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Questions from - Jim Scian Controller Bumler Mechanical Inc 1 Major responsibilities Accuracy and timeliness of internal financial reporting Cash

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Jim Scian Controller Bumler Mechanical, Inc. 1) Major responsibilities: Accuracy and timeliness of internal financial reporting. Cash flow analysis and constant monitoring of such. Supervision of accounting personnel Forecasting and setting goals to insure the financial stability of the company. Working with sales and operating managers to help them achieve their goals. Minimization of losses from uncollectible accounts by screening establishing credit standards, reviewing contracts, and monitoring payment activity. Tax liabilities and the monitoring of such so as not to expose the company to excessive taxation or non-compliance with all local, State and Federal requirements. Banking relationship and determining the need for borrowed funds and their eventual repayment. Insurance requirements to reasonably protect the company from unforeseen financial disasters. 2) Use of information: Each Division helps establish a financial forecast and budget each year. Monthly, they receive financial reports showing revenue, costs and operating results against these previously established goals. They receive reports on individual sales and expected or actual margins achieved by their salespersons. Commissions or incentive payments are calculated periodically through-
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This note was uploaded on 10/03/2010 for the course ACCOUNTING Finance 23 taught by Professor Bob during the Spring '10 term at Wayne State University.

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Questions from - Jim Scian Controller Bumler Mechanical Inc 1 Major responsibilities Accuracy and timeliness of internal financial reporting Cash

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