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by Robin Sharma
The New Controller Guidebook summary
Brief summary
The New Controller Guidebook by Steven M. Bragg is a comprehensive resource that covers all aspects of the role of a controller. It provides practical guidance on financial reporting, internal controls, budgeting, and more, making it an essential read for aspiring and current controllers.
Topics
Table of Contents
The New Controller Guidebook
Summary of key ideas
Understanding the Role of a Controller
In The New Controller Guidebook by Steven M. Bragg, the author begins by outlining the role of a controller in an organization. He clarifies that a controller is not just a financial manager but also a leader who has to manage a team effectively. Bragg emphasizes the importance of understanding the company's operations and how various departments function, as well as the ability to communicate and collaborate with different stakeholders.
Furthermore, Bragg discusses the significance of the controller's role in maintaining the company's financial health, ensuring compliance with regulations, and providing accurate and timely financial reports to the management team. He also highlights the controller's responsibility in managing risk, reducing costs, and improving the company's overall financial performance.
Financial Management and Reporting
The book then delves into the core financial management functions of a controller, starting with the establishment of accounting policies and procedures. Bragg explains the importance of an efficient chart of accounts, the proper handling of cash and accounts receivable, and the management of inventory and fixed assets. He also discusses the critical role of financial reporting, budgeting, and forecasting in the controller's responsibilities.
Bragg provides detailed insights into the preparation of financial statements, including the balance sheet, income statement, and statement of cash flows. He emphasizes the importance of accurate and timely reporting and discusses various reporting standards and methods used in different industries. Additionally, he explains the process of budgeting, forecasting, and variance analysis, essential tools for financial planning and control.
Internal Controls and Risk Management
Another vital aspect of the controller's role, according to Bragg, is establishing and maintaining effective internal controls. He explains the importance of internal controls in preventing fraud, ensuring accurate financial reporting, and safeguarding the company's assets. The author provides a comprehensive overview of internal control systems, including segregation of duties, authorization and approval processes, and physical safeguards.
Furthermore, Bragg discusses risk management and the controller's role in identifying, assessing, and mitigating various risks faced by the organization. He emphasizes the need for a proactive risk management approach and discusses strategies for managing financial, operational, and compliance risks effectively.
Technology and Change Management
In the latter part of The New Controller Guidebook, Bragg addresses the impact of technology on the controller's role. He discusses the selection and implementation of accounting information systems, emphasizing the need for systems that provide accurate, timely, and relevant financial information. The author also explores the integration of technology into financial processes, such as electronic payments, data analytics, and cloud-based accounting solutions.
Moreover, Bragg emphasizes the importance of change management in the controller's role, particularly when implementing new systems or processes. He provides insights into managing resistance to change, communicating effectively with stakeholders, and ensuring a smooth transition during periods of organizational change.
Conclusion
In conclusion, The New Controller Guidebook by Steven M. Bragg offers a comprehensive overview of the controller's role in financial management and reporting, internal controls, risk management, and the integration of technology. The book provides valuable insights and practical guidance for both aspiring and experienced controllers, helping them navigate the complexities of their role and contribute effectively to their organization's success.
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What is The New Controller Guidebook about?
The New Controller Guidebook by Steven M. Bragg is a comprehensive resource for aspiring and current controllers. It covers a wide range of topics including financial reporting, budgeting, internal controls, and performance measurement. With practical insights and real-world examples, this book equips controllers with the knowledge and tools they need to excel in their role.
The New Controller Guidebook Review
The New Controller Guidebook by Steven M. Bragg (2009) is a comprehensive resource for finance professionals looking to navigate the complex world of corporate financial management effectively. Here's why this book is a valuable read:
- Delving into the core responsibilities of a controller, it offers practical guidance on optimizing financial processes and enhancing decision-making within organizations.
- With a focus on best practices and strategies for financial control and reporting, it equips readers with essential tools to excel in their roles.
- By presenting real-world scenarios and case studies, the book transforms potentially dull topics into engaging and relatable insights, ensuring an interesting and informative read.
Who should read The New Controller Guidebook?
Aspiring controllers looking to gain a comprehensive understanding of their role
Current controllers seeking to enhance their skills and knowledge in financial management
Accounting professionals who want to stay updated on the latest best practices and technologies in the field
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The New Controller Guidebook FAQs
What is the main message of The New Controller Guidebook?
The main message of The New Controller Guidebook is to provide practical insights and strategies for effective financial management.
How long does it take to read The New Controller Guidebook?
The estimated reading time for The New Controller Guidebook is several hours. The Blinkist summary can be read in just a few minutes.
Is The New Controller Guidebook a good book? Is it worth reading?
The New Controller Guidebook is worth reading for its actionable tips and clear guidance on financial control. A great resource for professionals.
Who is the author of The New Controller Guidebook?
The author of The New Controller Guidebook is Steven M. Bragg.
What to read after The New Controller Guidebook?
If you're wondering what to read next after The New Controller Guidebook, here are some recommendations we suggest:
- Basic Economics by Thomas Sowell
- The Ascent of Money by Niall Ferguson
- Think and Grow Rich by Napoleon Hill
- The 4-Hour Workweek by Tim Ferriss
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Secrets of the Millionaire Mind by T. Harv Eker
- The Richest Man in Babylon by George S. Clason
- Business Adventures by John Brooks
- The Most Important Thing by Howard Marks
- More Money Than God by Sebastian Mallaby
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