Week 1: Introduction Flashcards
Overall company structure.
BOARD OF DIRECTORS
CHIEF EXECUTIVE OFFICER
EXECUTIVE SENIOR VICE PRESIDENT
CHIEF OF FINANCIAL OFFICER
CHIEF OPERATIONAL OFFICER
CHIEF INFORMATION OFFICER
CHIEF INVESTMENT OFFICER
Board of Directors
AN ELECTED GROUP OF PEOPLE WHO REPRESENT THE INTERESTS OF A COMPANY’S STAKEHOLDERS
MEET REGULARLY TO DETERMINE THE ORGANIZATION’S GUIDING PRINCIPLES
SELECT TOP MANAGEMENT POSITIONS
OVERSEE POLICIES FOR THE BUSINESS
Chief Executive Officer
REPORT TO THE BOARD OF DIRECTORS
ULTIMATE DECISION MAKER
MAXIMIZE COMPANY VALUE / ACHIEVE COMPANY GOALS
Chief Operation Officer (COO)
SECOND IN COMMAND
OVERSEE DAILY ADMINISTRATIVE AND OPERATIONAL FUNCTIONS
Chief Financial Officer (CFO)
MANAGING ALL FINANCIAL ASPECTS OF A BUSINESS
CASHFLOW, TAXATION, FINANCIAL REPORTING, FINANCIAL PLANNING
Chief Information Officer (CIO)
MANAGE INFORMATION TECHNOLOGY AND COMPUTER SYSTEM IN A BUSINESS
TYPICALLY REPORT TO COO
Chief Investment Officer (CIO)
MANAGE INVESTMENT AND THE COMPANY’S ASSETS AND PORFOLIO
Executive Senior Vice President
OVERSEE A SPECIFIC DEPARTMENT OR REGION
REPORT TO CEO
Accounting / Finance Team Structure
CFO
DIRECTOR OF FINANCE
INTERNAL AUDITOR
TREASURER
CONTROLLER
PROJECT ACCOUNTANT
ACCOUNTS PAYABLE
ACCOUNTS RECEIVABLE
TAX ACCOUNTANT
FINANCIAL REPORTING MANAGER
CORPORATE ACCOUNTANT
FP&A MANAGER
FP&A ANALYST
Director of Finance
ESTABLISH STRATEGIES TO EARN PROFITS
OVERSEE ACCOUNTING FUNCTIONS
PRODUCE ACCURATE REPORTS
IMPROVE PRACTICES TO INCREASE EFFICIENCY
Internal Auditor
PROVIDE INDEPENDENT EVALUATIONS ON INTERNAL CONTROLS EFFECTIVENESS
CONDUCT AN INTERNAL AUDIT ON PROCESSES AND CONTROLS
Treasurer
MAINTAIN AND IMPROVE A COMPANY’S FINANCIAL STANDING
ASSESS RISK, DETERMINE FUNDING REQUIREMENTS
ADVISE ON FUNDING / INVESTMENT OPPORTUNITIES
Financial Reporting Manager
PREPARE, MANAGE, AND DISTRIBUTE PERIODIC FINANCIAL STATEMENTS
COMPLY WITH GOVERNMENT REGULATIONS, PROFESSIONAL STANDARDS, AND OF FILING AUTHORITY GUIDELINES
GAAP / IFRS / ASPE
FP&A Manager
PLAN, FORECAST, BUDGET, AND ANALYZE
DATA SUPPORT FOR BUSINESS DECISIONS
Controller
OVERSEE DAILY ACCOUNTING OPERATIONS, INCLUDING AP, AR, PAYROLL
FIRST POINT CONTACT FOR THE ACCOUNTING TEAM
Accounts Payable
RECEIVE INVOICE
HANDLE VENDOR INQUIRIES
OBTAIN APPROVAL
PROCESS PAYMENT
RECONCILE VENDOR STATEMENT
RELEASE HOLDBACK
Accounts Receivable
PREPARE AND POST CUSTOMER PAYMENTS
FOLLOW UP ON CASH RECEIPTS FROM CUSTOMERS
RECONCILE CUSTOMER’S STATEMENT
UPDATE CUSTOMER’S INFORMATION INCLUDING NAME CHANGES / BILLING CHANGES / MERGERS / ETC.
ALERT ACCOUNTANT AND PROJECT MANAGERS REGARDING ACCOUNT DELINQUENCIES
Project Accountant
MONITOR PROGRESS CLAIMS
LOOK INTO VARIANCES
PROJECT BILLING VS. COSTS ANALYSIS
ENSURE TIMELY BILLINGS AND COLLECTIONS
MAINTAIN BOOKS’ ACCURACY
BANK RECONCILIATION
MONTHLY ACCRUALS
Tax Accountant
PREPARE VARIOUS TAX RETURNS
GST, PST, PAYROLL, CORPORATE
ASSIST IN TAX AUDIT
LIAISON WITH OTHER TEAM MEMBERS ON TAXT PAYMENTS AND REFUNDS
Accounting Cycle
ACCOUNTS PAYABLE CYCLE (INVOICE AND PAYMENT)
ACCOUNTS RECEIVABLE CYCLE (BILLING AND RECEIVABLE)
MONTH END CYCLE (JOB COST AND FINANCIAL STATEMENT)
REPORTING CYCLE
YEAR END REPORT
Account Payable Cycle
CREDIT APPLICATION /SET UP ACCOUNT
TRADES PERFORM WORK / PURCHASES MADE
INVOICES OR PROGRESS CLAIMS SENT TO ACCOUNTING
ACCOUNTING PROCESS DATA AND SEND TO OPERATIONAL FOR APPROVAL
OPERATION APPROVES INVOICES
CHEQUES PROCESSED AND PAYMENT MADE
Billing and Receivable Cycle
SET UP PRIMARY CONTRACT AND BUDGET
PURCHASE / TRADES / PM WORK INCURRED
ACCOUNTS PAYABLE INPUTS ALL EXPENDITURES AND ACCOUNTANT ALLOCATE PM’S TIME.
PM ALLOCATE MONTHLY WORK-IN-PROGRESS % AND LET ACCOUNTANT PREPARE INITIAL BILLINGS
BILLS ARE SENT OUT BY ACCOUNTANT
COP ISSUED
CLIENT MAKES PAYMENT
Month End Cycle
INVOICES AND PROGRESS CLAIMS FROM TRADES / VENDORS
JOB COST REPORT
COST OF GOODS
COST PLUS, PROGRESS BILLING
BILLINGS FOR CLIENT
REVENUE
Reporting Cycle
MONTHLY REVENUE
MONTHLY COSTS
MARGINS
MONTHLY OVERHEAD ALLOCATION
BOTTOM LINE
Year end report
ANNUAL PROFIT AND LOSS REPORT
EVALUATE AND WRITE OFF BED DEBT
HEAD OFFICE FIXED COST ALLOCATION
BOTTOM LINE AND BONUS
FORECAST FOR REVENUE / COSTS AND HIRING NEEDS FOR NEXT YEAR
Implications of delays in processes
TRADE PAYMENT AND RELATIONSHIP
ACCURACY OF JOB COSTS
BILLING DELAYS
INSUFFICIENT FUNDS AND IMPACT ON MARGIN
INABILITY TO IDENTIFY POTENTIAL RISK FACTORS
PRESSURES TO KEEP A LARGE ACCOUNTING TEAM TO ACCOMMODATE PROCESS INEFFICIENCIES
