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The New Controller Guidebook, by Steven M. Bragg
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The New Controller Guidebook covers every aspect of being a controller, including the management of accounts payable, cash, collections, inventory, payroll, and more. It also shows you how to close the books, which reports to issue to the management team, how to create a budget, and how to select and install an accounting computer system. There are review questions and answers at the end of every chapter.
- Sales Rank: #1378901 in Books
- Brand: Brand: AccountingTools
- Published on: 2011-11-01
- Original language: English
- Number of items: 1
- Dimensions: 10.00" h x .80" w x 7.00" l, 1.35 pounds
- Binding: Paperback
- 354 pages
- Used Book in Good Condition
About the Author
Steven Bragg, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young. He has written over 50 business books, including Accounting Best Practices, Budgeting, Payroll Management, and Closing the Books.
Most helpful customer reviews
27 of 29 people found the following review helpful.
Uneven quality - some chapters excellent others confusing
By Amazon Customer
Pros
Thorough discussion of the controller's job requirements
Good examples and sample documents
Author's uncommon ability to make a relatively dry subject interesting
Cons
Later chapters missing complete explanations
Typos throughout the book
Errors in spreadsheets
This is a book I was hoping would be excellent. At a times it clearly was. It is at its best when the author methodically goes through a subject with a clear explanation of the tasks required, how to do it and then reinforces the instruction with a realistic and well thought out example. At times it breaks from this formula making it quite difficult to understand the subject matter.
Much more troubling however is the large number of errors and typos. On the one hand many of these items weren't hard to figure out. On the other hand, this is at its core a book on accounting and not having someone proof read for accuracy and accounting errors is akin to reading a book on grammar and finding numerous grammatical errors. After awhile its hard not to question the author's command of the subject as well as the credibility of the prior reviewers since the errors would be obvious to anyone really studying the book.
Some examples: Page 53 describes a journal entry to accrue revenue and record a receivable. The entry debits revenue and credits accounts receivable - accrued for 50,000. What's the problem? It should be reversed. A debit to a revenue account decreases its balance. Is does not increase it.
Page 184 the author states if there are no sales a contribution margin income statement will have a zero contribution margin. This is wrong. That would produce a negative contribution margin. A zero contribution margin is when revenues "equals" its variable costs.
Page 185 shows a sample multi-period income statement. The first quarter column shows $650,000 gross margin, $580,000 in total operating expenses and other income of $20,000 to produce net income of $50,000. There are three errors in this column alone. First, it doesn't add up. 650,000 - 580,000 + 20,000 doesn't equal $50,000. Second, the $20,000 for total other income was calculated as interest income of -5,000 + interest expense of 25,000 to arrive at total other income of 20,000. Lastly, any controller or CFO who publishes that statement will likely be in jail for tax fraud since it omits income tax to arrive at net income.
One of my favorite chapters was chapter 15 Budgeting as the author walks through all of the basic steps needed to put together a complete set of budgets for a manufacturing company. However, the financing budget shown on page 294 doesn't appear to work. I must of spent close to an hour before coming to that conclusion trying to figure out how the final ending cash balance for quarter 2 was derived.
Chapter 16 Capital Budgets was particularly frustrating. The author advocates using bottleneck analysis versus NPV for analyzing investments in capital assets. He goes into great detail how to calculate NPV but provides little analysis for his preferred method. He ends with a detailed breakout and discussion on page 310 describing a sample NPV analysis where the numbers are clearly explained. His sample bottleneck spreadsheet had no such detail. He states on page 304 that the problem with NPV analysis is that it is only useful for operating expense reduction analysis. A much different conclusion than my finance professors in business school since it models expected cash flows of various investment decisions. Therefore, I was especially intrigue why the author had a different view but no explanation was given. He may very well have a point but given the prior errors and lack of explanation one may be inclined to conclude the author is simply incorrect once again. There are many more examples of errors, typos and omissions throughout the book.
Overall, I did learn quite a lot and it was still well worth the effort to get through each chapter. My guess is that the editor fell to do his job and rigorously review and check the numbers. Errors for this kind of book are likely inevitable in the first draft. However, someone with a solid grasp of accounting and who is genuinely interested in the subject matter should of thoroughly reviewed it, which likely would of made a useful book into a great one.
6 of 7 people found the following review helpful.
Guidance for New Controllers
By Barrett Peterson, C.P.A.
The New Controller Guidebook is an excellent guide for the aspiring and new controller to plan, organize, manage, and successfully carry out his or her new role. Provides comprehensive coverage not only of what to do, but critical timing and sequence considerations for when to do it, how each element should be done, to whom to delegate required tasks and functions, how to manage the many functions, and why each is needed for the full range of controller responsibilities. This book will also serve as a frequently used reference for the more experienced controller
6 of 7 people found the following review helpful.
Exactly as described
By Brenda E. Lopez
I was hired as a first time new controller and this book is EXACTLY what I was hoping it'd be. It starts with very basic instruction on the first steps you should take your first week on the job. I'm about 70 pages into it but I already feel much more confident going into my new position.
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