By Steven M. Bragg
''This e-book is designed to help a firm controller, or the other member of the accounting and finance staffs, within the research of all company activities'' (from the Preface). It deals recommendation on comparing acquisitions, studying danger, bettering company functionality, asset procurement, expanding shareholder worth, detecting and diagnosing difficulties, utilizing monetary research experiences, and predicting destiny stipulations. Appendices comprise lists of signs and suggestions and regularly occurring ratios. Bragg has labored as a first-rate monetary officer and as a consulting supervisor.
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Additional info for Financial Analysis: A Controller's Guide
Risk of not paying interest on debt. If a company acquires more debt than it can support through the cash from its continuing operations, then there is a high risk that it will be unable to service even the periodic interest payments on the debt, which will result in either renegotiation of the debt with lenders or a default that can result in the liquidation of the company as a whole or the assets that were used as collateral for the debt. 2. Risk of not paying principal on debt. This is a lesser risk than the preceding situation, because many companies simply roll their debt over into new debt instruments as soon as the old ones become due and payable.
However, if managers know that their original estimates will be carefully reviewed and critiqued for some time into the future, then they will be much more careful in completing their initial capital requests. Thus, analysis at the back end of a capital project will lead to greater accuracy at the front end. Analysis of actual expenditures can begin before a capital investment is fully paid for or installed. A controller can subtotal the payments made by the end of each month and compare them to the total projected by the project manager.
POSTCOMPLETION PROJECT ANALYSIS The greatest failing in most capital review systems is not in the initial analysis phase, but in the postcompletion phase, because there isn’t one. A controller usually puts a great deal of effort into compiling a capital investment proposal form, educating managers about how to use it, and then setting up control points around the system to ensure that all capital requests are made through the approval system. qxd 10/16/06 4:22 PM Page 33 Evaluating Capital Investments 33 beat the corporate hurdle rates, even if this information is incorrect.