There are 10 questions that every CFO should be asking their Controllers:
1. What are all the management judgments we are making as we prepare the financial statements?
2. How long does it take us to close the books?
3. Do we have one integrated system for both our financial information and our operating metrics?
4. Why do we have so many reports?
5. Show me everything we are doing in Excel. Why are we using Excel?
6. Who has access to what functionality in the accounting system? How is this documented? Who approves changes?
7. What is the volume of transactions in our department?
8. How many sales orders or invoices are cancelled and rebilled and what are the primary causes of such events?
9. How many manual journal entries are we making during the close process?
10. Where should we invest our next dollar in the finance department?
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Davis & Hodgdon Associates has been assisting individuals and businesses in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].