Casino Accountancy Scenarios

You have been named the Chief Financial Officer (CFO) of a two year old company, CUNY Analytics. Financials have been prepared by a bookkeeper. As CFO, you responsible for the preparation of accurate financials, analysis and review of the financials before they are released and communication of the results of your company to banks, investors, creditors and the government, as necessary.

CFO of SPI – To ensure that the four revenue contracts are accurately reported and reflects the true economic financial position of the company to track performance. Moreover, the recognition should identify the impact on SFP and SCI to track the amount of financing available. The CFO is also concerned with the EBITDA (earnings before interest, taxes, depreciation and amortization) to finance growth.

A budget is an instrument used to help managers ensure that the resources used effectively and proficiently toward the goals of an organization. A budget projection can be made on a yearly base depending on previous year or existing one. They can further be broken down quarterly or monthly depending on it use. Generating a budget is complex undertaking, and for a budget to be effective the organization ought to follow it strictly. However, no matter how closely a business follows their guidelines there will always be some form of variances. The organization should expect a few variances and be able to work these discrepancies in any budget

The area that I chose to discuss under the CFO is the Director of Budgeting. The roles and responsibilities include handling the budget, and managing all expenditures and its limits, supervising staff, and analyzing profit goals, revenue, and expenses while complying the regulations of not only the company but the state and federal industry as well. Some additional methods of management that would fall under this area include directors of human resources. They work hand in hand with each other when it comes to making sure funds are available for new staff hiring, new functions of operations, employee medical and dental benefits, etc.

Schafer and Bell (2005) discuss some of the things a Chief Executive Officer must do in order to provide strong financial leadership. One thing a Chief Executive Officer must do is hire a financial staff that is knowledgeable about not only basic finance practices but those that are specific to nonprofit needs such as the ins and outs of restricted and non-restricted funds and the use of the Statement of Accounting Standard 117. The CEO must also hire an appropriate amount of staff to make sure everything is being done in the most efficient manner and allow for accountability. Schafer and Bell (2005) also talked about following a standardized set of financial practices that help keep the organization in line with everyone else so if new staff do come in they are able to come into a system that they are more than likely familiar with. The other thing that Schafer and Bell (2005) talk about is having a uniform accounting system. To do this an organization must have a chart of accounts which helps keep track of all financials and makes it easy for non-finance staff to interact with. Most of all, whether an organization’s CEO has a finance background or not it is their responsibility to develop that skill so they are able to successfully navigate that aspect of their organization and have a strong financial presence so they are able to lead in that

I also said that the CFO has to be a person who knows the company’s operations and financial structure very well so she has to be an insider. Then, Kristin supporters said that she is working on the same position in a peer company and can bring a new insight into the company. They also mentioned that she has international work experience and she is an excellent public speaker.

Having a plan is only good on paper if we don’t have the resources to accomplish it and with this set in mind we have recruited skilled technicians where necessary and got others on training and

The Chief Operations Officer (COO) and the Chief Executive Officer (CEO) are the responsible individuals, which must make the appropriate decisions in order to protect the company’s wealth. As the COO, responsibilities include supervision of the three different product lines that

In order for a business or corporation to grow and expand at a calculated pace, they must be able to strategize the proper business plan to get there. A strategy is a set of analytic techniques for understanding and influencing the firm 's position in the marketplace (Raimundo, 2001). Having a business

The benefits and strengths of working with the CFO as an in-house Investment Relations Officer (IRO) is the direct access to the financial reports, the ability to facilitate annual financial meeting, target potential investors, and formulate reports for the SEC. These reports are essential as it creates transparency that can influence investors

As a CEO or a member of the management team it is important to have a very clear understanding of all the financial documents that are available to them. It is not only their duty but their responsibility to know these documents and finances extremely well because

Nonprofit Chief Executive Officers are charged with providing leadership for the entire organization. This leadership is not limited to any one area of the nonprofit. The CEO is expected to provide mission, financial, and personal leadership for the workers employed or volunteering at a nonprofit organization. If a CEO is not an accounting professional the right move is often to hire a financial professional to serve on their staff (Bell & Schaffer,2005). Not only should this professional to do the accounting work they could also be expected to teach the CEO and other key leaders the basics around nonprofit accounting. This is not to imply a CEO can simply delegate financial management instead the CEO is responsible for the total leadership

As entrepreneurs themselves, Outsourced CFO understands the important role finances play in the success of a business. Sound financial planning and management enables businesses to grow and flourish, while the lack of adequate planning could spell inevitable failure.

When individuals and companies make investment decisions, they rely on accurate information to help them arrive at their decisions. One source of information for potential investors is a company's financial statements. These statements provide information on company operations, efficiency, earning capacity and more. It is important that the information provided in financial statements be accurate and free of errors, omissions or misleading information. This is where the CPA, in the role of external auditor, performs an important function.

The ongoing turbulence of global economic conditions, combined with the exponential increase in the complexity of business models is in the process of reshaping the role of the CEO. No longer can a CEO be purely a generalist, they need to increasingly have an in-depth perspective of the entire scope of the organization and its many operations and functional areas. The scope and depth of the role of CEO has become more complex due to compliance and reporting requirements as well (Holtzman, 2011). Based on these observations it is cellars that the CFOs of organizations are become more ideally suited to run enterprises in a CEO role. In analyzing the two articles Do CFOs really make good CEOs (Picker, 1989) and How a CFO can graduate to CEO (Brewis, 1999) the foundational points of this analysis are provided show how CFOs are increasingly well-suited for the role of CEO.