Difference Between Role of Treasurer and Controller

Difference Between Role of treasurer and ControllerDifference between Role of treasurer and controller with treasure to Financial Corporate GovernanceOrganization Chart of the Financial ManagementThe chief finance executive works directly under the president or the managing director of the company. Besides routine network, the person in charge keeps the Board of Directors asserted about all the phases of occupancy activity, including economics, social and political developments affecting the business behavior. He also furnishes information about the fiscal status of the company by reviewing it from conviction to time. The chief finance executive may have many an(prenominal) officers under him to carry out his make for. Broadly his functions are divided into two typesTreasury functionControl functionsAn illustrative organization chart of finance function of management in a big organization is shown belowOrganization of the Financial Management FunctionRole of financial offi cerThe main single-valued function of Treasurer is that he refers to the financial officer and then looks at the task of financing and its related activities. Treasury al ways deals with liquid assets and so the main quality of treasurer is to look at the cash and its other liquid assets. round of the essence(predicate) tasks of Treasurer are as followsHe formulate the whole capital mental synthesis of the organization in accordance to goals of the organization and then to implement it to the organization.He also manages the amount of liquid assets and all type of cash.He basically acts as a cashier.He plays the role of an authority signatory on payment cheques including the authority to approve such cheques.Reconciliation in bank accounts.He manages the boilersuit credit function of the firm.He also has the authority to utilize the surplus cash of the company whenever there is any type of short term right investments.He also makes the companies policies according to decision o n trade discounts and vendor payment.He also maintains relationships with bankers and vendors.All of the above menti cardinald functions of treasurer are implemented with the dish out of cash manger, finance manager and credit manager.Role of controllerAs we have already seen that the treasurer deals with liquid assets, the controller of the organization has to record the legal proceeding of these liquid assets. It is the combined and effective working of both the departments that give rise to an effective system of internal controls. Controller is a financial officer prudent for accounting and control.He does the following functionsRecords all the transactions in the world(a) ledger, the accounts receivables and the accounts payables, sub-ledger, transaction with respect to fixed assets such as depreciation, inventory control, etc.He looks into the aspects of levyes and insurance.He also keeps track of companys short term investments by recording and reconciling the transactio n with those of the brokerage firms.He carefully looks into the regulatory aspects and implementation of the companys polity on trade discounts and recievables aging.He always acts as the planning director.He keeps a record of the attendance of the employees, their movement timings so as to facilitate in preparing the payroll.He reports information to the management.The office bearer who assists the controller in accomplishing the above tasks is tax manager, data processing manager, cost accounting manager and accounting manager. indeed the functions of financial accounting, internal audit, taxation, management accountings and control, budget-planning and control are accomplished in this manner.Controllers and Treasurers functions in the Indian ContextThe controller and the treasurer are essentially Ameri whoremaster terms. Basically the American pattern of dividing the financial executives functions is non be widely followed in India. We do have a number of copies having office rs with the designation of the controller. The controller or the financial controller in India, by and large performs the function of a chief accountant or management accountant. The officer with the title of treasurer can also be found in a few companies in India.The controllership functions can prove to be useful under the Indian context, save instantly some of these duties are performed by the company secretary in India. His duties, for eccentric includes asset control and protection, maintaining records and preparing reports and government reporting. The economic appraisal function is generally performed at the top level in India. Some other functions, such as internal audit, can be brought within the fold of the controllership functions, if this concept is developed in the Indian context.It should be realized that the financial controller does not control finances he or she develops, uses and interpret information- some of which will be financial for management control and planning. For this reason, the financial controller may simply be called as controller. Management of finance or money is a separate and important activity. Traditionally, the accountants have been involved in managing money in India. But the difference in managing money resources should be appreciated.In the American business, the management of finance is treated as a separate activity and is being performed by the treasurer. The title of treasurer has not found favor in India to the design the controller has. Some of the functions performed by the treasurer in the American context are again discharged by the company secretary in India. Insurance coverage is an example in this regard. The function of maintaining relations with investors may now assume significance in India because of the development in the Indian capital markets and the increasing awareness among investors.The general title, financial manager, seems to more(prenominal) popular in India. This title is also better than the title of treasurer since it conveys the functions involved. The main function of the financial manager in India should be the managements of companys funds. The financial duties may often be combined with others. But the significance of not combining the financial managers duties with others should be realized. The managing of funds- a truly valuable resource- is a business activity requiring extraordinary skill on the part of financial manager. He should mark off the optimum use of money under various constraints. He should, therefore be allowed to devote his full energy and time in managing the money resources only.Functions of Treasurer and the ControllerCASE STUDYThe role of the corporate treasurers has changed from a traditional one of securing funds and managing financial risk to a strategic one of driving overall business initiatives. In this new role, treasures have the gush responsibility of advocating better corporate regime principles in the company, both a s a means to improve the shareholder value and to enhance investor confidence. This has become very important because the corporate governance practices of the companies are being placed under heavy scrutiny from the regulators and investors following revelations of corporate malfeasance, deception and fraud. This article discusses the role of the treasurers in building a sound governance structure in the companies.DescriptionThe debacle in Satyam Computers Limited, Indias fourth largest software company, has brought the issue of corporate governance in limelight more particularly in India. It is however unfortunate that such important issues gain prominence only after incidents of corporate frauds. The issue of corporate governance was earlier debated when the developments at Enron and WorldCom rocked the world.As India is on a growth trajectory and is having ambitions of being ranked in the counters of the developed economies, the issue of corporate governance only being surfaced after the Satyam scam is a grave concern. We may claim that the Satyam scam is an isolated case in corporate India, unless it is more important to see how the rest of world assesses our seriousness towards the ethics of corporate governance. Do we take the ethics of corporate governance seriously and deeply and slog it away from its ornamental value to run an enterprise towards the principal goal for which the corporate governance term was coined? Largely the practice is to decorate the board, which is at the channelise of affairs of corporate governance, with people whom the promoters of the company believe will add some ornamental value to the enterprise. Many a times the promoters induct cognize people onto the board. Having said that companies prefer the decorative value of the board over its usefulness. Thus one can easily conclude that the Satyam fiasco is nothing but a true reflection of what routinely and pervasively passes for corporate governance.The role of treasurer is crucial to todays business especially in ensuring that the company has the cash that it of necessity to operate the business, adequate risk management systems are in place and finally ensuring that the company complies with the various international standards. The treasurer and cash have a consanguineous relationship and the recent fiasco of Satyam Computers reveals a story of siphoning the cash from the companys balance sheet which puts the role of the treasurer or CFO nothing but on dubious distinction. By the mere definition of a treasurer one understands that wherever there is cash in the company, the treasurer has to be stand for there. Though the Satyam fraud appears to be a systemic fraud by the senior management, nevertheless such frauds can be mitigated to some extent if corporate governance is compiled by the treasurer. In such a scenario it becomes altogether more important for corporate treasurers to revisit the basics of corporate governance and their role in inculc ating the principles of corporate governance in a company. This article highlights and revisits the role played by the treasurers or CFO in the compliance of corporate governance.Treasurer in DetailThe Treasurers role is the second most important function on the Board after that of the Chair. Financial accountability is fundamental to not-for-profit organisations. If your atoms have no confidence in your ability to control and account for finances, they will have no confidence in the organisation as a whole.The Treasurer may find a reluctance amongst non-financially trained board members to take any responsibility for finance. As a Board or governing committee however, the multitude as a whole has to share responsibility and decision-making and it will therefore be an important part of the Treasurers role to ensure that others understand the information that is being presented and the implications thereof. It is particularly important that the Treasurer attends meetings regularly in order that others can ask questions and be sure that they have a full understanding of the associations financial position.PurposeTo manage and report on the associations finances.ResponsibilitiesTo carry out the responsibilities of a member of the Board of Directors.To lead budget planning and preparations.To monitor the budget and inform the Board as to whether projections are turning out as predicted in order that joint decisions can be made on appropriate adjustments.To ensure the Boards financial policies are being followed.To report to the Board of Directors and the general membership on finances.To prepare any required financial reporting forms.To ensure tax regulations are complied with VAT.To manage and maintain bank accounts, ensuring the association is getting the best rate of return for funds held and moving money between accounts asTo monitor all financial transactions.To sign cheques (with a second signatory from the Board or staff).To chair finance sub-committee, if one exists.TREASURER WORKING WITH A BOOKKEEPER. or so treasures do not have bookkeeping expertise, and they need not and ideally should not spend their time on day-to-day financial administration. Wherever possible, a suitably experienced/qualified paid (or volunteer) bookkeeper should be responsible for banking, for processing payments, for keeping full and accurate accounts of all receipts and expenditure and for producing financial reports.This leaves the Treasurers time for the more strategic and managerial aspects of the role, in particular budgeting and planning. The Treasurer does however need to monitor the work of the bookkeeper as ultimate responsibility for the accuracy of records lies with his or her role.If your association needs to submit formal annual statements to tax or other government authorities, these may be prepared by your bookkeeper or by external accountants. Requirements will vary in different countries. In the UK, all limited companies must have their final accounts prepared by a charter accountant.Becoming a Good TreasurerA treasurer does not have to study accounting or business in order to do well at this position.A good treasurer will be characterized by the following traits1.Honesty and IntegrityAs treasurer you are not given free liberty to do whatever you like. Rather, you are accountable to God, the fellowship and the committee. Therefore, perform your task decently and professionally.2.CarefulnessThis characteristic will financial aid you maintain accurate and up-to-date records. Be careful to record all transactions. Be careful when handling money because ultimately this money belongs to God.3.Common geniusCommon sense is necessary in order to catch errors early.4.Open booksIt is good to maintain an open book policy concerning financial matters. Any member of the fellowship, after consultation with the committee, should be able to see the financial state of the fellowship. This will help build accountability and cre dibility for the entire fellowship.5.Watchful nitty-grittyThe treasurer needs to be vigilant in tracking income and expenses. These amounts should be compared with the current budget.6.Faithfulness to GodUltimately, the treasurer brings honor to God by the proper exercise of his/her task. Therefore, view your position of treasurer as a way to show your faithfulness to God. Heres an excellent maxim Gods work done in Gods time will receive Gods provision.Controller Vs TreasurerWhile the term Controller is used differently in Sweden than in America, there is reason for a undefended explanation of the differences between Controller and Treasurer. The fact that a Controller in Sweden has a broader role than the Controller in America can be explained more often than not by the function of the treasurer that has those duties overlapping those of the Swedish Controller.In large firms, the financial operations overseen by the CFO will split into two branches, with one headed by the treasu rer and the other by the controller. The Controllers responsibility are primarily accounting in nature. Costs accounting as well as budgets and hope concerning internal consumptions, lies within the area of the Controller.The treasurers responsibility fall into the decision areas most commonly associated with financial management, invest financing and asset management. The organization chart may give you false impression that a clear splits exists between controller and treasurer responsibilities. In a well-functioning firm, information will flow easily prickle and forth between both branches. In small firms the treasurer and controller functions may be combined into one position with a resulting commingling of activities.Traditionally the role of controller has been that of a number cruncher, computing financial data in order to prepare reports. The assignment associated with the controller role is in no way set in stone, different organizations have different duties attached to the Controller.The final statement where the controller should be seen as a long range developer of executives, hints at a prominent role when it comes to developing human resources within organizations. In order for the controllers department to become developers of accounting and operating executives they have to have an signify relation to the personnel of the organization.

Curves - Situation Analysis Essay -- essays research papers

Situation AnalysisClient AnalysisCurves International is a world-renowned womens only fitness center, a pioneer in the express workouts. Curves target client base consists of all types of women from the busy executive to the ultra busy association football mom, and most importantly, Curves caters to women who overall want to be healthy. Curves makes exercise fun and beneficial for women regardless of fitness goals. Curves clients perceive it more than a gym, but as a support group and a social outing for some. Its a place that for an hour a woman can feel intelligent about herself and the goal shes working towards. Customers like the no frill, no hassle workouts. Its a place where women could feel comfortable. Curves offers a oasis where women can feel comfortable to let their guard down and have a good sweat. Women be also drawn to Curves because Curves has strong brand equity. Their tonus of service, revolutionary design to the express workout is number one in the womens fitn ess industry. In todays day and age, there are more women in the workforce, along with more working mothers, all which lead to a fast paced life style trying to juggle career, family, and home, which represent a very similar lifestyle for women in National metropolis. The market for womens fitness services and products has never been greater and continues to grow. Women represent 50.8% of the US population. National City has a population of 56,472, with 50% of the population being female. Of the ...

Essay --

Currently in international market place and domestic market, there be two types of the purchasing methods purchaser uses. One method for the buying the products from the market is spot market buying and the second method of buying the products is with upcoming exact. The on the spot method is also called cash in market or physical market, where the products, currencies or commodities sold for cash and delivers the products immediately or in spite of appearance short period of time. For example, oil, grains, silver, beef, sugar, natural gas, milk, and gold are done through the spot market, where the prices are the set by open market and the transfer of cash and goods takes place immediately, and deliver as requested date in the future or within short period of time. The spot market is an instantaneous exchange for the current list or spot price for a particular commodity. With the integration of internet technology, the spot market has become even much efficient and useful espe cially in the energy industry. If energy companies have large surpluses of energy, the internet can give them a chance to find buyers in current need almost immediately. Though the spot market is good for company I need right now, its drawback is the fluctuating prices that can get chaos when calculating the logistics over the long term.There are several pros and cons of on spot buying, such as it conducts the market research and supplier recognition quickly in new market. Also, it provides easy access for lower value purchases. Moreover, it improves the sourcing productivity as well as alleviates the capacity issues that enhance the productivity of whole caboodle and category buyers. Also, it provides easy platform ability for market tests across geographiesThough apro... ...vent of the futures contract negotiated by Calpine, it did not fulfill the need for sodium hypochlorite, which implementing the spot market as a way to assure the efficiency of operations that would be the decision most logically made. If Calpines buyers or sellers know that they will be buying certain chemical in future, and selling certain number of products or energy, then they should consider taking a long term future contract for purchasing, and short tern future contract for selling the products which hedge its positions in market. So, operations ramp up, more energy needs to be supplied for the increased take up that was not accounted for in the purchase of the particular chemical Calpine ordered. Supply of the chemical dwindles and it up to the men and women at Calpine to search the spot market to find a company with a surplus looking to sell on the spot.

Anne Spencer :: essays research papers

The Atypical Woman in a Typical WorldDo some hoi polloi know who Anne Spencer is? Probably not. Anne Spencer was a Harlem Renaissance poet who actually lived in Lynchburg, Virginia. She immensely enjoyed treats in her garden and spending time in Edankraal, a undersize cottage in her garden where she wrote most of her poetry. though Anne was a hard worker, she in spades was not a typical woman of the early 20th century. Anne and her husband, Edward, did many things that were not typical during the early 20th century, but these "atypical" characteristics made the couple very unique.Anne was the "unannounced" valedictorian of her class at the Virginia Theological Seminary and College (Potter 129). This was comical because at the time African American women were able to attend school, but most did not go to college, much less become the valedictorian of the graduating class. Though some say that Anne was not the valedictorian of her class, but rather a shy girl was the valedictorian, and Anne definitely was not shy ("Anne Bethel"). Annes intelligence definitely shows throughout her work.Spencer did not work simply to earn money she worked because she enjoyed what she was doing. According to A History of Women in the West, the women of the early 20th century were still working at home, keeping the children, doing house chores, and some even worked on the farm. When World War I broke out because of the assassination of Austrian Archduke Franz Ferdinand, most women went to work in factories (24). Anne did not work in a factory but she did work at Jones Memorial Librarys Dunbar Branch for $75 a month. Anne was not the typical librarian hired for this job. Though the library only served African American patrons, the position as a librarian normally went to a white person. She convinced the employer that she was qualified by showing him/her that she was a published poet. She also taught at her alma mater, the Virginia Theological Seminary an d College for free, just because she loved teaching (Clark). On the new(prenominal) hand, Edward was Lynchburg, Virginias first parcel postman. Not only was this an enormous achievement for the city of Lynchburg, but also because Edward was an African American. Edward also helped out with the family grocery broth which was close to their home on 1313 Pierce Street. The pay he received helped the familys financial situation tremendously (Salmon 18).

Marriage Issues in Tom Jones Essay example -- Tom Jones Essays

Marriage Issues in Tom Jones Throughout Tom Jones by Henry Fielding, there are many examples of nuptials. There is Squire Westerns hymeneals, Mr. and Mrs. Fitzpatricks marriage, the mentions of Allworthys wife, the marriage of Nightengale and Nancy, and the marriage of Nightengales cousin and the clergyman, and finally the marriage of Tom and Sophia. Some of these marriages end with a happy ending and some do not and we, the commentator, are supposed to understand at these marriages and see why they went wrong or why they are good. Through all these examples of marriage, Fielding is urging us to question the current knowledgeableness of marriage and what it is based on. Fortune is a big issue in the book, especially when marriage is involved. Squire Westerns wifes father married her off to the Squire against her leave because of his fortune, and she became more of his servant than his wife. He treated her badly and they ended up hating each other. Mr. Fitzpatrick also married his wife for her money, which is made evident by the earn sent to Mr. Fitzpatrick by Sam Cosgrave concerning Mr. Fitzpatricks debt and Mrs. Fitzpatricks ready money (379). Mr. Fitzpatrick and Mrs. Fitzpatrick grew to resent each other, he treated her horribly, and he spent all of her money. Using these examples, Fielding challenges the reader to question if money should be the foundation of marriage. Squire Westerns marriage is prearranged by the Squire and Mrs. Westerns father (just as he would like to do for Sophia). It was a customs in this time for marriages to be prearranged by the parents according to fortune, title, etc. Women had no voice in whom they were to marry and the marriage became more of a t... ... Injustice and Oppression...(575) and he likewise says in the book that no one should be married to each other except on the basis of love. Fielding is trying to come out the point across to the readers that marriage should be based on love, not fortune, estate, or prearrangement. In this book fielding gives the reader examples of how a marriage tail end be if it is prearranged with fortune in mind or how it can be when it is based on love. He challenges the reader to question the current institution of marriage and all its faults. He, then, suggests a happy alternative through love. In this book fielding is challenging his readers to think about the world around them and about issues such(prenominal) as injustice in marriage and oppression of women through marriage. Work Cited Fielding, Henry. The History of Tom Jones, A Foundling. London Penguin, 1966.

The War between Scotland and England in the Reign of Edward I Essay exa

Why did War break out between Scotland and England in the Reign of Edward I?On the 14th of May 1264, the forces of Simon de Montfort, Gloucester and the Londoners were set arrayed against the loyalist forces of King Henry III, Richard of Cornwall and Prince Edward (later to become King Edward I). The loyalists suffered a massive defeat at this appointment of Lewes and among those captured, aside from Richard of Cornwall and perhaps the King (Prestwich indicates the unsure nature of the Kings capture 46), were the northern barons (Scottish lords) of Balliol, Bruce and Comyn. (Jenks 132) Prince Edward also became a hostage as part of an exchange after the battle. These alike men who fought together and were held captive by the de Montforts would war against each other thirty years later. King Edward I (whom will be referred to as Edward) was non set on instigating a war against Scotland, nor were any of these Scottish lords interested in battling against such a formidable opponent a s England. So wherefore did war occur if none of these men were initially motivated for war? A series of unfortunate, but potent events led to the chrysalis of war, which was then allowed to grow and fully develop into a war by the specific actions of individuals. This essay will attempt to draw attention to many of the events which gave rise to war and investigate the complicated nature of the individuals who in the end caused war through their acts (intentional and non-intentional). During Henry IIIs reign the baronial crystallize movement was renewed once again. The Provisions of Oxford attempted, among other reforms, to reform the household of the king and queen (Baker 10), which undoubtedly included the household of the King and Queens son, Edward. This le... ...tic Scotland and the Middle Ages (Edinburgh, 1997)Vickers, K. H. A History of England (Volume III) England in the Later Middle Ages (London, 1937).Webster, B. Scotland from the Eleventh ampere-second to 1603 (Lond on, 1975)*All primary documents from this text come with this preface in mind (especially that which I have bolded) In this volume, as in its predecessor, I have attempt to keep both footnotes and editorial comment to a minimum, the only real problem occurring with documents written in the emerging literary English of the period. With most of these I have used modern versions, but one or two I have left in the original, to instance the spelling and form of the language. With these nearly notes have been necessary, but by and large they are intelligible with a little effort, and should be interesting to read. Such mistakes, as exist are of course, mine.

Imprisonment and Social Control Essay -- Prison Justice

Imprisonment is one of the primary ways in which social control may be achieved the Sage Dictionary of Criminology defines social control as a concept used to describe all the ways in which conformity may be achieved. Throughout time imprisonment and its ideas around social control have varied. Imprisonment has non always been used for punishment, nor has it always thought astir(predicate) the prisoners themselves. as yet when looking at imprisonment it is important to consider the new penology. Therefore, it needs to be clear what the new penology is. The new penology is said, not to be about punishing individuals or about rehabilitating them, but about identifying and managing unruly groups in society. It is concerned with the managerial processes, not the individuals behaviour or even community organisation. All in all, its goal is to make crime tolerable, not to eliminate it entirely. (Feeley, M and Simon, J). Therefore the New Penology is not about the reform of individuals but the control of populations as a whole, with imprisonment focusing on particular offenders who are defined as persistent or high-pitched rate. In light of this, the history of imprisonment, the purposes of imprisonment and indeed the question of whether it works as a form of social control or not all need to be addressed, as well as looking into the critics of the new penology. Imprisonment has a number of purposes, the first being punishment, which brings with it the idea of payback and revenge. The second purpose is incapacitation, this looks at the protection of society and the length of time the individual must serve in prison. Deterrence is the third purpose it attempts to delay the individual committing any future crime and goes some way to deter ... ...ology. Devon Willan Publishing, pp 684-713.Sampson, R, and Laub, J. (1933), Individual Factors in execration, in Newburn, T. Criminology. Devon Willan Publishing, pp. 843.Shichor, D. (1997) Three Strikes as a globe Policy The Convergence of the New Penology and the McDonaldization of Punishment, Crime Delinquency, (43), pp. 470-492.Spelman, W. (2000) What Recent Studies Do (and Dont) Tell Us About Imprisonment and Crime. In Michael, T. Crime and Justice A Review of Research. (3). Chicargo University of Chicargo Press.Wilson, D. (2006) Social Control, The Sage Dictionary of Criminology 391-392. capital of the United Kingdom Sage Publications.Woolfe, H. And Tumim, S. (1991). Official Aims of Imprisonment, in Cavadino, M. and Dignan, J. The Penal System An Introduction. London Sage Publications. Zedner, L (2004). Criminal Justice. New York, USA Oxford University.