMING AP OPERATIONS
    16. IMPROVING AP PRODUCTIVITY
    17. INTERNAL CONTROLS AND SYSTEM ACCESS
    18. OPEN COMPUTERS = OPEN SEASON
    19. ROLES, PROFILES, AND PERMISSIONS FOR SYSTEM ACCESS
    20. THE ‘UNATTENDED APPLICATION’ SYNDROME
    21. INVOICE PROCESSING AND MATCHING
    22. PAYMENTS
    23. WHEN A PAYMENT GOES OUT WITH A MISTAKE
    24. TRANSITIONING FROM PAPER TO ACH
    25. SECURITY AROUND ACH INFORMATION
    26. OPPORTUNITY FOR FRAUD
    27. REBATES FOR ACH PAYMENTS
    28. P-CARD AND COMMERCIAL CARD USAGE
    29. TIPS FOR P-CARD SUCCESS
    30. P-CARD RISK REMEDIATION
    31. GHOST CARDS
    32. COMMERCIAL CREDIT CARDS FOR INVOICE PAYMENTS
    33. TWO PRIMARY COMMERCIAL CARD MODALITIES: BIP AND SIP
    34. BENEFITS OF PAYING INVOICES VIA A VIRTUAL COMMERCIAL CARD
    35. THE MASTER VENDOR FILE
    36. OBJECTIVES OF MASTER VENDOR FILE MANAGEMENT
    37. VENDOR FILE BEST PRACTICES
    38. VERIFYING VENDORS
    39. SETTING UP NEW VENDORS
    40. GUIDELINES FOR ENTERING OTHER IDENTIFIERS
    41. REVIEW OF INFORMATION IN THE VENDOR FILE
    42. MAINTENANCE OF THE MASTER VENDOR FILE
    43. AUTOMATION AND THE CLEANUP PROCESS
    44. AUTOMATION AND VENDOR PORTALS
    45. TRAVEL & ENTERTAINMENT: MAKING T&E PROCESSING MORE EFFICIENT
    46. SMALL TO MIDSIZE ORGANIZATIONS AND T&E SPEND
    47. TRAVEL ADVANCES
    48. EXPENSE REPORT COSTS AND PROCESSING BEST PRACTICES
    49. AUTOMATED EXPENSE MANAGEMENT SOLUTIONS
    50. EXPENSE REPORTING POLICIES
    51. T&E INTERNAL CONTROLS AND COMPLIANCE
    52. IMPLEMENTING AN ERP-TO-ACH PAYMENT SYSTEM
    53. IS ACH REMITTANCE INFORMATION ENOUGH FOR VENDORS?
    54. P-CARDS IN ACTION
    55. FIVE TIPS FOR COMMERCIAL CARD USE
    56. CASE STUDIES: COMMERCIAL CARDS AND INVOICE PAYMENTS
    57. COMBINING V-CARD AND ACH USAGE
    58. RELIEVING T&E SPEND PAIN POINTS
    59. EXPENSE MANAGEMENT CHALLENGES
    60. ENDNOTES
    61. CHAPTER 7. PAYROLL
    62. PAYROLL WITHHOLDINGS: PAID BY EMPLOYEES
    63. PAYROLL TAXES, COSTS, AND BENEFITS PAID BY EMPLOYERS
    64. EMPLOYER CONTRIBUTIONS TO DEFINED CONTRIBUTION PLANS
    65. THE FAIR LABOR STANDARDS ACT (FLSA)
    66. SALARIES, WAGES, AND OVERTIME PAY
    67. BEST PRACTICES AND PROCESS IMPROVEMENT
    68. TAX AND COMPLIANCE ISSUES
    69. SPECIAL CONSIDERATIONS WHEN PAYING EMPLOYEES
    70. BENEFITS
    71. UNEMPLOYMENT CLAIMS
    72. WITHHOLDING
    73. INTERNAL CONTROLS
    74. RECORD RETENTION
    75. CHAPTER 8. ACCOUNTS RECEIVABLE
    76. MANAGING THE AR PROCESS
    77. HOW TO SPEED UP THE AR PROCESS
    78. DISADVANTAGES OF MANUAL AR PROCESSES
    79. ORDER PROCESSING
    80. ORDER VERIFICATION
    81. ORDER BACKLOG AGING AND EXCEPTION REPORTING
    82. ORDER PROCESS METRICS
    83. ORDER PROCESSING STANDARDS
    84. CREDIT MANAGEMENT
    85. DECIDING A LINE OF CREDIT
    86. CREDIT ASSESSMENT WITH A CREDIT SCORE
    87. THE CRITICAL ROLE OF THE CREDIT MANAGER
    88. CREDIT BEST PRACTICES
    89. CREDIT STANDARDS
    90. SALES CONTRACTS
    91. ORDER FULFILLMENT AND SHIPPING
    92. BILLING
    93. BILLING STANDARDS
    94. THE CUSTOMER MASTER FILE
    95. SETTING UP A CUSTOMER FILE
    96. VERIFYING CUSTOMER DATA
    97. DUPLICATE FILES
    98. SECURITY OF CUSTOMER FILE DATA
    99. CASH RECEIPTS
    100. CASH APPLICATION
    101. DEDUCTIONS
    102. GETTING UNAUTHORIZED DEDUCTIONS UNDER CONTROL
    103. MANAGEMENT OF DISPUTED ITEMS
    104. RESOLVING DISPUTED ITEMS
    105. ACCOUNTS RECEIVABLE STANDARDS
    106. COLLECTIONS
    107. COLLECTION METHODS
    108. PRICING STRATEGY
    109. THREE COMMON DISCOUNTING ERRORS
    110. AUTOMATION
    111. AR BEST-PRACTICE REVIEW
    112. EMPLOYING STATISTICS AND ANALYTICS IN COLLECTIONS
    113. HOW AND WHY CREDIT CAN HELP RETAIN CUSTOMERS
    114. THREE SECRETS TO BILLING SUCCESS
    115. THE DOS AND DON’TS OF DEFERRED REVENUE BILLING
    116. TRACK AND MEASURE SALES FORCE PERFORMANCE
    117. ENDNOTES
    118. CHAPTER 9. THE SUPPLY CHAIN
    119. LOGISTICS
    120. REVERSE LOGISTICS
    121. THE ROLE OF FINANCE IN SUPPLY CHAIN MANAGEMENT
    122. TRIMMING SUPPLY COSTS
    123. BILL OF MATERIALS (BOM)
    124. ITEM MASTER FILE
    125. MASTER PRODUCTION SCHEDULE (MPS)
    126. MATERIAL REQUIREMENTS PLANNING (MRP)
    127. SUPPLY CHAIN PERFORMANCE METRICS
    128. SUPPLY CHAIN STANDARDS
    129. HOW TO MANAGE SUPPLIER CONTRACTS FOR OPTIMUM COST-EFFECTIVENESS
    130. ENDNOTES
    131. CHAPTER 10. INVENTORY CONTROL
    132. TYPES OF INVENTORY
    133. INVENTORY MANAGEMENT
    134. TWO TYPES OF DEMAND
    135. INVENTORY MANAGEMENT AND CONTROL
    136. MANAGING RAW MATERIALS
    137. INVENTORY COSTING METHODS
    138. INVENTORY COSTING METHODS FOR SMALL BUSINESSES
    139. OUTSOURCED INVENTORY MANAGEMENT
    140. INVENTORY CONTROL STANDARDS
    141. INVENTORY VERIFICATION
    142. INVENTORY VALUATION
    143. PRODUCT COST MANAGEMENT
    144. MAINTAINING INVENTORY ACCURACY
    145. ENDNOTES
    146. CHAPTER 11. TREASURY’S ROLE IN CASH MANAGEMENT AND WORKING CAPITAL
    147. THE EXPANDING ROLE OF TREASURY
    148. CASH IS KING
    149. THE COMPONENTS OF CASH FLOW
    150. CASH FLOW MANAGEMENT
    151. OPTIMIZING CASH FLOW
    152. LETTERS OF CREDIT
    153. CHECK 21
    154. SUPPORTING WORKING CAPITAL MANAGEMENT WITH PROCESS IMPROVEMENT
    155. IMPROVING WORKING CAPITAL WITH A PROACTIVE VENDOR PAYMENT STRATEGY
    156. HOW TO QUANTIFY THE BENEFITS OF VENDOR PAYMENT ANALYSIS
    157. CASH FLOW FORECASTS
    158. THE ROLLING FORECAST
    159. SUPPORTING YOUR MULTI-YEAR FINANCIAL FORECASTS
    160. FORECASTING FINANCIAL RATIOS
    161. FOREIGN EXCHANGE POLICY MANAGEMENT AND CONTROLS
    162. MANAGING MULTIPLE CURRENCIES
    163. FOREIGN EXCHANGE POLICY DEVELOPMENT PROCESS
    164. ELECTRONIC PAYMENTS
    165. WHAT IS ACH?
    166. EXPLANATION OF TERMS
    167. PURCHASING CARDS (P-CARDS)
    168. IMPLEMENTING A P-CARD PROGRAM
    169. ONGOING MAINTENANCE OF A P-CARD PROGRAM
    170. WIRE TRANSFERS
    171. INTERNATIONAL PAYMENT METHODS
    172. TREASURY AND CASH MANAGEMENT STANDARDS
    173. IMPROVING THE U.S. PAYMENT SYSTEM
    174. CASH FLOW OPTIMIZATION SAVES MILLIONS OF DOLLARS
    175. TEN STEPS FOR REDUCING HIGH DEBT SERVICE COSTS
    176. ENDNOTES
    177. CHAPTER 12. SHARED SERVICES AND OUTSOURCING
    178. SHARED SERVICES CENTERS (SSCs)
    179. SSCs DIFFER FROM CENTRALIZED SETTINGS
    180. IMPLEMENTATION OF SSCs
    181. PROCESS FOR TRANSITIONING TO A SHARED SERVICES CENTER
    182. IMPACT OF IMPLEMENTING AN SSC
    183. THE ADVANTAGES OF OUTSOURCING
    184. TYPES OF OUTSOURCING MODELS
    185. OUTSOURCING NON-CORE PROCESSES WITH BUSINESS PROCESS OUTSOURCING
    186. ADVANTAGES AND DISADVANTAGES OF BPO
    187. PERFORMING A COST-BENEFIT ANALYSIS
    188. IDENTIFYING AND RESEARCHING POTENTIAL SUPPLIERS
    189. ENDNOTES
  6. SECTION 3: Planning, Budgeting, Forecasting, and Financial Close Best Practices
    1. INTRODUCTION
    2. CHAPTER 13. BUDGETING BEST PRACTICES
    3. LINKING THE BUDGET PROCESS TO THE STRATEGIC PLAN
    4. PREPARATION FOR STRATEGIC PLANNING
    5. KEY ELEMENTS FOR STRATEGIC PLANNING
    6. STRATEGIC PLANNING METHODOLOGIES
    7. STRATEGIC PLAN TABLE OF CONTENTS
    8. MEASURING THE SUCCESS OF YOUR STRATEGIC PLAN
    9. STRATEGIC PLANNING PERFORMANCE METRICS
    10. THE BUDGETING AND PLANNING PROCESS
    11. ACHIEVING A SUCCESSFUL BUDGET PROCESS
    12. STARTING THE BUDGET PROCESS AT BOTH THE TOP AND BOTTOM
    13. CONSIDERING INDUSTRY TRENDS AND ECONOMIC DATA
    14. ADAPTING TO CHANGING BUSINESS CONDITIONS
    15. MORE TIME AND DETAILS DO NOT EQUATE TO A BETTER BUDGET
    16. ESTABLISHING A BUDGET OWNER AND TRACKING PROCESS
    17. COMMON BUDGETING PROCESS CHALLENGES
    18. BOOSTING THE CONTROLLER’S FP&A SAVVY
    19. EIGHT SKILLS NEEDED FOR FP&A EXCELLENCE
    20. CORPORATE PERFORMANCE MANAGEMENT (CPM)
    21. THE CAPITAL BUDGET
    22. CAPITAL BUDGET DECISION-MAKING
    23. ALTERNATIVE METHODS FOR CAPITAL BUDGETING
    24. FORECASTING
    25. SCENARIO PLANNING
    26. BALANCE SHEET PLANNING
    27. BALANCE SHEET PLANNING TIPS
    28. BUSINESS INTELLIGENCE (BI)
    29. IMPLEMENTING A BUSINESS INTELLIGENCE SYSTEM
    30. ENDNOTES
    31. CHAPTER 14. FINANCIAL CLOSE PROCESSES AND PROCEDURES
    32. HOW TO OPTIMIZE YOUR FINANCIAL CLOSE PROCESS
    33. BEST-PRACTICE ORGANIZATIONS AND THE CLOSE PROCESS
    34. A TWO-STEP APPROACH FOR PREPARING FOR THE FINANCIAL CLOSE
    35. PREVENT THE DOMINO EFFECT
    36. AVOIDING COMMON PROBLEMS
    37. GLOBAL AND INTERCOMPANY FINANCIAL CLOSE CONSIDERATIONS
    38. MONTHLY CLOSING CONSIDERATIONS FOR SMALL BUSINESSES
    39. MONTHLY FINANCIAL CLOSE PROCESS CHECKLIST
    40. ENSURING A SMOOTHER MONTHLY CLOSE
    41. DON’T LET GLITCHES GET IN THE WAY OF A TIMELY CLOSE
    42. AN EFFECTIVE CLOSE STARTS EARLY
    43. ENDNOTES
    44. CHAPTER 15. FINANCIAL STATEMENT FRAUD
    45. DETECTING RED FLAGS
    46. FRAUD CATEGORIES
    47. ENDNOTES
  7. SECTION 4: Measuring Performance
    1. INTRODUCTION
    2. CHAPTER 16. BENCHMARKING AND METRICS
    3. MEETING—AND SURPASSING—BEST-IN-CLASS FINANCE PERFORMANCE
    4. HOW THE BEST FINANCE OPERATIONS ACHIEVE SUCCESS
    5. WHAT IS THE PURPOSE OF BENCHMARKING?
    6. TYPES OF BENCHMARKING
    7. THREE KEYS FOR DEVELOPING A SOLID BENCHMARKING STRATEGY
    8. SMALL BUSINESS BENCHMARKING BEST PRACTICES
    9. ACHIEVING BENCHMARKING SUCCESS
    10. FOCUS ON THE BENEFITS
    11. ROYAL DUTCH SHELL
    12. ENDNOTES
    13. CHAPTER 17. DEVELOPING A METRICS ROADMAP
    14. MOVING THROUGH THE MEASUREMENT PROCESS STEP-BY-STEP
    15. METRICS FOR FINANCE AND ACCOUNTING
    16. BEST PRACTICES IN WORKING WITH KPIS
    17. KPIS FOR FINANCE AND ACCOUNTING
    18. LINKING KPIS WITH BUSINESS STRATEGY
    19. A FEW CAVEATS ABOUT KPIS
    20. USING THE ‘SALES BY MONTH DEDUCTION METHOD’ TO CALCULATE DSO
    21. METRICS THAT COUNT MOST IN MEASURING AP PERFORMANCE
    22. HOW TO CUSTOMIZE ACCOUNTS PAYABLE KPIS
    23. MEASURING AP PERFORMANCE WITH DAYS PAYABLE OUTSTANDING
    24. AP PERFORMANCE VS. TARGETS
    25. ALIGNING AP AND PURCHASING METRICS FOR TOP P2P PERFORMANCE
    26. USING DASHBOARD TECHNOLOGY TO TRACK PERFORMANCE
    27. DASHBOARD TECHNOLOGY IS NOW MORE USER FRIENDLY AND DATA RICH
    28. SEVEN TIPS FOR KPI SUCCESS
    29. A METRICS-BASED APPROACH TO AR MANAGEMENT
    30. ENDNOTES
  8. SECTION 5: Process Improvement Through Automation & Technology
    1. INTRODUCTION
    2. CHAPTER 18. GOING PAPERLESS
    3. 10 REASONS TO AUTOMATE
    4. WORKING FASTER AND SMARTER
    5. ACHIEVING END-TO-END OPTIMIZATION
    6. TRENDING TOWARD MOBILE TECHNOLOGY
    7. IDENTIFYING SHORTCOMINGS OF MANUAL PROCESSING
    8. CREATING NEXT-GENERATION ARCHITECTURE
    9. PROCUREMENT AUTOMATION
    10. PROCURE-TO-PAY (P2P)
    11. ACCOUNTS PAYABLE (AP)
    12. PAYROLL
    13. ACCOUNTS RECEIVABLE (AR) & O2C
    14. THE SUPPLY CHAIN
    15. INVENTORY CONTROL
    16. TREASURY AND CASH MANAGEMENT
    17. BUDGETING AND ACCOUNT RECONCILIATION
    18. OTHER TYPES OF TECHNOLOGY SOLUTIONS TO CONSIDER
    19. IN-HOUSE OR CLOUD?
    20. THE DISTINCTION BETWEEN SaaS AND HOSTED SOFTWARE
    21. WHY MULTI-TENANCY MATTERS
    22. DETECTING SaaS IMPOSTERS
    23. AP AUTOMATION: THE NUMBERS TELL THE STORY
    24. BIG BENEFITS FROM BUDGETING AND ACCOUNT RECONCILIATION SOFTWARE
    25. ENDNOTES
    26. CHAPTER 19. MAKING YOUR CASE FOR AUTOMATION
    27. GETTING BUY-IN FOR YOUR AUTOMATION WISH-LIST PROJECTS
    28. DEVELOPING A BUSINESS CASE
    29. BUSINESS CASE OUTLINE
    30. SELECTING THE SOLUTION
    31. CREATING A SOLID RFP FOR YOUR AUTOMATION PROJECT
    32. ENTERPRISE RESOURCE PLANNING (ERP) AND ACCOUNTING SOFTWARE REQUEST FOR PROPOSAL (RFP)
    33. GETTING THE BEST ROI FROM YOUR ERP
    34. HOW TO PICK A VENDOR
    35. VENDOR COMPARISON MATRIX
    36. OTHER FACTORS TO CONSIDER
    37. ENDNOTES
    38. CHAPTER 20. PROJECT MANAGEMENT AND IMPLEMENTATION
    39. FIVE COMPONENTS OF PROJECT MANAGEMENT
    40. DEVELOPING A PROJECT PLAN
    41. CREATING A BUDGET
    42. STEPS TO TAKE WHEN DEFINING YOUR PROJECT
    43. SAMPLE OUTLINE FOR A TECHNOLOGY IMPLEMENTATION
    44. COMMUNICATING AND MONITORING WHILE YOU IMPLEMENT
    45. CONDUCTING A POST-IMPLEMENTATION REVIEW (PIR)
    46. PIR REPORT COMPONENTS
    47. MANAGING THE ‘PEOPLE SIDE’ OF AN AUTOMATION PROJECT
    48. ENDNOTES
  9. SECTION 6: Leadership and the Evolving Role of the Controller
    1. INTRODUCTION
    2. CHAPTER 21. FINANCIAL LEADERSHIP
    3. ELEVATING THE CONTROLLER POSITION
    4. GAINING VISIBILITY
    5. EMBRACING SHIFTING ROLES AND EXPECTATIONS
    6. ADAPTING TO A CHANGING LANDSCAPE
    7. MEETING EXPECTATIONS BY DEMONSTRATING LEADERSHIP
    8. BECOMING A STRATEGIC PARTNER
    9. INTERACTING WITH OTHER BUSINESS AREAS
    10. BUSINESS PARTNERSHIP MATRIX AND AREAS OF INFLUENCE
    11. THE LEADERSHIP ROLE OF THE CONTROLLER IN SMALLER COMPANIES
    12. THE CONTROLLER’S ROLE HAS EVOLVED, BUT WHAT ABOUT THE IMAGE?
    13. FIVE WAYS TO FOSTER COLLABORATION BETWEEN FINANCE AND SUPPLY CHAIN
    14. BUILD A FINANCE-LITERATE ORGANIZATION WITH FINANCE TRAINING
    15. ENDNOTES
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