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Controllership Functions
One of the valuable services a CPA can provide to a small business is to perform the duties that are usually performed by a controller. A small business may not be able to afford to hire an experienced and knowledgeable controller. But retaining an outside accountant as a part-time controller may be a good solution.
Some of the functions that a controller would be responsible for are as follows:
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Manage the accounting functions, e.g., accounts receivable, accounts payable, payroll, general ledger maintenance, preparation and consolidation of financial statements.
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Supervise accounting personnel.
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Prepare budgets.
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Prepare financial forecasts.
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Prepare required tax returns, e.g., sales taxes, payroll taxes, excise taxes, and corporate taxes.
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Prepare financial statements in accordance with Generally Accepted Accounting Principles.
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Meet with outside auditors or other independent accountants and facilitate their work.
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Assure regulatory compliance by preparing or reviewing reports and my instituting necessary procedures.
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Design, implement, and monitor internal controls to safeguard assets and provide reliable financial statements.
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It is important that the accountant develop a close working relationship with the business owner, managers, and accounting personnel. He or she becomes part of the management team
Copyright © 1999 Ira M. Freed |
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