Query about what accountants in industry do.


F

Fantasyman

I am an assistant accountant working within a manufacturing plant with a
turnover of around £20 million and around 160 employees.

I report to the financial controller. My query is what does the typical FC
actually do. My manager spends a lot of time in general management and does
pretty much no figure work at all. Is this the norm?

Also we seem to produce little in the way of management or financial
information. Often we seem to have queries raised by the factory manager,
but these are usually answered via a post-it note rather than a detailed
report. The few report we produce are not widely circulated and I suspect
they are not really examined. Again I wonder if this is pretty normal, or if
I work for a fairly backward company?
 
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P

Peter Saxton

I am an assistant accountant working within a manufacturing plant with a
turnover of around £20 million and around 160 employees.

I report to the financial controller. My query is what does the typical FC
actually do. My manager spends a lot of time in general management and does
pretty much no figure work at all. Is this the norm?

Also we seem to produce little in the way of management or financial
information. Often we seem to have queries raised by the factory manager,
but these are usually answered via a post-it note rather than a detailed
report. The few report we produce are not widely circulated and I suspect
they are not really examined. Again I wonder if this is pretty normal, or if
I work for a fairly backward company?
I would like to see a company such as yours prepare monthly proft and
loss and balance sheet as well as cash flow forcasts for the next two
months and year.

Yours is pretty backward but a lot of FD/FC's are bullshitters and if
they are a good yes man they can convince the stupid MD that it's not
worth the effort.
 
F

Fantasyman

Peter Saxton said:
I would like to see a company such as yours prepare monthly proft and
loss and balance sheet as well as cash flow forcasts for the next two
months and year.
We produce a monthly result, and various forecasts. Mostly we just assume
that the material costs will be a constant percentage of the price and roll
forward fixed and variable costs. But there is no real analysis of product
costs or even margin by supplier/ product. Our parent company owns our
balance sheet and controls our cash. So the balance sheet and cash position
are not really examined, beyond our provision/accrual position.

Yours is pretty backward but a lot of FD/FC's are bullshitters and if
they are a good yes man they can convince the stupid MD that it's not
worth the effort.
My FC seems more into operational management. I suspect that a lot of people
enter accountancy as a quick route into management. It just seems odd that
you would then do little more than occasionally look at what your assistant
produces.
A couple of years ago all the financial information was prepared by our
parent company, so that all the operational manager would receive was a
printed monthly result after the result had been decided. I guess anything
is an improvement over that.

 
P

Peter Saxton

We produce a monthly result, and various forecasts. Mostly we just assume
that the material costs will be a constant percentage of the price and roll
forward fixed and variable costs. But there is no real analysis of product
costs or even margin by supplier/ product. Our parent company owns our
balance sheet and controls our cash. So the balance sheet and cash position
are not really examined, beyond our provision/accrual position.
I would hope that you would be analysing the profitability of every
product you sell. How often would depend on the variability of
revenues and costs and your staff numbers.
Yours is pretty backward but a lot of FD/FC's are bullshitters and if
they are a good yes man they can convince the stupid MD that it's not
worth the effort.
My FC seems more into operational management. I suspect that a lot of people
enter accountancy as a quick route into management. It just seems odd that
you would then do little more than occasionally look at what your assistant
produces.
A couple of years ago all the financial information was prepared by our
parent company, so that all the operational manager would receive was a
printed monthly result after the result had been decided. I guess anything
is an improvement over that.

 
K

Keith

Peter Saxton said:
I would like to see a company such as yours prepare monthly proft and
loss and balance sheet as well as cash flow forcasts for the next two
months and year.
Additionally I would look for budgets/budgetary control and capital
investment programs

Both are necessary if external funding, such as overdraft, is required.
 
P

Peter Saxton

Additionally I would look for budgets/budgetary control and capital
investment programs

Both are necessary if external funding, such as overdraft, is required.
Agreed. I will say I'm not in favour of yearly budgets. Some companies
prepare a budget and then when they are seen to be totally unrealistic
still use the same figures and variances but take no notice of them.
Regularly revised budgets or forecasts are preferred (by me anyway!).
 
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S

Skinny

Peter Saxton said:
Agreed. I will say I'm not in favour of yearly budgets. Some companies
prepare a budget and then when they are seen to be totally unrealistic
still use the same figures and variances but take no notice of them.
Regularly revised budgets or forecasts are preferred (by me anyway!).
So what you mean is you set a budget, then when reality kicks in and sods it
up, you change the budget? Any point?
 
P

Peter Saxton

So what you mean is you set a budget, then when reality kicks in and sods it
up, you change the budget? Any point?
Yes. You are then working towards something that is achievable rather
than everyone taking no notice of the budget.
 
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D

david m wicker

I am an assistant accountant working within a manufacturing plant with a
turnover of around £20 million and around 160 employees.

I report to the financial controller. My query is what does the typical FC
actually do. My manager spends a lot of time in general management and does
pretty much no figure work at all. Is this the norm?

Also we seem to produce little in the way of management or financial
information. Often we seem to have queries raised by the factory manager,
but these are usually answered via a post-it note rather than a detailed
report. The few report we produce are not widely circulated and I suspect
they are not really examined. Again I wonder if this is pretty normal, or if
I work for a fairly backward company?
How long have you been there?
who's managing you?

__________________
Regards

David M Wicker FCMA
www.atf-uk.co.uk
__________________
 

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