Guest Lectur Flashcards
What qualities does a controller need
They need to be a business person with a sound understanding of all functional activities in the business and a through education in business
What are some names a controller might be called
Business navigator, FP&A controller, Financial business partner, Business Analyst and Decision Support Manager outside of simply Business Controller
What does a business analyst do
Take the data of the business and sort it, arrange it, present it visually and explain it with a story so that managers can take action
What is required of business controllers
To understand the value drivers and where to find relevant data
What is ERP
Enterprise Resource Planning contains the accounting system(account payable receivables and fixed assets) as well as management accounting applications
What might one need to consult a business controller about
If investments are worth it, if prices are set right, if a product can be launched in another market, if a product should be discontinued, how products effect each other and if drastic reorganization needs to be made
What is a data warehouse
A single source if truth to all data about a business
How is data organized in data warehouses
Different source nodes (things of interest like time periods, products and people) are assigned a monetary or quantitative value. Reporting dimensions (node reports) are also assigned attributes for better sorting capabilities
What are KPIs
Key performance indicators such as financial data, production data and industry specific data
What does it mean that information can be presented in absolute and relative terms
We made x amount of money or our profit margin was x%
How can data be presented with regards to time
Values at intervals, value trends during period, accumulated values of period and rolling (period) averages
