Controllership: The Work of the Managerial Accountant, 2008 Cumulative Supplement

The 2008 Cumulative Supplement contains the following updates:

• Discussion of expected commercial value has been added to Chapter 22, since it is an integral part of the decision to expend funds on a research and development project.
• Given the large proportion of service-related businesses in the economy, we have added a new section to Chapter 23, in which we outline how to conduct profitability analysis for services.
• We have added substantially to Chapter 25, where we prioritize a number of techniques for improving the efficiency of the payroll process. These improvements cover the areas of timekeeping, self-service portals, the reduction of employee deductions, payroll payments, outsourcing, the use of a captive insurance company to reduce the cost of benefits, and management of the payroll department.
• In Chapter 26, we have added a discussion of the bullwhip effect on the cash forecast, as well as how it can be mitigated to achieve more accurate cash forecasts.
• Chapter 27, which covers the planning and control of receivables, has been substantially bolstered with new information about credit policies and procedures, the review and processing of credit applications, granting credit, credit insurance, creating and delivering invoices, collecting cash, and managing the credit and collections staff.
• Chapter 28, which covers the planning and control of inventory, has been enhanced in a similar manner. It now includes in-depth discussions of the best ways to conduct inventory purchasing, receiving, storage, picking, and shipping.