Question

Answers should be at least three paragraphs long.

1. Discuss at length at least four things you could do to help shorten the close process as a new controller.

2. Name at least two documents a public company would be required to file under the SEC.   How often must they be file? Describe what they are and what information they would provide to the public.

3. Discuss at least two methods the controller can use to reduce costs. Discuss the pros and cons to each.

4. The Brock Company has decided to replace some equipment and needs 2 million dollars to do this. Discuss in detail several options the company could use to acquire this equipment and include several options of financing this equipment.

5. Company X has been in operation for 7 years, and a public company for 5 years. They have yet to offer a dividend to their shareholders. What are some possible reasons they haven’t offered a dividend yet? If they do decide to offer a dividend, what positive and negative impact might this have on the company?

Answer 1

1. Discuss at length at least four things you could do to help shorten the close process as a new controller.

There are several ways which a controller can utilize to make the closing process fast and accurate some of them are listed below

Divide the closing process in to pieces : Dividing the closing process in to pieces will help the closing process to be faster for this we can do the dividing by looking into the balance sheet line by line and trying to that line to be done as quick as possible from the respective team or the individual. by dividing the closing process into many pieces, it is possible for us to bring down the closing process by 20 to 30 % of the time consumed instead.

Use technology: using technologies like Excel, Quick Books or Tableau is also recommended since it can keep all the closing process sorted and will be easy to manage in any given time. also, it would give the controller an advantage to analyze the accounts at any given time. use of technology can reduce the Closing process time and would make the information handy which will be used for closing.

Communicate: Communicating with the person who are involved to own it accounts involved in closing would not only fasten the closing process but also it would help you to build a good relation with the team involved so that they would perform better and would do the work assigned faster.

Evaluate Time bounded pieces of closing process: Evaluating time bounded pieces of closing process will help in skipping many steps which are not needed for this accounting period. that is if you are doing the closing process for 1st quarter there might be so many information which does not needed to be updated till the second quarter like Bad Debt